Group 1 - Lifetime Brands, Inc. held its 2025 Annual Meeting of Stockholders on June 18, 2025, where stockholders elected a new board of directors [1] - The elected directors include Jeffrey Siegel as Chairman, Robert B. Kay as CEO, and other notable members from various industries [1] - Stockholders ratified Ernst & Young LLP as the independent registered public accounting firm for the year ending December 31, 2025 [1] Group 2 - Stockholders approved the 2024 compensation for the Company's named executive officers on a non-binding advisory basis [2] - The Board of Directors declared a quarterly cash dividend of $0.0425 per share, payable on August 15, 2025, to stockholders of record by August 1, 2025 [2] Group 3 - Lifetime Brands is a leading global designer, developer, and marketer of a wide range of branded consumer products for the home, including kitchenware, tableware, and home solutions [3] - The Company markets products under well-known brands such as Farberware®, KitchenAid®, and Mikasa®, among others [3]

Core Insights - Lifetime Brands, Inc. reported consolidated net sales of $140.1 million for the first quarter of 2025, a decrease of $2.1 million or 1.5% compared to $142.2 million in the same period of 2024 [5][19] - The company experienced a gross margin of $50.6 million, or 36.1%, down from $57.5 million, or 40.5%, in the prior year [6][19] - Adjusted EBITDA for the trailing twelve months ended March 31, 2025, was $51.0 million [8] Financial Performance - The decrease in sales was attributed to a decline in the mass channel, which was affected by slower retail sales and overstocking at key retailers [3][4] - Selling, general and administrative expenses decreased by $8.0 million, or 20.3%, to $31.5 million, which included a net legal settlement gain of $6.4 million [6][19] - The net loss for the quarter was $(4.2) million, or $(0.19) per diluted share, an improvement from a net loss of $(6.3) million, or $(0.29) per diluted share, in the same period last year [7][19] Strategic Initiatives - The company is moving the majority of its manufacturing out of China to countries like Malaysia, Indonesia, Vietnam, Cambodia, India, and Mexico by the end of 2025 to mitigate risks associated with geopolitical factors and tariffs [4][10] - Project Concord, a comprehensive plan aimed at improving financial results in the International segment, is on track [10] Market Conditions - The current economic environment is characterized by uncertainty, which is expected to continue impacting the consumer products industry [4] - The company has tightened controls on variable expenses in response to a slowdown in consumer demand [3][4] Liquidity and Guidance - As of March 31, 2025, the company had liquidity of $89.6 million, consisting of $10.4 million in cash and cash equivalents and $63.2 million available under the ABL Agreement [9] - The company has opted not to provide financial guidance for the full year 2025 due to the shifting macro environment [10]