GARDEN CITY, N.Y., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today announced that management will participate in the Sidoti Virtual Small-Cap Conference being held on September 18-19, 2024. Lifetime Brands' Chief Executive Officer Robert Kay and Chief Financial Officer Laurence Winoker will present virtually on Wednesday, September 18, 2024, at 9:15am ET. A link ...

Financial Data and Key Metrics - Net sales for Q2 2024 were $141.7 million, down from $146.4 million in the same period last year, reflecting a 3.2% decline [5] - Adjusted EBITDA for the trailing 12 months was $56.6 million [5] - Net loss for Q2 2024 was $18.2 million, including a non-cash loss of $14.2 million related to the Grupo Vasconia investment [14] - Adjusted net loss was $0.6 million for Q2 2024, compared to $0.3 million in Q2 2023 [14] - Consolidated gross margin increased to 38.5% from 38.2% [16] Business Line Performance - US segment sales decreased by 3.3% to $130.5 million, driven by declines in kitchenware and home solutions categories, partially offset by growth in tableware [15] - International segment sales declined by 2.6% to $11.2 million, with lower replenishment orders in Europe partially offset by higher sales in Asia [16] - E-commerce sales represented 18.9% of total revenues, up from 18.1% in the same period last year [8] - The Dolly Parton product line exceeded expectations, with $4 million shipped in Q2 and full-year shipments expected to exceed $10 million [7][24] Market Performance - In Europe, the UK's economic recession continued to impact demand, but the company maintained relatively flat sales by shifting focus to larger national accounts [6] - In Asia Pacific, the company is transitioning to a direct sales strategy, discontinuing its distributor partnership and building its own infrastructure [7] - The Red Sea conflict has increased shipping times to Europe, necessitating higher safety stock levels [6] Strategic Initiatives and Industry Competition - The company is focused on increasing market share, expanding e-commerce, and improving gross margins [4] - Strategic initiatives include the successful launch of the Dolly Parton product line and the transition to a direct APAC sales strategy [7] - The company is diversifying its sourcing, aiming to have 25% of goods sourced outside of China, with a focus on Southeast Asia [10] - The company is actively pursuing M&A opportunities and expects to update the market on strategic initiatives in the coming months [11] Management Commentary on Operating Environment and Outlook - Management acknowledged macroeconomic pressures and weakened demand but expressed confidence in executing the operational plan for the remainder of 2024 [5][13] - The company expects improved results in the second half of the year, driven by strategic initiatives and market share gains [5] - Management reiterated full-year guidance, excluding the non-cash loss related to Grupo Vasconia, with net sales expected to be between $690 million and $730 million [21] Other Important Information - The company recorded a non-cash loss of $14.2 million due to the discontinuation of the equity method of accounting for its investment in Grupo Vasconia [12][19] - The company's liquidity remains strong at $119 million, with a net debt to adjusted EBITDA leverage ratio of 3.3 times [21] - The company is managing input costs effectively, with product COGS decreasing in many areas despite higher ocean freight costs [9] Q&A Session Summary Question: Details on sluggish demand and seasonal timing of shipments [23] - The decline in sales was attributed to macroeconomic pressures and seasonal timing, particularly in the club channel, which saw orders shift to the second half of the year [23] Question: Dolly Parton product performance [24] - The Dolly Parton product line shipped $4 million in Q2, with full-year shipments expected to exceed $10 million, primarily in the dollar channel [24] Question: Inventory levels and retail replenishment [25][26] - The company maintains appropriate inventory levels and has increased safety stock in Europe due to longer shipping times [25] - Retailers are leaning on inventory levels, which benefits the company's market position [26] Question: Update on the S'well acquisition [29][30] - The S'well brand is performing well, with new product introductions driving growth in e-commerce and corporate channels [29][30] Question: Discrepancy between Nielsen data and reported revenue [31][32] - The company attributes the discrepancy to growth in channels not covered by Nielsen, such as the dollar channel, and gains in market share in Walmart and Target [31][32] Question: Dolly Parton product shipments in H2 2024 [33] - The company expects to exceed $10 million in Dolly Parton product shipments for the year, with the majority being replenishment orders [33] Question: Margin impact of shifting focus to larger retailers in Europe [34][35] - Margins are expected to be lower when selling to larger retailers, but this is offset by improved product mix and gross margins [35] Question: Confidence in H2 sales growth [37][38] - The company expects H2 growth to be driven by seasonal timing, new product launches like Dolly Parton, and e-commerce growth [37][38] Question: Investment in innovation [39] - The company is investing in R&D, with the Build-A-Board product line expected to be the largest launch in the company's history [39] Question: International business viability [40] - The company remains committed to its international business, with new listings and restructuring efforts expected to drive growth [40]

