Lifetime Brands reported solid gains in its fiscal year fourth quarter as company officials cited continued progress in its plan to simplify and strengthen its organization.
For the period ended December 31, 2016, consolidated net sales were $193.5 million, up 4.1% from the comparable quarter the previous year. Net income was $14.7 million, or $1 per diluted share, as compared to $11 million, or $0.77 per diluted share, in the prior year.
“Lifetime finished 2016 on a very strong note, reporting record revenues and income from operations,” said Jeffrey Siegel, chairman and CEO of Lifetime Brands. “We made notable progress in building our e-commerce presence as we benefited from investments we made in recent years to capitalize on ongoing shifts in consumer shopping.”
He noted that the company’s strategic initiatives to enhance Lifetime’s tableware and home solutions offerings, as well as continuing to build the company’s position in kitchenware, contributed to its strong showing.
For its fiscal year, consolidated net sales were $592.6 million, an increase of $4.9 million, or 0.8%, as compared to consolidated net sales of $587.7 million for the corresponding period in 2015.
Net income was $15.7 million, or $1.08 per diluted share, as compared to net income of $12.3 million, or $0.86 per diluted share, in the corresponding period in 2015.
Looking ahead, Siegel said he is confident in Lifetime’s ability to grow and thrive in what he called a complex business environment.
“We are also as committed as ever to delivering five-star experiences to consumers through innovative products, services and solutions for the home,” he said. “We expect low-to mid-single digit overall organic sales growth in 2017 and expect to reap even further benefits from Lifetime Next, our drive to enhance our company’s operations.”
