Lifetime Brands Q1 Improves
By Staff -- Gifts and Dec, 5/6/2010 9:40:00 AM
Garden City, NY – Tabletop and home décor manufacturer Lifetime Brands Inc. saw a 4 percent increase in gross margin as a percentage of net sales for the wholesale segment in the first quarter ended March 31. Margin increased to 37 percent, compared to 33 percent for the 2009 period. The company attributed the improvement to a more favorable product mix, the absence of the non-recurring net sales, lower royalty expense and lower freight costs. Gross margin for the direct-to-consumer segment decreased slightly, from 67.4 percent to 66.6 percent.
Net sales for the quarter were $88.7 million, compared to $90.2 million for the first quarter of 2009. Wholesale segment net sales were $82.1 million, compared to $83.6 million, a decrease of $1.5 million. Excluding $3.4 million of non-recurring net sales from the going-out-of-business sale of a customer liquidated in 2009, the company's net sales increased by $1.9 million. Direct to consumer segment net sales remained flat at $6.6 million. Net income for the quarter was $729,000, compared to a net loss of $6 million for the first quarter of 2009.
Jeffrey Siegel, chairman, CEO and president, said in a statement, "We are pleased to deliver a profitable first quarter […]we grew our Mikasa brand in all tabletop categories and re-energized the Pfaltzgraff brand in casual dinnerware, while our new Design for Living line of water bottles and thermal mugs continued to grow […] Throughout 2010, we plan to continue our focus on expanding our market share, improving our gross margin, controlling expenses and reducing inventory […] If business conditions continue to improve, the company's results for 2010 should exceed our earlier expectations."
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