Lifetime Brands, Inc. Reports Fourth Quarter 2024 Financial Results

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]