Lifetime Brands net sales rise, loss narrows
The Trap Door Colander is demonstrated on March 1, 2012. It is among the many products invented and developed by Garden City-based Lifetime Brands. Credit: Nancy Borowick
Garden City-based Lifetime Brands Inc. reported higher net sales and a narrower loss for the second quarter ended June 30.
The global provider of branded kitchenware, tableware and other products, including Farberware and KitchenAid, reported consolidated net sales of $120.9 million for the quarter, an increase of 4.9 percent from $115.3 million during the same quarter last year.
Lifetime Brands' net loss for the second quarter shrank to $1.7 million from $3.2 million during the year-earlier period. The company posted an adjusted net loss of $0.6 million, or 4 cents per diluted share, for the quarter, compared with an adjusted loss of $3.1 million -- 23 cents per diluted share -- in the corresponding period in 2014.
Adjustments include acquisition-related expenses, restructuring expenses and investments.
Shares of Lifetime Brands closed Thursday at $15.10 on the Nasdaq Stock Market, up 65 cents, or 4.5 percent. The company reported its earnings before the markets opened.
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