Lifetime Brands reports record Q4 2016 results
Leading global provider of branded kitchenware and tableware delivers record fourth quarter revenues and income from operations
Leading global provider of kitchenware, tableware and other home products, Lifetime Brands, Inc., whose brands include Farberware, KitchenAid, Sabatier, Kitchen Craft, La Cafetiere, Wilton Armedale, Gorham, and Creative Tops, among others, has reported its financial results for the fourth quarter and year ended December 31, 2016.
Consolidated net sales were $193.5 million in the quarter ended December 31, 2016; an increase of $7.6 million, or 4.1 per cent, as compared to consolidated net sales of $185.9 million for the corresponding period in 2015. While gross margin was $75.0 million, or 38.8 per cent, as compared to $69.0 million, or 37.1 per cent, for the corresponding period in 2015.
Jeffrey Siegel, Lifetime's Chairman and Chief Executive Officer, comments: “Lifetime finished 2016 on a very strong note, reporting record revenues and income from operations. For the quarter, excluding the impact of foreign currency fluctuations, consolidated net sales rose 7.2 pr cent on an actual basis and 3.4 per cent on an organic basis.
The new brands that Lifetime Brands acquired in 2016, including Wilton Armetale, Amco Houseworks, Chicago Metallic, Swing-A-Way and Copco, were all "accretive and contributed to our exceptional performance", says Jeffrey.
“Our strong fourth-quarter results reflect excellent progress in Lifetime’s journey to simplify and strengthen our organisation for growth regardless of the economic environment. We also made notable progress in building our ecommerce presence as we benefited from investments we made in recent years to capitalize on ongoing shifts in consumer shopping. In addition, our strategic initiatives to enhance our Tableware and Home Solutions offerings, as well as to continue building Lifetime’s leading position in Kitchenware, contributed to our strong showing. Our international segment, now known as Lifetime Brands Europe, performed well in spite of strong headwinds from both the economy and exchange rates.
“As we move through 2017, we are confident in Lifetime’s ability to grow and thrive in today’s complex business environment. We are also as committed as ever to delivering five-star experiences to consumers through innovative products, services and solutions for the home. We expect low-to mid-single digit overall organic sales growth in 2017, and expect to reap even further benefits from Lifetime Next, our drive to enhance our company’s operations.”
About Lifetime Brands
Lifetime Brands is a leading global provider of kitchenware, tableware and other products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chicago™ Metallic, Copco®, Fred® & Friends, Kitchen Craft®, Kamenstein®, Kizmos™, La Cafetière®, Misto®, Mossy Oak®, Reo®, Savora™, Swing-A-Way® and Vasconia®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Creative Tops®, Empire Silver™, Gorham®, International® Silver, Kirk Stieff®, Towle® Silversmiths, Tuttle®, Wallace®, Wilton Armetale®, V&A® and Royal Botanic Gardens Kew®; and valued home solutions brands, including Bombay®, BUILT NY®, Debbie Meyer® and Design for Living™. The Company also provides exclusive private label products to leading retailers worldwide.