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Lifetime Brands Q1 2007 results as per target
08 May '07
3 min read
Lifetime Brands Inc a leading designer, developer and marketer of nationally branded consumer products for the home, announced results for the three months ended March 31, 2007.
For the first quarter of 2007, Lifetime's net sales totaled $103.8 million, as compared to net sales of $74.4 million for the same period in 2006. The Company reported a net loss of $1.3 million, or $0.10 per diluted share, as compared to net income of $0.9 million, or $0.07 per diluted share, for the first quarter of 2006.
The Company's first quarter 2007 results include the results of the Syratech business acquired in April 2006. Syratech's sales are heavily weighted to the second half of the year, resulting in a negative quarter-to-quarter comparison for this year's first quarter.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "Lifetime performed on plan in the first quarter, achieving a healthy 39.5% increase in net sales, including $24.4 million in sales from Syratech.
Our wholesale business, which accounted for 86% of net revenues, grew by 54.5%. Excluding net sales from Syratech, the wholesale business achieved organic growth of 12.1%, driven by sales increases in our leading brands, Farberware and KitchenAid, particularly in kitchenware and cutlery.
The growth in our wholesale business more than offset lower sales in our Direct to Consumer ("DTC") business, which resulted from a series of strategic actions focused onimproving the division's gross margins. Management of the DTC business is implementing its turnaround plan, and we expect further improvements in the second half of the year.
For the first quarter of 2007, Lifetime's net sales totaled $103.8 million, as compared to net sales of $74.4 million for the same period in 2006. The Company reported a net loss of $1.3 million, or $0.10 per diluted share, as compared to net income of $0.9 million, or $0.07 per diluted share, for the first quarter of 2006.
The Company's first quarter 2007 results include the results of the Syratech business acquired in April 2006. Syratech's sales are heavily weighted to the second half of the year, resulting in a negative quarter-to-quarter comparison for this year's first quarter.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "Lifetime performed on plan in the first quarter, achieving a healthy 39.5% increase in net sales, including $24.4 million in sales from Syratech.
Our wholesale business, which accounted for 86% of net revenues, grew by 54.5%. Excluding net sales from Syratech, the wholesale business achieved organic growth of 12.1%, driven by sales increases in our leading brands, Farberware and KitchenAid, particularly in kitchenware and cutlery.
The growth in our wholesale business more than offset lower sales in our Direct to Consumer ("DTC") business, which resulted from a series of strategic actions focused onimproving the division's gross margins. Management of the DTC business is implementing its turnaround plan, and we expect further improvements in the second half of the year.
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