Housewares giant warns on sales
Lifetime Brands, one of North America’s largest makers of housewares, has said it expects lower sales in the fourth quarter than previously forecast, to $490 million to $495 million, downwardly revised from $500 million to $515 million.
The company expects to release its fourth-quarter and year-end 2007 results in early March.
The company did not cite a specific reason for the lower sales, but Jeffrey Siegel, chairman, president and CEO of Lifetime Brands, characterized the current retail environment as “challenging.”
“We continue to make progress in our long-term strategic objectives. We expect continued strong product placement in 2008,” he added.
Garden City, N.Y.-based Lifetime Brands makes and markets products under a number of banners, including the Martha Stewart Collection, KitchenAid, Farberware and Pfaltzgraff.