Lifetime Brands Q4 Sales Grow 11 Percent
GDA Staff -- Gifts and Dec, 3/10/2011 11:18:46 AM
Garden City, NY - Tabletop and home decor vendor Lifetime Brands Inc. reported a double digit sales increase for the fourth quarter of 2010. Consolidated net sales were $142.6 million, an increase of 11.3 percent compared to the fourth quarter of 2009. Net income was $13.9 million compared to $5 million in the prior-year period.
For the year, consolidated net sales were $443.2 million, an increase of 6.8 percent compared to 2009. Net income was $20.3 million, compared to $2.7 million in 2009.
Net sales for the wholesale segment grew $13.2 million, or 11.2 percent, to $131.4 million in the fourth quarter of 2010, and $24.8 million, or 6.4 percent, to $413.8 million for the full year.
However gross margin as a percentage of net sales declined to 38.2 percent from 40 percent in 2009, due to a change in sales mix for the wholesale segment, whereby a greater percentage of sales was shipped directly to retailers from overseas. Such sales generally are at a lower gross margin.
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