Lifetime Brands reported steady sales and earnings growth for the third quarter ended September 30, 2020, due in part by the increased consumer demand for household kitchenware.
The company reported net sales for the third quarter were $224.8 million, representing an increase of $9.3 million, or 4.3%, as compared to net sales of $215.5 million for the corresponding period in 2019.
“Our U.S. business continues to show strength as it delivers its fifth consecutive quarter of year-over-year growth with market share gains,” said Robert Kay, CEO, Lifetime Brands. “This increase is driven by our household products, led by our kitchenware products category, which continues to experience high consumer demand and gain market share across most of our channels that we sell into.”
The company also reported that its net income in the third quarter was $13.9 million compared with a net loss of $13.5 million for the same quarter in 2019.
Kay also said that the positive third quarter results were also due in part to the company’s commitment to its transformative initiatives, which include increasing its drop ship capabilities and digital tools, combined with effectively managing Lifetime’s supply chain. Such strategies have positioned the company well and allowed it to meet increased demand and gain market share, he said.
“Looking ahead, we are committed to increasing investments in growth initiatives, including continued enhancement of our digital marketing and e-commerce capabilities, expanding our international business and building out our commercial food service business. While we navigate the impact of the ongoing pandemic, we remain confident in our ability to deliver value to our stakeholders through our proven Lifetime 2.0 strategic plan,” he said.