Lifetime Brands, Inc. Reports First Quarter 2026 Financial Results

Quarterly Net Sales and Earnings Beat Consensus

GARDEN CITY, N.Y., May 07, 2026 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NASDAQ:LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter ended March 31, 2026.

Rob Kay, Lifetime's Chief Executive Officer, commented, "Our first quarter results validate decisions that carried short-term cost, but were right for the business. We moved first on pricing, took deliberate action on our cost structure, and continued investing in new products while many in our industry pulled back. The payoff is showing up, as net sales and adjusted EBITDA both grew year-over-year, we believe we outperformed our peers, and we are providing full-year guidance that reflects our confidence in where this business is headed. Home Solutions grew nearly 23% in the quarter, with the Dolly Parton brand continuing to build on its strong trajectory, and our kitchen tools division, our largest division, delivered a strong performance. The pricing tailwind we created by moving early is now fully embedded and structural. The new Hagerstown distribution center is online, on time and favorable to plan, and we continue to see compelling growth opportunities that could further strengthen our competitive positioning. We have a proven playbook and the momentum to deliver on our commitments to shareholders."

First Quarter Financial Results:

Consolidated net sales for the three months ended March 31, 2026 were $143.5 million, representing an increase of $3.4 million, or 2.4%, as compared to net sales of $140.1 million for the corresponding period in 2025. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2026 average rates to 2025 local currency amounts, consolidated net sales increased by $2.5 million, or 1.8%, as compared to consolidated net sales in the corresponding period in 2025. A table reconciling this non-GAAP financial measure to consolidated net sales, as reported, is included below.

Gross margin for the three months ended March 31, 2026 was $54.2 million, or 37.7%, as compared to $50.6 million, or 36.1%, for the corresponding period in 2025.

Selling, general and administrative expenses for the three months ended March 31, 2026 were $36.8 million, an increase of $5.3 million, or 16.8%, as compared to $31.5 million for the corresponding period in 2025.

Loss from operations was $(2.2) million, as compared to income from operations of $1.1 million for the corresponding period in 2025.

Adjusted income from operations⁽¹⁾ was $5.4 million, as compared to adjusted loss from operations of $(0.9) million for the corresponding period in 2025. The 2026 period included adjustments for acquisition-related intangible amortization expense of $4.4 million, restructuring expenses of $2.0 million, acquisition-related diligence expenses of $1.1 million and warehouse relocation and redesign expenses of $0.1 million. The 2025 period included adjustments for acquisition-related intangible amortization expense of $4.4 million and a non-recurring gain related to a litigation settlement of $6.4 million.

Net loss was $(4.8) million, or $(0.22) per diluted share, as compared to net loss of $(4.2) million, or $(0.19) per diluted share, in the corresponding period in 2025.

Adjusted net income⁽¹⁾ was $0.8 million, or $0.04 per diluted share, as compared to adjusted net loss of $(5.3) million, or $(0.25) per diluted share, in the corresponding period in 2025.

Adjusted EBITDA⁽¹⁾ was $52.7 million for the trailing twelve months ended March 31, 2026.

Liquidity as of March 31, 2026 was $110.2 million, consisting of $13.9 million of cash and cash equivalents, $80.0 million of availability under the ABL Agreement, limited by the Term Loan financial covenant, and $16.3 million of available funding under the Receivables Purchase Agreement.

^{(1) A table reconciling this non-GAAP financial measure to its most comparable GAAP financial measure, as reported, is included below.}

Full Year 2026 Guidance

For the full year ending December 31, 2026, the Company is providing the following financial guidance

(in millions - except per share data):

	Net sales		$650 to $700
	Income from operations		$12 to $14.5
	Adjusted income from operations		$44.5 to $47
	Net loss		$(6.5) to $(5)
	Adjusted net income		$16 to $17.5
	Diluted loss per common share(1)		$(0.30) to $(0.23) per share
	Adjusted diluted income per common share(2)		$0.73 to $0.80 per share
	Weighted-average diluted shares		22
	Adjusted EBITDA, before limitation		$53.5 to $56

<sup>(1) Diluted loss per common share is calculated based on weighted-average shares outstanding of 21.8 million.

