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Lifetime Brands Reports Q4, 2009 Results

By Staff -- Gifts and Dec, 3/11/2010 8:26:00 AM

Garden City, NY – Tabletop and home décor vendor Lifetime Brands Inc. saw a decline in net sales in the fourth quarter of 2009, to $128.1 million, compared to $156.7 million for the fourth quarter of 2008. Wholesale sales were practically flat: wholesale segment net sales for the fourth quarter were $118.2 million, compared to $119.1 million for the fourth quarter of 2008. Net income of $5 million, or $0.41 per diluted share for the fourth quarter of 2009, compared to a net loss of $36.8 million, or $3.07 per diluted share, for the fourth quarter of 2008.

For the year, net sales were $415 million compared to $487.9 million for 2008. Net income for the year was $2.7 million, or $0.22 per diluted share, compared to a net loss of $47.8 million, or $3.99 per diluted share, in the prior year.

For 2009, wholesale segment net sales were $389 million compared to $403.6 million in 2008. The decrease primarily reflects lower net sales in the company's food preparation category, the absence of sales to Linens 'N Things and a decrease in the net sales of the company's home decor category resulting from the Company's elimination of certain low margin businesses. Decreases were offset, in part, by the benefit of a full year of sales of Mikasa products in the company's tabletop category and the added net sales of the company's new line of thermal mugs and water bottles.

Jeffrey Siegel, chairman, CEO and president, said in a statement, "In 2010, we expect economic conditions to remain challenging throughout the year, with modest, if any, organic growth in market size, continued cautious spending by consumers and lean inventory levels at retail. Nevertheless, we expect to be able to gain market share and achieve some sales growth in all of our product categories."

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