Lifetime Brands has reported an increase in second quarter sales, driven by market demand for housewares categories including kitchen tools and gadgets, bakeware, barware and cutlery.
“We are pleased with Lifetime’s strong results in the second quarter,” said Robert Kay, CEO, Lifetime Brands. “This result was achieved through our ability to capture revenues by quickly shifting to meet strong demand in several channels including e-commerce, mass and grocery retailers.”
Consolidated net sales for the second quarter ended June 30 were $150.1 million, representing an increase of $7.6 million, or 5.3%, as compared to net sales of $142.5 million for the corresponding period in 2019. Net loss was $4 million, or $0.19 per diluted share, as compared to a net loss of $11.5 million, or $0.56 per diluted share, in the corresponding period in 2019.
“During the quarter, we achieved meaningful progress in our international business which, although down compared to prior year, showed growth by June as we started to see the benefits of our shift to a drop ship model and the beginning of a recovery in their end markets,” Kay added.
He continued, “While we navigate through the COVID-19 environment, we are seeing the results from a resilient demand for our products, the investments from Lifetime 2.0 and the cost containment strategies we have executed. Accordingly, we are confident in our ability to execute on our Lifetime 2.0 strategic plan and continue to deliver profitable growth.”
As a result of the uncertainty surrounding the COVID-19 pandemic, the company is not providing an outlook for the full fiscal year 2020.