Get the latest news and trends on Long Island companies and the people behind them.
Lifetime Brands' profits fall in 2Q
Lifetime Brands, the distributor of branded kitchen and lifestyle products, reported weaker second quarter earnings Tuesday.
The Garden City-based company said in a news release that it made $559,000 in profits last quarter, a 72.9 percent drop from the $2.06 million the company earned during the same period a year ago.
After adjusting for debt repayment and retirement expenses during the quarter, Lifetime said the company's profits were actually $1 million.
Sales revenue for the distributor increased five percent to $94.9 million from $90.4 million last year. The drop in profits appears to be from higher cost of sales and administrative expenses, according to the company's financial statements.
“The quarter was marked by continuing economic uncertainty, which restrained retail sales in most of our product categories," Jeffrey Siegel, the president and chief executive of Lifetime, said in a news release. "In response, our major retailer partners generally maintained conservative inventory position."
Well-known brands distributed by Lifetime include Cuisinart and KitchenAid.
Photo: Lifetime Brands chief executive and president Jeffrey Siegel.