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Intellectia.AI Updated: 1970-01-01
Lifetime Brands Reports Q2 2024 Financial Results
Lifetime Brands, Inc. (NASDAQ: LCUT), a leading global designer, developer, and marketer of a broad range of branded consumer products used in the home, has reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $141.7 million | $146.4 million | -3.2% |
| EPS | $(0.85) | $(0.31) | - |
Interpretation: Lifetime Brands experienced a decline in revenue and reported a higher net loss year-over-year, primarily attributed to macroeconomic pressures affecting demand and a notable non-cash charge related to an equity investment write-down.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| E-commerce (U.S. market) | Not Specified | Not Specified | Growth |
| Other Categories | Majority | Not Specified | Growth |
Interpretation: The company achieved revenue growth in its core e-commerce channel in the U.S. market and in the majority of its other categories, demonstrating resilience despite the overall net sales decline.
Comments from Company Officers
Rob Kay, Chief Executive Officer of Lifetime Brands, stated, "Our results for the second quarter were in line with our expectations even though macroeconomic pressures led to weakened demand across end markets. Despite these challenges, we were able to grow share across the majority of our categories, deliver growth in our e-commerce channel in our core U.S. market, and expand our gross margins. Looking ahead, we remain well positioned for resilient long-term growth."
Dividend Announcement
On August 6, 2024, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on November 15, 2024, to stockholders of record on November 1, 2024.
Forward Guidance
Lifetime Brands has reiterated its full-year 2024 guidance for net sales, income from operations, adjusted income from operations, adjusted net income, and adjusted EBITDA. The financial guidance for net loss has been revised due to the non-cash write-down on its Grupo Vasconia investment.
Stock Price Movement
After the earnings release, the stock price experienced a slight increase of 0.69%.
In summary, Lifetime Brands has reported a challenging quarter with a decline in revenue and higher net loss while showing strengths in its e-commerce and other segments. The company continues to maintain a strong focus on long-term growth and strategic initiatives, backed by reiterated forward guidance and a declared dividend.
