Lifetime Brands, Inc. (NasdaqGS: LCUT), a global provider of kitchenware, tabletop, home décor, and lifestyle products, today reported its financial results for the three months ended September 30, 2011.
Net sales for the Wholesale segment increased 1.7%, or $2.0 million, to $120.8 million for the three months ended September 30, 2011, as compared to $118.8 million for the corresponding period in 2010. The increase reflected the success of several new kitchenware and tabletop programs and promotions.
Consolidated net sales decreased 0.2%, or $0.2 million, to $124.7 million for the three months ended September 30, 2011, reflecting a decrease in net sales for the Retail Direct segment attributable to reduced promotional activity and the Company’s decision to terminate its print consumer catalog.
Gross margin as a percentage of net sales for the Wholesale segment decreased to 34.5% for the three months ended September 30, 2011 from 35.6% for the corresponding period in 2010, reflecting promotional allowances and changes in product mix.Income from operations increased to $10.3 million for the three months ended September 30, 2011, as compared to $10.2 million for the corresponding period in 2010. The 2011 period included acquisition related expenses of $0.5 million. The increase in income from operations reflected lower distribution expense and a reduction in selling, general and administrative expenses. Interest expense declined to $1.8 million for the three months ended September 30, 2011, as compared to $2.1 million for the corresponding period in 2010, reflecting lower average interest rates and lower borrowings, as well as the retirement of the Company’s convertible senior notes on July 15, 2011. Consolidated net income increased to $7.5 million, or $0.60 per diluted share, for the three months ended September 30, 2011, as compared to $6.6 million, or $0.52 per diluted share, for the corresponding period in 2010. Jeffrey Siegel, Chairman, President and Chief Executive Officer said,
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