The following is a summary of the Lifetime Brands, Inc. (LCUT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lifetime Brands reported Q1 2024 net sales of $142.2 million, a decrease of 2.2% year-over-year, primarily due to economic challenges and inventory rationalization.

• The company posted a gross margin of 40.5% for the quarter, despite net sales reduction, driven by product mix, new product introductions, and supply chain stability.

• Net loss was recorded at $6.3 million in Q1 2024, an improvement from $8.8 million in the same period in 2023.

• The company reduced its term loan by nearly $100 million over a year while maintaining high liquidity levels.

• For the full year 2024, the company anticipates net sales to be between $690 million and $730 million.

Business Progress:

• Lifetime Brands outperformed the broader market across all its categories despite the market decline.

• The company recorded improvements in Asia Pacific markets, while the UK market remained challenging.

• A positive outlook was noted for new product introductions, specifically the Dolly Parton and KitchenAid lines.

• Through securing last year's ocean freight contract rates, the company improved its supply chain.

• Plans are underway for market expansion, operational and expense management to augment both top and bottom lines.

• The company plans to exploit the potential of the KitchenAid brand internationally and expand the Dolly line into more retailers in the forthcoming year.

• Considering the persistent consumer weakness in the UK market, the company considers shifting its focus from independents and specialists to mainstream retail channels.

• The company acknowledges a value gap and is investigating different routes to bridge this gap.

More details: Lifetime Brands IR

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