Lifetime Brands Q1 net loss $8.8M ($0.41/diluted), sales down 20.4% to $145.4M

LIFETIME BRANDS, INC

2023-Q1 EPS reported -$0.41 revenue$145,435,000

Net loss $(8.8)M or $(0.41) per diluted share vs net income $0.4M ($0.02) YoY; adjusted net loss $(2.6)M ($0.12).
Net sales $145.4M, down 20.4% YoY; gross margin improved to 37.0% from 34.5%.
Loss from operations $(1.8)M vs income $4.4M YoY; adjusted income from operations $3.4M vs $10.2M.
FY2023 guidance: net sales $660-$720M, adjusted EBITDA $50-$55M, adjusted EPS $0.58-$0.69.
Acquiring Mexico maquiladora to manufacture plastic kitchenware, reduce China exposure; expects fully operational in 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LIFETIME BRANDS, INC reported First Quarter 2023 results: revenue $145.4 million, net income $(8.8) million, EPS $(0.41) per diluted share.

Period: First Quarter 2023
Revenue: $145.4 million
Net income: $(8.8) million
EPS: $(0.41) per diluted share
Result: reported results

Exact text from the filing

First Quarter Financial Highlights: Consolidated net sales for the three months ended March 31, 2023 were $145.4 million, representing a decrease of $37.3 million, or 20.4%, as compared to net sales of $182.7 million for the corresponding period in 2022. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2023 average rates to 2022 local currency amounts, consolidated net sales decreased by $35.4 million, or 19.6%, as compared to consolidated net sales in the corresponding period in 2022. A table reconciling this non-GAAP financial measure to consolidated net sales, as reported, is included below. Gross margin for the three months ended March 31, 2023 was $53.8 million, or 37.0%, as compared to $63.1 million, or 34.5%, for the corresponding period in 2022. Loss from operations was $(1.8) million, as compared to income from operations of $4.4 million for the corresponding period in 2022. Adjusted i

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Source: SEC EDGAR

accession 0001628280-23-017032

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