Lifetime Brands reported that its second quarter net sales were down slightly, although the company continued to grow its e-commerce business.
For the three-month period ended June 30, consolidated net sales were $117.4 million, as compared to consolidated net sales of $118.1 million in the corresponding period in 2016. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated year-over-year net sales increased 1.5%.
Net loss was $2.1 million, or $0.14 per diluted share, as compared to a net loss of $1.2 million, or $0.08 per diluted share, in the corresponding period in 2016.
“We are pleased with the company’s results for the second quarter, which generally matched our expectations, despite a difficult retail environment,” said Jeffrey Siegel, Lifetime Brands chairman and CEO.
Siegel highlighted the growth of the company’s global e-commerce business, which includes sales both to pure-play e-commerce retailers and to omnichannel retailers. He estimated that e-commerce sales represent approximately 15% of its total sales.
“As e-commerce sales continue to grow in importance, we believe the significant investments we have made in the infrastructure, staffing and data resources necessary to compete effectively in this arena, have uniquely positioned Lifetime to become an important strategic partner to global e-commerce retailers,” Siegel said.
Siegel noted that the company’s strategic growth and profitability enhancement initiative, Lifetime Next, continues to build momentum and the company expects to see the benefits from the program reflected in Lifetime’s financials later this year and into 2018 and 2019.