Lifetime Brands reports higher sales on acquisitions, loss widens
The Trap Door Colander is demonstrated on March 1, 2012. It is among the many products invented and developed by Lifetime Brands in Garden City. Credit: Nancy Borowick
Garden City-based Lifetime Brands Inc. Tuesday reported second quarter increases in consolidated net sales, driven by growth in its housewares business and by international acquisitions.
The global provider of branded kitchenware, tableware and other products, including Farberware and KitchenAid, posted net sales of $115.3 million, an increase of 18.9 percent over the same quarter a year ago. Company officials also reaffirmed they expected net sales for the full year to total about $600 million.
The results "illustrate the major growth opportunities international markets offer," Jeffrey Siegel, Lifetime's chairman and chief executive, said in a conference call Tuesday morning. "Those opportunities are particularly important at a time when consumer demand in the U.S. is essentially flat."
Lifetime Brands' net loss widened to $3.2 million from $0.6 million a year earlier.
Its adjusted net loss was $3.1 million, or 23 cents per diluted share, in the quarter ended June 30, compared with an adjusted net loss of $1.1 million, or 8 cents per diluted share, in the corresponding period in 2013.
Consolidated earnings before interest, tax, depreciation and amortization were $1.5 million, compared with $4.3 million for the second quarter in 2013.
During the first half of the year, Lifetime completed acquisitions of United Kingdom-based Kitchen Craft, which accounted for most of the sales increases, along with U.K.-based La Cafetière, Manhattan-based Built NY and Brooklyn-based Empire Silver. It also introduced 4,000 new products and other new brands, including Bombay, Brick Oven, Debbie Meyer and Reo.
As part of its expansion, Lifetime also began supplying products to Wal-Mart Stores Inc.'s 400 supercenters in China, hired a Hong Kong-based sales team and opened a third-party distribution facility. Lifetime plans to target other large Chinese retailers, Siegel said.
Shares of Lifetime Brands slipped 28 cents, or 1.60 percent, to close at $17.23 Tuesday on the Nasdaq stock market.
Giving back to place that gave them so much ... Migrants' plight ... Kwanzaa in the classroom ... What's up on LI ... Get the latest news and more great videos at NewsdayTV
Giving back to place that gave them so much ... Migrants' plight ... Kwanzaa in the classroom ... What's up on LI ... Get the latest news and more great videos at NewsdayTV