(2) Adjusted dilutive income per common share is calculated based on weighted-average diluted shares of 22 million, which 

includes the effect of dilutive securities of 0.2 million.</sup>

Tables reconciling non-GAAP financial measures to GAAP financial measures, as reported, are included below.

Conference Call

The Company has scheduled a conference call for Thursday, May 7, 2026 at 11:00 a.m. (Eastern Time). The dial-in number for the conference call is 1-844-826-3035 (USA) or 1-412-317-5195 (International).

In addition, a live webcast of the conference call will be accessible through:

https://viavid.webcasts.com/starthere.jsp?ei=1759261&tp_key=a7a59b56d9

For those who cannot listen to the live broadcast, an audio replay of the webcast will be available on the Company's investor relations website at https://lifetimebrands.gcs-web.com/ or via telephone replay by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International) and entering access code 10208255. The replay of the webcast will be available for one year.

Non-GAAP Financial Measures

This earnings release contains non-GAAP financial measures, including constant currency net sales, adjusted income (loss) from operations, adjusted net income (loss), adjusted diluted income (loss) per common share, adjusted EBITDA and adjusted EBITDA, before limitation. A non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flows of a company; or, includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. These non-GAAP financial measures are provided because the Company's management uses these financial measures in evaluating the Company's on-going financial results and trends, and management believes that exclusion of certain items allows for more accurate period-to-period comparison of the Company's operating performance by investors and analysts. Management uses these non-GAAP financial measures as indicators of business performance. These non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, GAAP financial measures of performance. As required by SEC rules, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Forward-Looking Statements

In this press release, the use of the words "advance," "believe," "continue," "could," "deliver," "drive," "enable," "expect," "gain," "goal," "grow," "intend," "maintain," "manage," "may," "outlook," "plan," "positioned," "project," "projected," "should," "take," "target," "unlock," "will," "would", or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, the Company's financial guidance, the Company's ability to navigate the current environment and advance the Company's strategy, the Company's commitment to increasing investments in future growth initiatives, the Company's initiatives to create value, the Company's efforts to mitigate geopolitical factors and tariffs, the Company's current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as the Company's continued growth and success, future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company's current judgments, estimates, and assumptions. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company's ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company's ability to maintain adequate liquidity and financing sources and an appropriate level of debt, as well as to deleverage its balance sheet; seasonality of the Company's cash flows; the possibility of impairments to the Company's goodwill; the possibility of impairments to the Company's intangible assets; the highly seasonal nature of the Company's business; the Company's ability to drive future growth and profitability from its European operations; changes in U.S. or foreign trade or tax law and policy; changes in general economic conditions that could impact the Company's customers and affect customer purchasing practices or consumer spending; customer ordering behavior; the performance of the Company's newer products; expenses and other challenges relating to the integration of any future acquisitions; changes in demand for the Company's products; changes in the Company's management team; the significant influence of the Company's largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which the Company or the Company's suppliers do business; shortages of and price volatility for certain commodities; global health epidemic; social unrest, including related protests and disturbances; the emergence, continuation and consequences of geopolitical conditions, including political instability in the U.S. and abroad, unrest, sanctions, war and armed conflicts, increasing regional and global tensions, and associated disruptions and volatility in energy and oil markets; macro-economic challenges, including labor disputes, depreciation of the U.S. dollar, volatility in the capital markets, inflationary impacts and disruptions to the global supply chain; dependence on third-party manufacturers; increase in supply chain costs, including raw materials, sourcing, transportation and energy; the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures and/or economic sanctions implemented by the U.S. and other governments; impact of tariffs and trade policies, particularly with respect to China; the Company's ability to successfully integrate acquired businesses; the Company's expectations regarding customer purchasing practices and the future level of demand for the Company's products; the Company's ability to execute on the goals and strategies set forth in the Company's Project Concord plan; and significant changes in the competitive environment and the effect of competition on the Company's markets, including on the Company's pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.

