Lifetime Brands, Inc. recently reported its financial results for the second quarter ended June 30, 2015. Consolidated net sales were $120.9 million, an increase of $5.6 million, or 4.9%, compared to consolidated net sales of $115.3 million in the corresponding period in 2014. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased 7.2%, compared to consolidated net sales in the corresponding period in 2014. Gross margin was $43.5 million, or 36.0%, in the 2015 quarter, compared to $40.9 million, or 35.4%, for the corresponding period in 2014.

Loss from operations was $1.0 million in the 2015 quarter, compared to a loss of $3.2 million in the corresponding period in 2014. Net loss was $1.7 million, or $0.12 per diluted share, compared to a loss of $3.2 million, or $0.24 per diluted share, in the corresponding period in 2014. Adjusted net loss was $0.6 million, or $0.04 per diluted share, compared to a loss of $3.1 million, or $0.23 per diluted share, in the corresponding period in 2014.

Consolidated EBITDA was $4.4 million in the 2015 quarter, compared to $1.5 million for the corresponding 2014 period. Equity in earnings, net of taxes, was $577,000, excluding the impact of a $575,000 deferred tax expense related to foreign currency translation, compared to $41,000 in the corresponding 2014 period. 

Consolidated net sales were $238.6 million in the six months ended June 30, 2015, an increase of $4.9 million, or 2.1%, compared to net sales of $233.7 million for the corresponding period in 2014. In constant currency, consolidated net sales increased 4.4%. Gross margin was $88.4 million, compared to $85.2 million, or 36.4%, for the corresponding period in 2014.

Loss from operations was $3.2 million in the first half of 2015, compared to a loss of $5.4 million, for the corresponding period in 2014. Net loss was $3.8 million, or $0.28 per diluted share, compared to a loss of $6.1 million, or $0.46 per diluted share, in the 2014 period. Adjusted net loss was $2.5 million, or $0.18 per diluted share, compared to a loss of $4.8 million, or $0.36 per diluted share, in the 2014 period.

Consolidated EBITDA was $6.9 million in the 2015 first half, compared to $5.2 million for the corresponding 2014 period. Equity in earnings, net of taxes, compared to equity in losses, net of taxes, of $0.2 million in the corresponding 2014 period.

“Lifetime’s financial results for the quarter were in line with our expectations,” said Jeffrey Siegel, chairman and CEO. “Our growth in sales and improved operating performance is attributable to our increased emphasis on product innovation and our continuing pursuit of productivity gains. Net sales for the U.S. Wholesale segment were $94.6 million, an increase of $9.5 million, or 11.2%, as compared to net sales of $85.1 million for the corresponding period in 2014. Net sales for the segment’s Kitchenware and Tableware product categories increased, offset by a decrease in net sales of the segment’s Home Solutions product category. 

“Net sales for the International segment were $22.5 million, a decrease of $4.1 million, as compared to net sales of $26.6 million for the corresponding period in 2014. In local currencies, net sales for the segment decreased approximately 4%. 

“Our retailer partners continue to foresee a strong holiday selling season, which is reflected in strong bookings and placements for products to be delivered later this year. As a result, we continue to have a high level of confidence in our ability to achieve our consolidated full year 2015 financial goals. In constant currency, we expect to achieve near 6% net sales growth for the year, the high end of our guidance; however, we expect the strong U.S. dollar to continue to dampen foreign operating results during the second half of the year. Hence, on a reported basis, we currently forecast full year 2015 net sales to increase by 3% to 6%, reaffirming the guidance we provided on our first quarter conference call. Also, we continue to expect our operating margin to be in the range of 4.5 to 5.5%.”

For more information, visit www.lifetimebrands.com.