Lifetime Brands, Inc. reported consolidated net sales of $183.8 million for the third quarter ended September 30, 2024, representing a decrease of 4.1% compared to net sales of $191.7 million in the corresponding period of 2023. Gross margin for the quarter was 36.7%, a slight reduction from 37.0% in the prior year.
The company reported net income of $0.3 million, or $0.02 per diluted share, for Q3 2024, a decrease from $4.2 million, or $0.20 per diluted share, in Q3 2023. Adjusted net income was $4.5 million, or $0.21 per diluted share, compared to $7.7 million, or $0.36 per diluted share, in the prior year period.
Management stated that third quarter results did not meet internal projections due to soft demand in end markets and delayed shipments to retailers. Consequently, the company modified its full-year 2024 guidance, noting that the delay of the Dolly Parton program to Q1 2025 would impact 2024 sales by $4 million.
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