Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-19254 LIFETIME BRANDS, INC. (Exact name of registrant as specified in its cha ...

Financial Data and Key Metrics Changes - The company reported a 6% increase in net sales for Q4 2024, reaching $215 million compared to $203 million in the same period last year [7][39] - Gross margin expanded by 130 basis points to 37.7% from 36.4% year-over-year [41] - Net income for Q4 2024 was $8.9 million or $0.41 per diluted share, up from $2.7 million or $0.13 per diluted share in Q4 2023 [38] Business Line Data and Key Metrics Changes - US segment sales increased by 5.8% to $196 million, driven by strong online sales and seasonal demand [39] - International segment sales rose by 7.2% to $19.2 million, supported by e-commerce growth and new regional brand launches [40][16] - E-commerce sales accounted for 24% of total sales in Q4, with US e-commerce sales growing by 10% year-over-year [10][11] Market Data and Key Metrics Changes - The company experienced a decline in the mass channel, particularly affecting KitchenAid products, which impacted overall performance [51] - The international business showed positive momentum in Europe and Asia Pacific, although UK markets remained soft [19][20] Company Strategy and Development Direction - The company is focusing on organic growth through the Dolly Parton program, which is expected to generate $4 million in incremental sales in Q1 2025 [13][15] - Project Concorde was launched to accelerate international business profitability and streamline operations [33][34] - The company is actively pursuing M&A opportunities in new product adjacencies and food services, with a focus on maintaining financial discipline [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a cautious consumer environment due to macroeconomic factors and inflation but expressed confidence in the resilience of the business model [12] - The company expects to achieve breakeven in the international segment by 2026, with significant improvements anticipated in 2025 [58][60] - Management highlighted the importance of adapting to tariff changes and reducing dependency on China-sourced products [30][64] Other Important Information - The company announced a strategic relocation of its East Coast distribution center to Maryland, which is expected to enhance operational efficiency [25][28] - The effective tax rate for the full year 2024 was reported at 75.5%, influenced by foreign losses and local income taxes [44] Q&A Session Summary Question: Can you provide more detail about the mass channel softness? - Management noted a loss of market share in the KitchenAid side, which affected performance, but they expect to rebound [51] Question: What is the update on your exposure to China regarding tariffs? - The company is working to reduce its production dependency on China, aiming to move the majority of production out by the end of 2025 [55][64] Question: What is the expected operating loss for the international segment? - The EBITDA loss for the international segment was just under $10 million, with a goal to reach breakeven by 2026 [59][58] Question: Can you quantify your tariff exposure? - The company is looking to reduce its production in China from 75% to below 50% by the end of the year [64] Question: What brands performed well last year? - Brands like Makasa and Farberware saw growth, while Taylor and False Graph experienced declines, with plans to revitalize the lagging brands [72][74]

Lifetime Brands (LCUT) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this kitchen products company would post earnings of $0.38 per share when it actually produced earnings of $0.21, delivering a surprise of -44.74%.Over the last four quar ...

Financial Performance - Fourth quarter sales reached $215.2 million, a 6% increase compared to $203.1 million in the same period of 2023[5] - Net income for Q4 2024 was $8.9 million, or $0.41 per diluted share, compared to $2.7 million, or $0.13 per diluted share, in Q4 2023[7] - Full year consolidated net sales for 2024 were $683.0 million, a decrease of 0.5% from $686.7 million in 2023[9] - Net sales for Q4 2024 were $215,207 thousand, an increase of 5.2% compared to $203,143 thousand in Q4 2023[25] - Net income for the year ended December 31, 2024, was a loss of $15,165 thousand, compared to a loss of $8,412 thousand in 2023, indicating a deterioration in profitability[25] - Adjusted net income for the year ended December 31, 2024, was $12,643,000, compared to $11,010,000 in 2023, indicating a year-over-year increase[36] - U.S. net sales for the year ended December 31, 2024, were $627,202,000, down by $5,877,000 from 2023[40] Operational Metrics - Trailing twelve-month Adjusted EBITDA was $55.4 million, up from $53.9 million in the prior quarter[5] - Adjusted EBITDA for the year ended December 31, 2024, was $55,371 thousand, reflecting a strong operational performance despite the net loss[32] - Adjusted EBITDA for the year ended December 31, 2023, was $57,308,000, with a quarterly increase to $21,469,000 in Q4 2023[33] - Gross margin for Q4 2024 expanded to 37.7%, compared to 36.4% in Q4 2023[6] - Gross margin improved to $81,189 thousand in Q4 2024, up from $73,855 thousand in Q4 2023, reflecting a gross margin percentage increase from 36.4% to 37.7%[25] Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were $2,929 thousand, down from $16,189 thousand at the end of 2023, representing a decrease of 81.9%[30] - The company reported a net cash provided by operating activities of $18,569 thousand for the year, down from $56,431 thousand in 2023, a decrease of 67.0%[30] - Total assets decreased to $634,310 thousand in 2024 from $667,142 thousand in 2023, a decline of approximately 4.9%[27] - Total stockholders' equity slightly decreased to $229,923 thousand in 2024 from $230,879 thousand in 2023, a marginal decline of 0.4%[27] Future Outlook and Initiatives - The company launched Project Concord in January 2025 to enhance its International business and streamline operations[4] - Full Year 2025 guidance will be provided in mid-May 2025, alongside the First Quarter 2025 results[16] - The relocation of the east coast distribution facility is expected to incur one-time exit costs up to $7 million[12] - The Hagerstown Facility will require approximately $10 million in capital expenditures and is expected to be operational by Q2 2026[13] Shareholder Returns - The Board declared a quarterly dividend of $0.0425 per share, payable on May 15, 2025[15] Other Expenses - The company incurred $1,325,000 in acquisition-related expenses for the year ended December 31, 2023[33] - Warehouse redesign expenses for the year ended December 31, 2023, totaled $578,000, related to the U.S. segment[33] - The company reported a total interest expense of $21,728,000 for the year ended December 31, 2023[33]

