Lifetime Brands reverses losses, posts $700G profit

Lifetime Brands, Garden City

Kitchen and dining wares, home decor

Quarter: Ended March 31

Net income: Profit of $729,000, compared with a loss of $6 million in the same quarter last year.

Net revenue: $88.7 million compared with $90.2 million in the year-ago quarter.

Outlook: Jeffrey Siegel, chairman, chief executive and president, said: "We believe that consumers generally remain cautious and that overall demand continues to reflect the ongoing high levels of unemployment and underemployment.

"Nevertheless, comparisons of retail sales for the first quarter of 2010 with the first quarter of 2009 exceeded most expectations, and we are encouraged by indications that consumer confidence is moving upward and that consumer spending will follow."