Financial Performance - Net sales for Q2 2024 were $141.67 million, a decrease of 3.9% from $146.44 million in Q2 2023[10] - Net loss for Q2 2024 was $18.17 million, compared to a net loss of $6.52 million in Q2 2023, indicating a significant increase in losses[10] - Basic and diluted loss per common share for Q2 2024 was $(0.85), compared to $(0.31) in Q2 2023[10] - Total comprehensive loss for Q2 2024 was $(3.93) million, an improvement from $(5.57) million in Q2 2023[12] - For the six months ended June 30, 2024, total net sales were $283.9 million, a decrease of 2.7% compared to $291.9 million for the same period in 2023[54] - The net loss for the six months ended June 30, 2024, was $24.427 million, compared to a net loss of $15.325 million for the same period in 2023[19] - Consolidated net sales for Q2 2024 were $141.7 million, a decrease of $4.7 million, or 3.2%, compared to $146.4 million in Q2 2023[137] - Net loss for the three months ended June 30, 2024, was $18.2 million, compared to a loss of $6.5 million for the same period in 2023, representing a significant increase in losses[10] Expenses and Margins - Gross margin for Q2 2024 was $54.55 million, representing a gross margin percentage of 38.5%, compared to 38.2% in Q2 2023[10] - Selling, general, and administrative expenses increased to $38.33 million in Q2 2024 from $35.86 million in Q2 2023[10] - Distribution expenses for Q2 2024 were $15.05 million, a slight decrease from $15.73 million in Q2 2023[10] - Gross margin for the six months ended June 30, 2024 was $112.1 million, or 39.5%, compared to $109.8 million, or 37.6%, for the same period in 2023[155] - Selling, general and administrative expenses for the six months ended June 30, 2024 were $77.9 million, an increase of $4.1 million, or 5.6%, compared to $73.8 million for the same period in 2023[160] Cash Flow and Liquidity - Net cash provided by operating activities was $20.930 million for the six months ended June 30, 2024, down from $28.993 million in the prior year[19] - Cash and cash equivalents at the end of the period were $3.396 million, a decrease from $15.122 million at the end of the previous year[19] - Net cash used in financing activities was $32.5 million for the six months ended June 30, 2024, compared to $36.5 million in the same period of 2023[198] - Cash paid for interest during the six months ended June 30, 2024, was $9.853 million, compared to $10.453 million for the same period in 2023[118] Debt and Financing - The company has a senior secured asset-based revolving credit facility with a maximum principal amount of $200 million, maturing on August 26, 2027[63] - The Term Loan has a principal amount of $150 million and also matures on August 26, 2027, requiring quarterly principal payments of 1.25% starting March 31, 2024[64][65] - As of June 30, 2024, total availability under the ABL Agreement was $135.531 million, with outstanding borrowings of $32.635 million[67] - The interest rate on outstanding borrowings under the ABL Agreement ranged from 4.91% to 8.75% as of June 30, 2024[70] - The Company was in compliance with the covenants of the Debt Agreements at June 30, 2024[185] Inventory and Receivables - Accounts receivable increased significantly to $42.712 million from $25.524 million year-over-year[19] - Total inventory as of June 30, 2024, was $208.480 million, up from $188.647 million at the end of 2023, reflecting a rise in finished goods[31] - The company has $18.7 million of accounts receivables available for sale to HSBC as of June 30, 2024[29] Tax and Regulatory Matters - The effective income tax benefit rate for the three months ended June 30, 2024, was 0.3%, while the provision rate was (0.7)%, reflecting the impact of foreign losses[96] - The Company has identified major tax jurisdictions including U.S. Federal, California, Massachusetts, New Jersey, New York, and the United Kingdom, and evaluates its tax positions quarterly[98] - The Company believes that potential losses related to the U.S. Customs and Border Protection matter are reasonably possible but not probable, with estimated duties potentially owed of $0.1 million[113] Stock and Shareholder Matters - Cash dividends declared per share of common stock were $0.085 for both the six months ended June 30, 2024, and 2023[15] - The Company has authorized a stock repurchase program of up to $20.0 million, with $11.1 million remaining available for repurchases as of June 30, 2024[117] - The remaining dollar amount available for stock repurchases under the Board authorized plan was $11.1 million as of June 30, 2024[199] Other Financial Metrics - The Company’s adjusted EBITDA for the trailing twelve months ended June 30, 2024 was $56.6 million[186] - The Company incurred $0.8 million in unallocated corporate expenses related to the termination payment with its former Executive Chairman during the six months ended June 30, 2023[48] - The total fair value of restricted stock that vested during the six months ended June 30, 2024 was $2.8 million[86] - The total fair value of performance-based awards that vested during the six months ended June 30, 2024 was $1.5 million[89]

