Lifetime Brands, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in both net sales and profitability compared to the same periods in 2023. For the third quarter of 2024, net sales totaled $183.8 million, down from $191.7 million in Q3 2023. For the nine-month period, net sales decreased to $467.7 million from $483.5 million in the prior year. The U.S. segment also experienced a decline, with sales of $170.2 million in Q3 2024 compared to $179.4 million in Q3 2023.
Income from operations for the third quarter fell to $8.6 million from $13.6 million year-over-year, while for the nine months, it decreased to $11.6 million from $16.2 million. The company reported a net income of $344,000 for Q3 2024, a significant drop from $4.2 million in Q3 2023. For the nine months, Lifetime Brands recorded a net loss of $24.1 million, worsening from a loss of $11.1 million in the same period last year. Basic and diluted loss per share for the nine months was $(1.12), compared to $(0.52) in 2023.
As of September 30, 2024, Lifetime Brands had total assets of $668.7 million, a slight increase from $667.1 million at the end of 2023. However, cash and cash equivalents decreased significantly to $6.0 million from $16.2 million, while total current liabilities rose to $169.7 million from $152.0 million. The accumulated deficit also widened to $(40.5 million) from $(13.6 million).
Strategically, the company has faced challenges, including a loss of significant influence over Grupo Vasconia S.A.B., leading to a reclassification of its investment to fair value. This resulted in a non-cash loss of $14.2 million. Additionally, Lifetime Brands has been involved in ongoing legal and environmental matters, including a Superfund site in Puerto Rico and a U.S. Customs investigation regarding tariff classifications.
The company declared dividends of $0.1275 per share for both the nine months ended September 30, 2024, and 2023, totaling $2.9 million in payments during the current fiscal year. Despite these challenges, Lifetime Brands continues to maintain a stock repurchase program with $11.1 million remaining for future repurchases.
About LIFETIME BRANDS, INC
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