Lifetime Brands, Inc. reported a slight decline in financial performance for the fiscal year ending December 31, 2024, with net sales totaling $683.0 million, down 0.5% from $686.7 million in 2023. The U.S. segment experienced a decrease in sales, falling to $627.2 million from $633.1 million, primarily due to lower sales in kitchen tools and barware, although this was partially offset by increased sales in cutlery and bakeware. The International segment, however, saw a 4.1% increase in sales, reaching $55.8 million, driven by growth in the Asian market.
The company's gross margin improved to 38.2% in 2024, compared to 37.1% in the previous year, attributed to lower inbound freight costs and a favorable product mix. However, total operating income decreased to $27.1 million from $31.9 million in 2023, influenced by rising distribution expenses and selling, general, and administrative costs, which increased by 4.7% to $159.8 million. The company reported a net loss of $15.2 million, compared to a loss of $8.4 million in 2023, largely due to a $14.2 million loss on equity securities following a change in accounting for its investment in Grupo Vasconia.
Strategically, Lifetime Brands announced the relocation of its east coast distribution facility from Robbinsville, New Jersey, to a new site in Hagerstown, Maryland, with an expected operational start in the second quarter of 2026. This move is anticipated to incur one-time costs of up to $14 million, including severance and relocation expenses. The company also continues to focus on product innovation, with new product lines launched in 2024 contributing to sales in certain categories.
As of December 31, 2024, Lifetime Brands had approximately 1,180 employees, with a significant portion based in the U.S. and a growing presence in international markets. The company maintains a strong liquidity position, with $111.7 million available from cash and credit facilities, although it faces challenges from rising interest rates and potential tariffs on imported goods. Looking ahead, the company aims to leverage its brand portfolio and expand its market presence while navigating the complexities of the current economic landscape.
About LIFETIME BRANDS, INC
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