GARDEN CITY, N.Y.–Lifetime Brands reported a net loss of $6 million in the first quarter, compared with a loss of $1.3 million in the year-ago period. Net sales for the three months ended March 31 were $98.2 million, compared with net sales of $103.8 million for the same period in 2007.
Wholesale sales were hampered by “lackluster” foot traffic at retail, combined with a poor economy and rising prices for non-discretionary items like food and fuel, said Jeff Siegel, chairman, president and chief executive officer. Those sales were offset slightly by increases in the company’s direct-to-consumer sales.
In a statement, Siegel emphasized the company’s commitment to introduce innovative products in the tough selling environment, citing a recently introduced, environmentally friendly plastic line; the launch of the Vasconia brand, which is directed at the Hispanic community; and a new line of trash cans under the Cuisinart brand.
Siegel also praised new tabletop management and the positive reaction to tabletop introductions at recent shows, and the continuing success of its inventory reduction program.