Business
Lifetime Brands, Inc. Reports First Quarter 2023 Financial Results
GARDEN CITY, N.Y., May 10, 2023 (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 10, 2023 (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, 2023. Rob Kay, Lifetime’s Chief Executive Officer, commented, “Our results this quarter were in line with our expectations, with our core business continuing to deliver solid performance in the face of a challenging macroeconomic and consumer spending environment. Our first quarter results reflect the continued impact of reduced orders as our customers focused on rightsizing their inventory levels, with the majority of these impacts coming from our largest customers. While inflationary and macroeconomic pressures contributed to weaker end market demand, our international business has stabilized as a result of the restructuring of our European operations and the continued traction of our KitchenAid brand in European markets.” Mr. Kay continued, “While we expect industry headwinds to remain, we believe the Company will deliver solid performance for the full year 2023. Our outlook for the year reflects our expectations for increasing economic stress on the consumer and uncertainty in the economy. Nevertheless, we will continue to advance our long-term strategic growth initiatives and take actions to prudently manage the business until the demand environment improves. I am grateful to our team for their hard work and commitment to operational excellence. Our position in the markets we serve remains strong, and we ended the first quarter with a historically high level of liquidity, positioning the Company well to weather the current environment and drive long-term shareholder value.” First Quarter Financial Highlights: Consolidated net sales for the three months ended March 31, 2023 were $145.4 million, representing a decrease of $37.3 million, or 20.4%, as compared to net sales of $182.7 million for the corresponding period in 2022. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2023 average rates to 2022 local currency amounts, consolidated net sales decreased by $35.4 million, or 19.6%, as compared to consolidated net sales in the corresponding period in 2022. A table...