Lifetime Brands, Inc. reported consolidated net sales of $215.2 million for the fourth quarter ended December 31, 2024, marking a 6.0% increase compared to $203.1 million in the corresponding period of 2023. Gross margin for Q4 2024 improved to 37.7% from 36.4% in the prior year, driven by continued execution of the online sales strategy.
Net income for the quarter was $8.9 million, or $0.41 per diluted share, a significant increase from $2.7 million, or $0.13 per diluted share, in Q4 2023. For the full year 2024, consolidated net sales were $683.0 million, a slight decrease of 0.5% from $686.7 million in 2023, with a full-year net loss of $(15.2) million, or $(0.71) per diluted share.
In January 2025, Lifetime Brands launched Project Concord, a comprehensive turnaround initiative for its International business, expected to promote growth and streamline cost structure towards breakeven profitability. The company also confirmed details regarding its new Hagerstown distribution facility, including one-time exit costs up to $7 million, capital expenditures of approximately $10 million, and $13 million in tax abatements and incentives.
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