Lifetime Brands Q2 net sales beat, but net loss widens on $4.4M impairment

LIFETIME BRANDS, INC

2023-Q2 EPS reported -$0.72 revenue$291,871,000

Q2 net sales $146.4M (-3.2% YoY), beating estimates; gross margin improved to 38.2% from 36.5%.
Adjusted income from operations $8.4M vs $4.2M YoY; adjusted net loss $0.3M ($0.02/sh) vs $0.2M.
Net loss $6.5M ($0.31/sh) includes $4.4M impairment on equity investment in Grupo Vasconia.
Full-year 2023 guidance reaffirmed on sales, op income, adj. EBITDA; net loss guidance lowered.
Regular quarterly dividend declared; liquidity $190.5M at quarter end.

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 0.99

LIFETIME BRANDS, INC reported the six months ended June 30, 2023 results: revenue $291.9 million, net income $(15.3) million, or $(0.72) per diluted share, EPS $(0.72) per diluted share.

Period: the six months ended June 30, 2023
Revenue: $291.9 million
Net income: $(15.3) million, or $(0.72) per diluted share
EPS: $(0.72) per diluted share
Result: reported results

Exact text from the filing

Consolidated net sales for the six months ended June 30, 2023 were $291.9 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

LIFETIME BRANDS, INC reported the quarter ended June 30, 2023 results: revenue $146.4 million, net income $(6.5) million, or $(0.31) per diluted share, EPS $(0.31) per diluted share. Guidance reaffirmed.

Period: the quarter ended June 30, 2023
Revenue: $146.4 million
Net income: $(6.5) million, or $(0.31) per diluted share
EPS: $(0.31) per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Consolidated net sales for the three months ended June 30, 2023 were $146.4 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

LIFETIME BRANDS, INC reported the full year ending December 31, 2023 results: revenue $660 to $720 million, net income $(6.1) to $(3.8) million, EPS $(0.28) to $(0.17) per share. Guidance reaffirmed.

Period: the full year ending December 31, 2023
Revenue: $660 to $720 million
Net income: $(6.1) to $(3.8) million
EPS: $(0.28) to $(0.17) per share
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

below primarily as a result of the non-cash impairment charge in the Company’s equity investment in Grupo Vasconia that was recorded in the second quarter of 2023. Net sales $660 to $720 million Income from operations $24.5 to $29.5 million Adjusted income from operations $41.5 to $46.5 million Net loss $(6.1) to $(3.8) million Adjusted net income $11.6 to

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Source: SEC EDGAR

accession 0001628280-23-027029

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