Lifetime Brands, Inc. reported consolidated net sales of $140.1 million for the first quarter ended March 31, 2025, a decrease of 1.5% compared to $142.2 million in the prior year period. Gross margin for Q1 2025 significantly decreased to 36.1% from 40.5% in Q1 2024, primarily due to shifts in customer and product mix.
The company reported a net loss of $4.2 million, or $0.19 per diluted share, for Q1 2025, an improvement from a net loss of $6.3 million, or $0.29 per diluted share, in Q1 2024. This improvement was notably aided by a $6.4 million net legal settlement gain and reduced operating expenses.
Due to the fluid operating environment and lack of near-term visibility, management elected not to issue formal financial guidance for the full year 2025. Lifetime Brands is accelerating its supply chain diversification efforts, aiming to relocate 80% of manufacturing out of China by the end of 2025, and has agreed on updated pricing with nearly all customers to reflect current tariffs, effective May 15.
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