Welcome to our dedicated page for Lifetime Brands news (Ticker: LCUT), a resource for investors and traders seeking the latest updates and insights on Lifetime Brands stock.
Lifetime Brands, Inc. (Nasdaq: LCUT) stands as a premier global designer, developer, and marketer of an extensive range of branded consumer products for the home. The company excels in offering superior kitchenware, tabletop items, and other home products through well-respected brand names such as Farberware®, KitchenAid®, Mikasa®, and many more.
Founded in the U.S., Lifetime Brands primarily sells its products on a wholesale basis to leading retailers worldwide. The company also sells directly to consumers via certain brands, including Pfaltzgraff and Fred, through its e-commerce platforms. Its product portfolio spans kitchen tools, gadgets, cutlery, dinnerware, and glassware, with the kitchenware segment generating the majority of its revenue.
The company has been making significant strides in recent times, reflecting its dedication to growth and innovation despite macroeconomic challenges. Notably, Lifetime Brands declared a quarterly cash dividend and successfully restructured its European operations, aiming for enhanced profitability and growth. Additionally, the company extended its Term Loan B facility to August 2027, thereby solidifying its financial footing.
Lifetime Brands reported strong quarterly performance with net sales of $142.2 million for the first quarter of 2024 despite economic headwinds. This included a notable gross margin of 40.5%, driven by disciplined expense management and a favorable product mix. The company's robust portfolio of leading brands and its multi-channel growth strategy position it well for sustained success.
For the future, Lifetime Brands remains focused on advancing its strategic growth initiatives, leveraging its innovation engine, and expanding its market share in both physical retail and e-commerce channels. The company's healthy balance sheet and resilient business model are set to unlock new opportunities and deliver value to shareholders.
Lifetime Brands (LCUT) announced plans to construct a new 1.027 million-square-foot distribution center in Hagerstown, MD, representing a 46% increase in capacity. This facility will replace the current east coast distribution center in Robbinsville, NJ, and is expected to be fully operational by Q2 2026.
The new facility adds 327,000 square feet of distribution capacity and includes significant financial benefits: rent abatement for the additional space during the first three years of a 15-year lease, plus various state and county incentives including real property tax abatement, employee state withholding tax credit, conditional grants, and income tax credits.
This strategic move aims to optimize infrastructure, enhance operational efficiency through a new warehouse management system, and support the company's long-term growth initiatives while containing future distribution expenses.
Lifetime Brands (LCUT) has appointed Jeffrey Evans as an independent director to its Board of Directors, effective immediately. Evans brings three decades of retail and consumer leadership experience, most recently serving as President and Chief Merchandising Officer of At Home. His previous roles include 16 years at Walmart in senior merchandising positions, including EVP for Entertainment, Toys, and Seasonal (2020-2022) and SVP for Walmart Home (2017-2020).
The appointment aims to strengthen Lifetime's market position through Evans' expertise in merchandising strategies and digital commerce. CEO Rob Kay highlighted that Evans' experience with key customers like Walmart, Sam's Club, and At Home will be valuable in developing growth initiatives and enhancing the company's data-driven approach to product innovation and go-to-market strategies.
Lifetime Brands (NasdaqGS: LCUT) has announced its participation in the Keybanc Capital Markets December Consumer Spotlight virtual event, scheduled for December 12-13, 2024. CEO Robert Kay and CFO Laurence Winoker will engage in a fireside chat on December 13, 2024, at 9:00am ET.
The fireside chat will be available via webcast replay after the conference, with presentation materials accessible through the investor section of Lifetime Brands' website. Management will also be available for one-on-one meetings during the conference, which can be arranged through Keybanc Capital Markets representatives or by contacting investor relations.
Lifetime Brands (NasdaqGS: LCUT) reported its Q3 2024 financial results, highlighting a 4.1% decrease in net sales to $183.8 million compared to Q3 2023. The gross margin remained stable at 36.7%. However, income from operations dropped to $8.6 million from $13.6 million. Net income was $0.3 million, down from $4.2 million, translating to $0.02 per diluted share. Adjusted net income was $4.5 million, or $0.21 per diluted share, compared to $7.7 million, or $0.36 per diluted share, in Q3 2023.