Lifetime Brands (LCUT) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.02 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -50%. A quarter ago, it was expected that this kitchen products company would post a loss of $0.09 per share when it actually produced a loss of $0.15, delivering a surprise of -66.67%. Over the last four quarters, the com ...

Exhibit 99.1 Lifetime Brands, Inc. Reports Second Quarter 2024 Financial Results Declares Regular Quarterly Dividend Reiterates Full Year 2024 Outlook GARDEN CITY, NY, August 8, 2024 – Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter ended June 30, 2024. Rob Kay, Lifetime's Chief Executive Officer, commented, "Our results for the second quarter were in ...

GARDEN CITY, N.Y., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NASDAQ:LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, will release its second quarter financial results at 7:00 a.m. (Eastern Time) on Thursday, August 8, 2024. The Company has scheduled a conference call for 11:00 a.m., at which time Chief Executive Officer Rob Kay and Chief Financial Officer Larry Winoker will discuss the Company's financial results and will ...

Lifetime Brands (LCUT) shares ended the last trading session 5.9% higher at $8.62. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 24.4% loss over the past four weeks. For Lifetime Brands, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an ...

Investors might want to bet on Lifetime Brands (LCUT) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system ...

GARDEN CITY, N.Y., June 21, 2024 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (Nasdaq: LCUT), a leading global provider of branded kitchenware, tableware and other products used in the home, announced the results of the votes taken at the Company's 2024 Annual Meeting of Stockholders held Thursday, June 20, 2024. Joele Frank, Wilkinson Brimmer Katcher Ed Trissel / T.J. O'Sullivan / Carly King 212-355-4449 The stockholders elected the following directors to serve until the next Annual Meeting of Stockholders: O ...

On a non-binding advisory basis, stockholders approved the 2023 compensation of the Company's named executive officers and a one-year frequency with which stockholders are provided an advisory vote on executive compensation. The stockholders also approved an amendment and restatement of the Company's Amended and Restated 2000 Long-Term Incentive Plan. Separately, on Thursday, June 20, 2024, Lifetime's Board of Directors declared a quarterly cash dividend of $0.0425 per share payable on August 15, 2024 to st ...