Lifetime Brands, Inc. recently reported its financial results for the second quarter ended June 30, 2017. Consolidated net sales in the 2017 second quarter were $117.4 million, compared to consolidated net sales of $118.1 million in the corresponding period in 2016. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased 1.5% compared to consolidated net sales in the corresponding period in 2016. Gross margin was $42.8 million (or 36.5%), compared to $43 million (36.4%) for the corresponding period in 2016.

Loss from operations was $3.1 million, compared to a loss of $0.3 million for the corresponding period in 2016. Net loss was $2.1 million, or $0.14 per diluted share, compared to a net loss of $1.2 million, or $0.08 per diluted share, in the corresponding period in 2016. Adjusted net loss was $0.8 million, or $0.05 per diluted share, compared to adjusted net loss of $80,000, or $0.01 per diluted share, in the corresponding period in 2016. 

Consolidated net sales for the first half of 2017 were $230.7 million, compared to consolidated net sales of $229.0 million for the corresponding period in 2016. In constant currency, consolidated net sales increased 3.3%. Gross margin was $86.7 million (or 37.6%), compared to $83.5 million (36.5%) for the corresponding period in 2016.

Loss from operations in the 2017 first half was $5 million, compared to a loss of $5.5 million for the corresponding period in 2016. Net loss was $3.4 million, or $0.24 per diluted share, compared to a loss of $5.5 million, or $0.39 per diluted share, in the 2016 period. Adjusted net loss was $2 million, or $0.14 per diluted share, compared to a loss of $3.6 million, or $0.26 per diluted share, in the 2016 period. 

“We are pleased with the company’s results for the second quarter, which generally matched our expectations, despite a difficult retail environment,” said Jeffrey Siegel, chairman and CEO. “Net sales in constant dollars increased 1.5% and gross margin increased to 36.5%. We believe the net sales growth in the period, albeit modest, reflects increases in our market share, as many of our large brick and mortar customers reported negative retail sales growth for the period.”

For more information, visit www.lifetimebrands.com.