Business
Lifetime Brands, Inc. Reports Fourth Quarter 2022 Financial Results
Declares Regular Quarterly Dividend GARDEN CITY, N.Y., March 09, 2023 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer,
About this update from Lifetime Brands, Inc.
[{"type":"text","content":"Declares Regular Quarterly Dividend\nGARDEN CITY, N.Y., March 09, 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 and full year ended December 31, 2022. Rob Kay, Lifetime’s Chief Executive Officer, commented, “Our core business continues to deliver solid performance in the face of industrywide challenges, as a result of our strong market share position and proactive cost management actions. Our fourth quarter results reflect the ongoing impact of reduced orders from our customers as retailers continue to focus on rightsizing their inventory levels. Inflationary and other macro-economic challenges also contributed to weaker end market demand, especially in our European markets. Despite the difficult environment, our efforts to reduce costs, restructure our European operations and identify efficiencies throughout the business have driven improved gross margins and continued strong cash flow generation, and we believe that the Company is well positioned for continued top and bottom line growth.” Mr. Kay continued, “Although industry headwinds remain, we believe the Company will outperform 2022 results in the year ahead, driven by more stable global supply chains, normalization of customer ordering patterns, improved profitability from our restructured International business and continued execution on our strategic growth initiatives, including our commercial food service expansion. We are proud to have achieved another year of significant progress for Lifetime, and I’m grateful to our talented team for all their hard work during these challenging times. Importantly, we ended the year with historically high levels of liquidity, and believe we are well positioned to drive shareholder value in 2023.” Fourth Quarter Financial Highlights: Consolidated net sales for the three months ended December 31, 2022, were $207.0 million, representing a decrease of $48.9 million or 19.1%, as compared to $255.9 million for the corresponding period in 2021. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2022 average rates to 2021 local currency amounts, consolidated net sales ...