Lifetime Brands, Inc.

Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef'n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S'well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Elements®, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.

The Company's corporate website is www.lifetimebrands.com.

Contacts:

Lifetime Brands, Inc.

Laurence Winoker, Chief Financial Officer

516-203-3590

investor.relations@lifetimebrands.com

or

MZ North America

Shannon Devine

Main: 203-741-8811

LCUT@mzgroup.us

LIFETIME BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands—except per share data)
(unaudited)
	Three Months Ended March 31,
		2026				2025
Net sales	$	143,508			$	140,085
Cost of sales		89,339				89,448
Gross margin		54,169				50,637
Distribution expenses		17,583				18,070
Selling, general and administrative expenses		36,786				31,468
Restructuring expenses		2,030				—
(Loss) income from operations		(2,230	)			1,099
Interest expense		(4,512	)			(4,915	)
Mark to market gain (loss) on interest rate derivatives		294				(527	)
Loss before income taxes		(6,448	)			(4,343	)
Income tax benefit		1,676				142
NETLOSS	$	(4,772	)		$	(4,201	)
BASIC LOSS PER COMMON SHARE	$	(0.22	)		$	(0.19	)
DILUTED LOSS PER COMMON SHARE	$	(0.22	)		$	(0.19	)

LIFETIME BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands—except share data)
	March 31, 2026				December 31, 2025
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	13,864			$	4,267
Accounts receivable, less allowances of $11,042 at March 31, 2026 and $11,970 at December 31, 2025		114,949				161,861
Inventory		190,299				194,046
Prepaid expenses and other current assets		11,704				12,147
Income taxes receivable		3,384				1,572
TOTAL CURRENT ASSETS		334,200				373,893
PROPERTY AND EQUIPMENT, net		18,260				15,441
OPERATING LEASE RIGHT-OF-USE ASSETS		45,008				48,506
INTANGIBLE ASSETS, net		128,557				132,922
OTHER ASSETS		1,836				1,793
TOTAL ASSETS	$	527,861			$	572,555
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturity of term loan	$	5,057			$	5,022
Accounts payable		26,710				45,844
Accrued expenses		67,104				64,294
Current portion of operating lease liabilities		15,237				16,143
TOTAL CURRENT LIABILITIES		114,108				131,303
OTHER LONG-TERM LIABILITIES		13,552				14,261
INCOME TAXES PAYABLE, LONG-TERM		686				686
OPERATING LEASE LIABILITIES		39,239				42,442
DEFERRED INCOME TAXES		1,519				1,554
REVOLVING CREDIT FACILITY		36,611				54,105
TERM LOAN		124,650				125,927
STOCKHOLDERS' EQUITY
Preferred stock, $1.00 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding		—				—
Common stock, $0.01 par value, shares authorized: 50,000,000 at March 31, 2026 and December 31, 2025; shares issued and outstanding: 22,855,008 at March 31, 2026 and 22,654,207 at December 31, 2025		229				227
Paid-in capital		284,305				283,449
Accumulated deficit		(69,132	)			(63,354	)
Accumulated other comprehensive loss		(17,906	)			(18,045	)
TOTAL STOCKHOLDERS' EQUITY		197,496				202,277
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	527,861			$	572,555

