Lifetime Brands sees Q4 sales rise
Lifetime Brands, maker of houseware and kitchen products under such brands as Kitchenaid, Farberware and Cuisineart, reported that consolidated net sales for the fourth quarter were $154.8 million, an increase of 12.5%, compared with consolidated net sales of $137.6 million in the fourth quarter of 2011.
Net income was $15.2 million in the 2012 period, compared with $5.4 million in the prior-year period.
Consolidated net sales for the year were $486.8 million, an increase of 9.5%, compared with consolidated net sales of $444.4 million for 2011.
Net income was $20.9 million in 2012, as compared with $14.1 million in 2011.
Jeffrey Siegel, Lifetime's chairman, president and CEO commented, “Lifetime finished 2012 on a very positive note. For the quarter, consolidated net sales increased 12.5% on an actual basis and 8.6% on an organic basis. During the quarter, we acquired the business and assets of Fred & Friends, a line of innovative products featuring fun kitchen tools, tabletop accessories, party goods and giftware products."