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Lifetime Brands sales, profits dip in first quarter
Sales and profits at Garden City-based Lifetime Brands Inc. dipped during its first quarter, affected in part by a weak economy in the United Kingdom and the European Union’s higher duties on ceramic products, the company said Thursday.
The kitchenware and home goods company said sales for the quarter ending March 31 were $98.7 million, a drop of 9.5 percent from the $109 million in sales reported in the same period a year ago.
Lifetime Brands also posted a loss of $632,000, or 5 cents per share, in the quarter, compared to a profit of $1.3 million, or 11 cents per share, in the same quarter last year.
Chief executive Jeffrey Siegel said that sales at Creative Tops, a British tableware and kitchenware company acquired by Lifetime Brands in 2011, fell by $3.8 million during the quarter. Creative Tops sells its products to retailers worldwide, including supermarkets and department stores in the United Kingdom and Europe.
The drop in Creative Tops’ revenues was the result of “the weak U.K. economy and the imposition of higher duties on ceramic products by the European Union,” Siegel said.