Lifetime Brands Q3 EPS $0.02 vs $0.20; cuts FY2024 guidance on weak demand

LIFETIME BRANDS, INC

2024-Q3 EPS reported -$1.12 revenue$467,745,000

Q3 net sales $183.8M (-4.1% YoY); GAAP EPS $0.02 (vs $0.20); adjusted EPS $0.21 (vs $0.36).
CEO cites soft demand and delayed retailer shipments; Dolly Parton program delayed to Q1 2025 ($4M impact).
FY2024 net sales guidance cut to $680-700M from $690-730M; adjusted op income $44-47M from $49-54M.
Adjusted EPS guidance lowered to $0.51-$0.60 from $0.69-$0.78 per diluted share.
Quarterly dividend maintained at $0.0425/share, payable Feb 14, 2025 to holders of record Jan 31, 2025.

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