Core Insights - Lifetime Brands, Inc. reported a strong fourth quarter with sales of $215 million, marking a 6% increase year-over-year, driven by online sales strategy and new product introductions [4][11][12] - The company launched Project Concord to enhance its international business and streamline operations, aiming for growth and cost efficiencies [6][18] - The company declared a quarterly dividend of $0.0425 per share, payable on May 15, 2025 [19] Financial Performance - Fourth quarter consolidated net sales were $215.2 million, an increase of $12.1 million or 6.0% compared to $203.1 million in the same period of 2023 [7][11] - Adjusted EBITDA for the trailing twelve months was $55.4 million, up from $53.9 million in the prior quarter [11][15] - Gross margin for the fourth quarter was 37.7%, an increase from 36.4% in the prior year [8][11] International Business - The international business saw a sales increase for the second consecutive quarter, indicating the effectiveness of the strategy targeting larger national chains [4][6] - The company aims to achieve breakeven profitability in its international operations through Project Concord [6][18] Cost Management - Selling, general and administrative expenses for the fourth quarter increased by 11.6% to $43.2 million compared to $38.7 million in the previous year [8] - The company is taking measures to mitigate exposure to tariffs by relocating production to various geographies [5] Full Year Results - For the full year ended December 31, 2024, consolidated net sales were $683.0 million, a slight decrease of 0.5% from $686.7 million in 2023 [12][13] - The full year gross margin improved to 38.2% from 37.1% in the previous year [13] Future Outlook - The company plans to provide detailed guidance for the full year 2025 in mid-May, alongside its first quarter results [20] - An Investor Day is scheduled for the fourth quarter of 2025 to outline management's long-term vision [20]

Core Viewpoint - Lifetime Brands (LCUT) is anticipated to report a year-over-year increase in earnings driven by higher revenues, with the actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The earnings report is scheduled for March 13, 2025, with expectations of quarterly earnings at $0.45 per share, reflecting a year-over-year increase of +55.2% [3]. - Revenues are projected to reach $207 million, marking a 1.9% increase from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 7.69% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the potential deviation of actual earnings from the consensus estimate, with a positive reading being a strong predictor of an earnings beat [6][8]. - However, the current Zacks Rank for Lifetime Brands is 4, complicating predictions of an earnings beat [11]. Historical Performance - In the last reported quarter, Lifetime Brands was expected to post earnings of $0.38 per share but only achieved $0.21, resulting in a surprise of -44.74% [12]. - The company has not surpassed consensus EPS estimates in any of the last four quarters [13]. Conclusion - While the potential for an earnings beat exists, Lifetime Brands does not currently appear to be a compelling candidate for such an outcome, and investors should consider additional factors before making investment decisions [16].

GARDEN CITY, N.Y., March 03, 2025 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT) (“Lifetime” or the “Company”), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today announced its participation in the following upcoming investor conferences: 37th Annual ROTH Conference, March 16-18, being held at The Laguna Cliffs Marriott in Dana Point, CA. Lifetime Brands’ management will host one-on-one and small group meetings with interested ...

Core Viewpoint - Lifetime Brands, Inc. is set to release its fourth quarter and full year 2024 financial results on March 13, 2025, and will host a conference call to discuss these results [1] Upcoming Events - The Chief Executive Officer of Lifetime Brands, Robert Kay, will showcase the company's brands at The Inspired Home Show in Chicago from March 2-4, 2025 [4] - Investors interested in meeting with management during the event are encouraged to contact investor relations [4] Company Overview - Lifetime Brands is a prominent global designer, developer, and marketer of a wide range of branded consumer products for the home, including kitchenware, tableware, and home solutions [5] - The company markets products under various well-known brands such as Farberware, KitchenAid, Mikasa, and S'well, among others [5]

Core Viewpoint - Lifetime Brands, Inc. is relocating its East Coast distribution center to a new facility in Hagerstown, MD, which will increase its distribution capacity by 46% to 1.027 million square feet, expected to be fully operational by 2026 [1][3][4] Group 1: Infrastructure and Capacity Expansion - The new Hagerstown distribution center will serve as the primary U.S. East Coast distribution hub, relocating from Robbinsville, NJ, and will add 327,000 square feet of capacity [1][3] - The construction of the Hagerstown Facility is anticipated to be completed by the second quarter of 2026 [1] - The facility is part of a broader strategy to modernize operations and support long-term growth, including both organic and inorganic opportunities [2][4] Group 2: Operational Efficiency and Cost Management - The new distribution center will integrate a new warehouse management system aimed at enhancing service and operational efficiency [2] - The relocation is designed to maximize logistics and freight efficiencies, addressing the evolving market demands and customer expectations [3][4] - The company has negotiated tax abatements and incentives from the State of Maryland and Washington County, which will help mitigate relocation costs and future distribution expenses [4][6] Group 3: Strategic Importance - The relocation is viewed as a critical step in executing the company's multi-year growth initiatives and maintaining operational excellence [3][4] - The strategic move is intended to ensure competitiveness in the market and adapt to changing consumer and retailer shopping preferences [4]

~ Optimizes Infrastructure for U.S. Business, Increasing Capacity by 46% to 1.027 Million Square Feet ~ ~ Relocating East Coast Distribution Center to Built to Suit Facility in Hagerstown, MD ~ ~ Expected to be Fully Operational in 2026 ~ GARDEN CITY, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT) (“Lifetime” or the “Company”), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today announced its plan to construc ...