Lifetime Brands sees a deeper first-quarter loss
Housewares giant Lifetime Brands reported a first-quarter loss of $6 million, deeper than the $1.3 million loss recorded in the same period last year. Sales fell 5.4 percent to $98.19 million from $103.79 million last year.
The company, which produces housewares under brands including KitchenAid, Cuisinart, Towle and Pfaltzgraff, saw a charge of $2.9 million related to restructuring of the company’s direct-to-consumer business, as well as a $1.5 million charge related to the consolidation of West Coast distribution facilities.
“Most of our wholesale customers experienced lackluster foot traffic during the quarter, as consumers curtailed spending on discretionary items due to continuing uncertainty over the direction of the overall economy,” said Jeffrey Siegel, Lifetime Brands chairman, president and CEO.
Siegel said the sales decline was partially offset by strength in the company’s direct-to-consumer segment, which saw a same-store sales increase of 3.3 percent. The company also saw a 13.5 percent increase in Internet sales.