Business
Lifetime Brands, Inc. Reports First Quarter 2020 Financial Results
GARDEN CITY, N.Y., May 21, 2020 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range
About this update from Lifetime Brands, Inc.
[{"type":"text","content":"GARDEN CITY, N.Y., May 21, 2020 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter ended March 31, 2020.\n Robert Kay, Lifetime’s Chief Executive Officer, commented, “First and foremost, I would like to thank our Lifetime Brands associates who have quickly mobilized and taken proactive steps to work safely and productively in a very challenging environment created by the COVID-19 pandemic. In this environment, Lifetime delivered solid results in our core business in spite of the risk of supply chain disruptions early in the quarter and the mid-March closure of several of our customers. We achieved these results with strong performance from several of our major omni-channel customers as well as a significant increase in e-commerce sales. When many retailers began to close brick-and-mortar stores in mid-March we did experience a drop off in demand, which was largely offset by increased e-commerce sales as well as increased sales to customers who remained open. Our ability to achieve these results combined with the benefits from the Lifetime 2.0 strategic plan that we have been executing against enabled Lifetime to grow revenues year over year in the U.S., generate significant cash flow and meaningfully lower our net debt in the first quarter. Despite the strong performance in our U.S. business, we faced challenges in our international business. In addition to the expected costs related to operational issues in the U.K that began in 2019 and extended into January 2020, the international business was hit harder by the impacts of COVID-19 in the first quarter, with border closures and retail store closures in Europe resulting in shipping delays and lost revenue.” Mr. Kay continued, “Despite uncertainties about the ongoing COVID-19 pandemic, the actions we have taken both before and since the pandemic began have enabled Lifetime to achieve solid results. We remain confident in our ability to navigate the current environment, advance our strategy and drive growth. Further, we have maintained solid liquidity and have effectively managed both fixed and variable operating costs. We are confident these actions will help solidify the strong foundation we have built to...