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Lifetime Brands Q3 Sales Up 12 Percent

GDA Staff -- Gifts and Dec, 11/4/2010 11:36:38 AM

Garden City, NY - Kitchenware, tabletop and home decor vendor Lifetime Brands Inc. reported consolidated net sales of $124.9 million for the three months ended September 30. That's an increase of 12 percent compared to the corresponding period in 2009. Consolidated net income grew by 35 percent, to $6.6 million, and diluted income per common share increased by 30 percent to $0.52. Basic income per common share was $0.55, an increase of 34 percent.

Wholesale gross margin remained basically unchanged at 35.6 percent, compared to 35.7 percent in 2009. Gross margin for the Direct-to-Consumer Segment decreased to 63.3 percent from 72 percent due to increased promotional activity and free shipping.

Jeffrey Siegel, chairman, president and CEO, attributed the improvement to "carefully executing the strategy we adopted in 2009 to increase our market share, to further reduce and control SG&A and distribution expenses and to restructure our balance sheet," as well as new products which increased the company's presence at key retailers.

Siegel anticipates that wholesale sales will improve by 9-10 percent in the fourth quarter, bringing the company to a 6 percent improvement in wholesale sales for the year.

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