Lifetime Brands Narrows Loss In Q2 As Sales Rise

Lifetime Brands posted results for its fiscal second quarter ended June 30, 2015. Net loss shrank to $1.7 million, or $0.12 per diluted share, as compared to a loss of $3.2 million, or $0.24 per diluted share, in the corresponding period in 2014.

The company also reported that consolidated net sales were $120.9 million, an increase of $5.6 million, or 4.9%, as compared to consolidated net sales of $115.3 million in the corresponding period last year.

"Net sales for the segment’s kitchenware and tableware product categories increased, offset by a decrease in net sales of the segment’s home solutions product category," said Jeffrey Siegel, Lifetime's chairman and CEO. Net sales in the international segment fell roughly 4% to $22.5 million, Siegel added. 

"Our retailer partners continue to foresee a strong holiday selling season, which is reflected in strong bookings and placements for products to be delivered later this year," Siegel said. In response, the company has reaffirmed its guidance of a near 3% to 6% net sales growth for the full year.