Business
Lifetime Brands, Inc. Reports Third Quarter 2022 Financial Results
Declares Regular Quarterly Dividend GARDEN CITY, N.Y., Nov. 03, 2022 (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., Nov. 03, 2022 (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 September 30, 2022. Rob Kay, Lifetime’s Chief Executive Officer, commented, “Our core business continues to exhibit solid performance and we have maintained our market positions in the third quarter, despite challenges for our product categories globally. Inflationary and other economic impacts have contributed to weaker end market demand, particularly in our European and Asia-Pacific markets. In addition, retailers continue to focus on rightsizing their inventory levels, which have been distorted by the pandemic-induced supply chain disruptions. As a result, new customer shipments have lagged consumer purchases at retailers. In response to economic conditions in Europe, we have begun implementing a comprehensive restructuring of our European-based international operations to reflect significantly reduced demand in the region for the near term. Our brands and our business model have continued to demonstrate resilience through all market cycles, and we remain focused on executing our strategic plan. We are confident that we are on the right path to create long-term value.” Mr. Kay continued, “Given the current lack of visibility into order flow at many of our largest customers and the consumer environment globally, we are withdrawing our full year 2022 guidance. We will continue to be proactive and nimble in managing through macroeconomic challenges, as evidenced by the actions we have already taken to reduce costs and restructure our European business. Importantly, our balance sheet and liquidity remain strong, providing us with operating and financial flexibility in this uncertain environment.” Third Quarter Financial Highlights: Consolidated net sales for the three months ended September 30, 2022 were $186.6 million, representing a decrease of $38.2 million, or 17.0%, as compared to net sales of $224.8 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 a...