Garden City-based Lifetime Brands Inc. Tuesday reported slightly lower net sales and a higher loss for the second quarter ended June 30, reflecting a decline in sales at department stores and warehouse clubs.
The global provider of branded kitchenware, tableware and other products, including Farberware and KitchenAid, posted net sales of $117.4 million for the second quarter, compared to $118.1 million during the same quarter last year.
Lifetime Brands’ net loss for the quarter was $2.1 million, compared to a net loss of $1.2 million during the year-earlier period. Adjusted net loss was $800,000, compared to an adjusted net loss of $80,000 in the corresponding period in 2016. Adjustments exclude acquisition-related expenses, loss on early retirement of debt, restructuring expenses and severance expenses, among other items.
Weakness in department store sales of tableware was offset by increases in kitchenware sales and growth in e-commerce sales, Jeffrey Siegel, Lifetime’s chairman and chief executive, said during a conference call with investors Tuesday morning. E-commerce sales represent about 15 percent of Lifetime Brands’ total sales, he said in a statement.
“We are especially pleased with the growth in our global e-commerce business,” Siegel said in a statement.
The company reduced its sales growth forecast for 2017 from 3 percent to 1.5 percent, excluding foreign currency impact.
Shares of Lifetime Brands dropped $1.70, or 9.07 percent, Tuesday to close at $17.05 on the Nasdaq Stock Market. The shares are up more than 14 percent in the last 12 months.