Lifetime Q1 Down, But Still on Track
By Staff -- Gifts & Decorative Accessories, 5/8/2008 8:00:00 AM
Garden City, NY – Tabletop vendor Lifetime Brands Inc. reported a net sales drop in the first quarter to $98.2 million. Net sales for the first quarter of 2007 came to $103.8 million. Lifetime’s first quarter net loss was $6 million, compared with a loss of $1.3 million during the same 2007 quarter. Net wholesale sales for the quarter decreased by 9.9 percent, partially offset by a 21.9 percent increase in direct to consumer sales.Jeffrey Siegel, Lifetime's chairman, president and CEO, said in a statement, “Most of our wholesale customers experienced lackluster foot traffic during the quarter, as consumers curtailed spending on discretionary items due to continuing uncertainty over the direction of the overall economy and to the impact of rising prices for non-discretionary purchases, notably food and energy.” Lifetime plans to combat this with more than 4,000 new product introductions, including new environmentally-friendly kitchenware products made from a bio-plastic blend that contains less petroleum than ordinary plastics. Lifetime is also relying on special offerings suitable for promotional pricing at "doorbuster" retail events such as Black Friday, and forecasts increased inventory turns.
"Assuming the overall economy remains stable for the remainder of the year; Lifetime's results for 2008 should generally reflect the financial guidance we have previously provided,” said Siegel. Separately, Lifetime’s board declared a dividend of $0.0625 per share, payable on May 16 to shareholders of record on May 2. There are no other articles related to this article.
Talkback
Related Content
Related Content
Sponsored Links