For the first nine months of 2024, net sales fell 3.3% to $467.7 million, and net loss widened to $24.1 million from $11.1 million. Adjusted net income for this period was $0.7 million. Liquidity stood at $75.6 million as of September 30, 2024.
Due to soft demand and delayed shipments, Lifetime Brands revised its full-year guidance, projecting net sales between $680-$700 million and a net loss of $14-$16 million. The company also declared a quarterly dividend of $0.0425 per share, payable on February 14, 2025.
Lifetime Brands (NASDAQ: LCUT), a global designer and marketer of branded consumer products, has scheduled its third quarter 2024 financial results release for Thursday, November 7, 2024, after market close. The company will host a conference call on Friday, November 8, 2024, at 8:30 a.m. Eastern Time. Investors can access the live call by dialing 1-877-451-6152 (USA) or 1-201-389-0879 (International). A webcast will be available, and an audio replay can be accessed through the company's investor relations website or via telephone.
Lifetime Brands (NasdaqGS:LCUT), a leading global designer, developer, and marketer of branded consumer products, has announced its participation in the MicroCap Rodeo Fall Conference on October 16, 2024, in New York City. CEO Robert Kay and CFO Laurence Winoker are scheduled to present at 10:30am ET.
The presentation will be accessible via webcast through the investor section of the company's website. Management will also be available for one-on-one investor meetings throughout the conference. Interested parties can schedule meetings through their MicroCap Rodeo conference representative or by contacting Lifetime Brands' investor relations.
Lifetime Brands, Inc. (NasdaqGS: LCUT) has signed an agreement to expand its Mikasa Hospitality division by distributing and marketing the Royal Leerdam® and ONIS® premium glassware brands. This move strengthens Lifetime's position in the Commercial Food Services sector, targeting a $2 billion addressable market. The new product offerings are expected to begin shipping in 2024, potentially generating additional revenue for the company.
Royal Leerdam, with a 145-year legacy, is known for its elegant and functional glassware designs for the hospitality industry. ONIS, a new brand from Leerdam Crisal Glass, offers bold and innovative professional glassware. This expansion aligns with Mikasa Hospitality's commitment to providing high-quality dinnerware, flatware, buffetware, serveware, and now premium glassware for the foodservice industry.
Lifetime Brands (NasdaqGS: LCUT), a leading global designer and marketer of branded consumer home products, has announced its participation in the Sidoti Virtual Small-Cap Investor Conference on September 18-19, 2024. CEO Robert Kay and CFO Laurence Winoker will present virtually on September 18 at 9:15am ET. Investors can access the webcast and presentation materials through the company's investor relations website. Management will also be available for one-on-one meetings during the conference, which can be scheduled through Sidoti representatives or by contacting Lifetime Brands' investor relations.
Lifetime Brands, Inc. (NasdaqGS: LCUT) reported its Q2 2024 financial results, with consolidated net sales of $141.7 million, a 3.2% decrease from Q2 2023. Despite macroeconomic pressures, the company expanded gross margins to 38.5% and grew market share across most categories. However, the company reported a net loss of $18.2 million, largely due to a $14.2 million non-cash charge related to its Grupo Vasconia investment. Lifetime Brands reiterated its full-year 2024 guidance for most metrics, adjusting only the net loss forecast. The company declared a quarterly dividend of $0.0425 per share and maintains a strong liquidity position of $119.3 million as of June 30, 2024.
Lifetime Brands (NasdaqGS: LCUT), a leading global designer and marketer of branded consumer products for the home, has announced it will release its second quarter 2024 financial results on Thursday, August 8, 2024 at 7:00 a.m. Eastern Time. The company has scheduled a conference call at 11:00 a.m. where CEO Rob Kay and CFO Larry Winoker will discuss the results and answer investor questions.
Investors can join the call by dialing (800) 715-9871 or +1 (646) 307-1963 (International) with conference ID 4033645. A live webcast will also be available. Lifetime Brands markets products under well-known kitchenware brands such as Farberware®, KitchenAid®, and Sabatier®, as well as tableware and home solutions brands.
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