LIFETIME BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
	Three Months Ended March 31,
		2026				2025
OPERATING ACTIVITIES
Net loss	$	(4,772	)		$	(4,201	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		5,282				5,698
Amortization of financing costs		669				704
Mark to market (gain) loss on interest rate derivatives		(294	)			527
Operating leases, net		(593	)			(556	)
Provision for doubtful accounts		8				704
Stock compensation expense		1,043				1,062
Changes in operating assets and liabilities
Accounts receivable		46,774				50,832
Inventory		3,282				(6,324	)
Prepaid expenses, other current assets and other assets		324				(3,345	)
Accounts payable, accrued expenses and other liabilities		(16,160	)			(28,038	)
Income taxes receivable		(1,812	)			—
Income taxes payable		8				(352	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		33,759				16,711
INVESTING ACTIVITIES
Purchases of property and equipment		(3,843	)			(1,573	)
NET CASH USED IN INVESTING ACTIVITIES		(3,843	)			(1,573	)
FINANCING ACTIVITIES
Proceeds from revolving credit facility		48,669				88,894
Repayments of revolving credit facility		(65,875	)			(93,363	)
Repayments of term loan		(1,875	)			(1,875	)
Payments for finance lease obligations		(12	)			(11	)
Payments of tax withholding for stock based compensation		(183	)			(416	)
Cash dividends paid		(1,015	)			(996	)
NET CASH USED IN FINANCING ACTIVITIES		(20,291	)			(7,767	)
Effect of foreign exchange on cash		(28	)			75
INCREASE IN CASH AND CASH EQUIVALENTS		9,597				7,446
Cash and cash equivalents at beginning of period		4,267				2,929
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	13,864			$	10,375

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands)
Reconciliation of GAAP to Non-GAAP Operating Results
Adjusted EBITDA for the twelve months ended March 31, 2026:
	Quarter Ended																Twelve Months Ended March 31, 2026
	June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026
	(in thousands)
Net (loss) income as reported	$	(39,699	)		$	(1,189	)		$	18,152			$	(4,772	)		$	(27,508	)
Income tax (benefit) provision		(2,782	)			2,861				(3,220	)			(1,676	)			(4,817	)
Interest expense		5,054				5,013				5,048				4,512				19,627
Depreciation and amortization		5,437				5,398				5,315				5,282				21,432
Gain on disposition of fixed assets		—				(94	)			—				—				(94	)
Mark to market loss (gain) on interest rate derivatives		220				8				(1	)			(294	)			(67	)
Goodwill impairment		33,237				—				—				—				33,237
Stock compensation expense		1,044				994				201				1,043				3,282
Severance expense		270				—				241				—				511
Acquisition-related diligence expenses		123				49				1,799				1,104				3,075
Restructuring expenses		—				304				24				2,030				2,358
Warehouse relocation and redesign expenses(1)		139				76				48				159				422
Pro forma adjustments(2)																		1,250
Adjusted EBITDA(3)	$	3,043			$	13,420			$	27,607			$	7,388			$	52,708

⁽¹⁾ For the twelve months ended March 31, 2026, warehouse relocation and redesign expenses were related to the U.S. segment.

⁽²⁾ Pro forma adjustments represent operating expense reductions projected by the Company as a result of actions taken through March 31, 2026 or expected to be taken within 18 months of March 31, 2026, net of the benefits realized during the twelve months ended March 31, 2026. These actions include cost savings initiatives for the U.S. segment related to reductions in employee expenses and cost savings for the International segment related to Project Concord.

⁽³⁾ Adjusted EBITDA is a non-GAAP financial measure that is defined in the Company's debt agreements. Adjusted EBITDA is defined as net (loss) income, adjusted to exclude income tax (benefit) provision, interest expense, depreciation and amortization, gain on disposition of fixed assets, mark to market loss (gain) on interest rate derivatives, goodwill impairment, stock compensation expense, and other items detailed in the table above that are consistent with exclusions permitted by the Company's debt agreements.

