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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 announced the results of its 2024 Annual Meeting of Stockholders held on June 20, 2024. Stockholders elected nine directors including Jeffrey Siegel and Robert B. Kay. Ernst & Young LLP was ratified as the independent auditor for 2024. Stockholders approved the 2023 executive compensation and amended the 2000 Long-Term Incentive Plan. Additionally, a cash dividend of $0.0425 per share was declared, payable on August 15, 2024, to stockholders of record on August 1, 2024.
Lifetime Brands, Inc. reported its Q1 2024 financial results with an income and EBITDA growth, highlighting its performance. Despite a decrease in consolidated net sales, the company managed to expand margins, increase profitability, and strengthen its business. The CEO expressed confidence in the company's ability to compete and create value for shareholders, backed by solid performance and strategic growth initiatives. The company provided financial guidance for the full year 2024, aiming for net sales of $690 to $730 million and adjusted EBITDA of $57.5 to $62.5 million.
Lifetime Brands, Inc. (LCUT) will report its first quarter financial results on May 9, 2024. The company, a global designer and marketer of consumer products for the home, will hold a conference call after the release. Lifetime Brands offers a diverse range of kitchenware, tableware, giftware, and home solutions under various popular brands and also supplies private label products to retailers.
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