Lifetime Brands (LCUT) Reports In-Line Q2 EPS
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Lifetime Brands (NASDAQ: LCUT) reported Q2 EPS of $0.01, in-line with the analyst estimate of $0.01. Revenue for the quarter came in at $118.1 million versus the consensus estimate of $123.35 million.
Jeffrey Siegel, Lifetime's Chairman and Chief Executive Officer, commented,
“As we previously have noted, Lifetime’s business is heavily weighted to the second half of the year. Our results for this quarter generally were in line with our expectations. Consolidated net sales decreased modestly, reflecting the timing of shipments. This decrease was offset by an increase in our overall gross margin percentage and by lower distribution and SG&A expenses, resulting in positive adjusted net income, as compared to adjusted net loss in the corresponding period in 2015. Consolidated EBITDA increased to $5.2 million, as compared to $4.4 million in the prior year’s quarter.
“We have now commenced the implementation phase of the restructuring plan that we initiated earlier this year with the assistance of a major international consulting firm to right size Lifetime’s SG&A expense base, realign our operating structure and improve the efficiency of our operating activities, and are confident that we are on track to achieve significant efficiencies that will be reflected in our operating results beginning in 2017.
“It is too early to assess the effects of the “Brexit” referendum on our U.K. subsidiaries, Creative Tops and Kitchen Craft, the net sales of which represent approximately 19% of Lifetime’s consolidated net sales. Through this year, we expect any such effects to be modest, as Creative Tops and Kitchen Craft were able to hedge their anticipated U.S. dollar purchases through the end of 2016. Moreover, by relying on Lifetime’s global sourcing infrastructure, Creative Tops and Kitchen Craft should be able to source products on better terms than their smaller competitors. Longer term, a prolonged decline in the value of the British pound would increase the cost of imports into the U.K. and could negatively affect the translation of financial results into U.S. dollars.
“As of now, we foresee a healthy holiday shopping season and expect top line growth in the second half of the year.”
For earnings history and earnings-related data on Lifetime Brands (LCUT) click here.
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