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Lifetime Brands to benefit from major new lines in 2008
05 Feb '08
2 min read
Lifetime Brands Inc announced financial guidance for 2008 and provided an update on its revenues for 2007.
For 2008, the Company expects net sales to be in the range of $510 to $525 million and diluted earnings per share to be in the range of $0.86 to $1.06, including a charge of $0.19 per diluted share due to the restructuring of its Direct to Consumer business.
Jeffrey Siegel, Lifetime's Chairman, President and Chief Executive Officer commented, "Despite challenging retail environment, we continue to make progress in our long-term strategic objectives.
We expect continued strong product placement in 2008, and are particularly excited by a number of new initiatives, including the launch of our new Vasconia line of housewares products designed to appeal to the Latina consumer.
Our results for 2008 will also benefit from full-year sales from the major new lines we launched in late 2007, such as the Martha Stewart Collection at Macy's and Food Network branded kitchen tools, gadgets and cutlery at Kohl's.”
Lifetime is currently finalizing its results for the fourth quarter and full year 2007; however, the Company now expects 2007 net sales to be in the range of $490 to $495 million. The Company had previously forecasted 2007 net sales to be in the range of $500 to $515 million.
The Company expects to release its fourth quarter and year-end 2007 results in early March. Conference call details will be published in advance of the call.
Separately, the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.0625 per share, payable on February 15, 2008 to shareholders of record on February 8, 2008.
For 2008, the Company expects net sales to be in the range of $510 to $525 million and diluted earnings per share to be in the range of $0.86 to $1.06, including a charge of $0.19 per diluted share due to the restructuring of its Direct to Consumer business.
Jeffrey Siegel, Lifetime's Chairman, President and Chief Executive Officer commented, "Despite challenging retail environment, we continue to make progress in our long-term strategic objectives.
We expect continued strong product placement in 2008, and are particularly excited by a number of new initiatives, including the launch of our new Vasconia line of housewares products designed to appeal to the Latina consumer.
Our results for 2008 will also benefit from full-year sales from the major new lines we launched in late 2007, such as the Martha Stewart Collection at Macy's and Food Network branded kitchen tools, gadgets and cutlery at Kohl's.”
Lifetime is currently finalizing its results for the fourth quarter and full year 2007; however, the Company now expects 2007 net sales to be in the range of $490 to $495 million. The Company had previously forecasted 2007 net sales to be in the range of $500 to $515 million.
The Company expects to release its fourth quarter and year-end 2007 results in early March. Conference call details will be published in advance of the call.
Separately, the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.0625 per share, payable on February 15, 2008 to shareholders of record on February 8, 2008.
Lifetime Brands Inc
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