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Lifetime Misses Guidance; to Sell Outlets?

By Staff -- Gifts and Dec, 8/11/2008 3:27:00 PM

Garden City, NY — Kitchenware, tabletop and home decor vendor Lifetime Brands won’t meet it’s previously forecast financial guidance for 2008, the company said in a statement. However the company did not yet provide updated financial guidance; instead, it plans to do so when it reports results for the third quarter.

That doesn’t mean the company isn’t saying anything about future plans, however: Because of the impact of the weak retail climate on Lifetime’s direct-to-consumer business, Jeffrey Siegel, chairman, president and CEO, said in a statement, “We are in the process of evaluating our strategic options with regard to the outlet stores.”

For the second quarter, Lifetime reported net sales of $92.4 million, compared to net sales of $91.4 million for the same period in 2007. The company reported a net loss of $3.2 million, or $0.27 per diluted share, compared to a net loss of $2 million, or $0.15 per diluted share, for the second quarter of 2007. Net wholesale sales roles 3.2 percent, counting the recently acquired Mikasa business; without it, they fell 1 percent. Lifetime also consolidated its West Coast distribution facilities during the quarter, which it expects to save about $1 million annually, and continued its inventory reduction initiative: as of June 30, inventories were down 19 percent, or $31 million, on an acquisition-adjusted basis.

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