Business
Lifetime Brands, Inc. Reports Second Quarter 2023 Financial Results
Quarterly Net Sales Surpass Analysts' Estimates Declares Regular Quarterly Dividend GARDEN CITY, N.Y., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc.
About this update from Lifetime Brands, Inc.
[{"type":"text","content":"Quarterly Net Sales Surpass Analysts' Estimates Declares Regular Quarterly Dividend GARDEN CITY, N.Y., Aug. 03, 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 June 30, 2023. Rob Kay, Lifetime’s Chief Executive Officer, commented, “Our solid results this quarter are a testament to the strong progress we are making to position Lifetime for growth and enhanced profitability, despite the ongoing macroeconomic headwinds impacting demand. Our core U.S. business performed in line with our expectations as oversupply issues continued to abate for our retailers and order flow improved. We remain confident that the recently completed restructuring of our European operations will drive future growth and profitability for this business as market conditions improve.” Mr. Kay continued, “As we look to the future, we remain confident that our strategic initiatives have positioned the business for long-term growth. We have a leading portfolio of widely-recognized brands with multi-channel growth opportunities, a strong innovation engine, a resilient and efficient business model, and a healthy balance sheet that will enable us to unlock our full potential.” Second Quarter Financial Highlights: Consolidated net sales for the three months ended June 30, 2023 were $146.4 million, representing a decrease of $4.9 million, or 3.2%, as compared to net sales of $151.3 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 $5.3 million, or 3.5%, as compared to consolidated net sales in the corresponding period in 2022. A table reconciling this non-GAAP financial measure to consolidated net sales, as reported, is included below. Gross margin for the three months ended June 30, 2023 was $56.0 million, or 38.2%, as compared to $55.2 million, or 36.5%, for the corresponding period in 2022. Income from operations was $4.4 million, as compared to loss from operations of $(0.5) million for the corresponding period in 2022. Adjusted income from operations(1) w...