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands—except per share data)
Reconciliation of GAAP to Non-GAAP Operating Results (continued)
Adjusted net income (loss) and adjusted diluted income (loss) per common share (in thousands -except per share data):
	Three Months Ended March 31,
		2026				2025
Net loss as reported	$	(4,772	)		$	(4,201	)
Adjustments:
Acquisition-related intangible amortization expense		4,350				4,365
Legal settlement gain, net		—				(6,400	)
Acquisition-related diligence expenses		1,104				—
Restructuring expenses		2,030				—
Warehouse relocation and redesign expenses(1)		159				—
Mark to market (gain) loss on interest rate derivatives		(294	)			527
Income tax effect on adjustments		(1,773	)			395
Adjusted net income (loss)(2)	$	804			$	(5,314	)
Adjusted diluted income (loss) per common share(3)	$	0.04			$	(0.25	)

⁽¹⁾ For the three months ended March 31, 2026 and 2025, warehouse relocation and redesign expenses were related to the U.S. segment.

⁽²⁾ Adjusted net income and adjusted diluted income per common share for the three months ended March 31, 2026 excludes acquisition-related intangible amortization expense, acquisition-related diligence expenses, restructuring expenses, warehouse relocation and redesign expenses, and mark to market gain on interest rate derivatives. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments and the income tax provision adjustment.

Adjusted net loss and adjusted diluted loss per common share for the three months ended March 31, 2025 excludes acquisition-related intangible amortization expense, a legal settlement gain, net, and mark to market loss on interest rate derivatives. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments.

⁽³⁾ Adjusted diluted income (loss) per common share is calculated based on diluted weighted-average shares outstanding of 22,037 and 21,592 for the three months ended March 31, 2026 and 2025, respectively. The diluted weighted-average shares outstanding for the three months ended March 31, 2026 and 2025 include the effect of dilutive securities of 219 and zero, respectively.

Adjusted income (loss) from operations (in thousands):
	Three Months Ended March 31,
		2026				2025
(Loss) income from operations	$	(2,230	)		$	1,099
Adjustments:
Acquisition-related intangible amortization expense		4,350				4,365
Legal settlement gain, net		—				(6,400	)
Acquisition-related diligence expenses		1,104				—
Restructuring expenses		2,030				—
Warehouse relocation and redesign expenses(1)		159				—
Total adjustments		7,643				(2,035	)
Adjusted income (loss) from operations(2)	$	5,413			$	(936	)

⁽¹⁾ For the three months ended March 31, 2026 and 2025, warehouse relocation and redesign expenses were related to the U.S. segment.

⁽²⁾ Adjusted income from operations for the three months ended March 31, 2026 excludes acquisition-related intangible amortization expense, acquisition-related diligence expenses, restructuring expenses, and warehouse relocation and redesign expenses. Adjusted loss from operations for the three months ended March 31, 2025, excludes acquisition-related intangible amortization expense, and a legal settlement gain, net.

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands)
Reconciliation of GAAP to Non-GAAP Operating Results (continued)
Constant Currency:
	As Reported Three Months Ended March 31,									Constant Currency(1) Three Months Ended March 31,													Year-Over-Year Increase (Decrease)
Net sales		2026			2025		Increase (Decrease)				2026			2025		Increase (Decrease)			Currency Impact				Excluding Currency			Including Currency			Currency Impact
U.S.	$	130,707		$	128,510		$	2,197		$	130,707		$	128,525		$	2,182		$	(15	)		1.7	%		1.7	%		—	%
International		12,801			11,575			1,226			12,801			12,493			308			(918	)		2.5	%		10.6	%		8.1	%
Total net sales	$	143,508		$	140,085		$	3,423		$	143,508		$	141,018		$	2,490		$	(933	)		1.8	%		2.4	%		0.6	%

⁽¹⁾ "Constant Currency" is determined by applying the 2026 average exchange rates to the prior year local currency sales amounts, with the difference between the change in "As Reported" net sales and "Constant Currency" net sales, reported in the table as "Currency Impact." Constant currency sales growth is intended to exclude the impact of fluctuations in foreign currency exchange rates.

LIFETIME BRANDS, INC.
Supplemental Information
Reconciliation of GAAP to Non-GAAP Updated Guidance
Adjusted EBITDA guidance for the full year endingDecember 31, 2026(in millions):
Net loss guidance	$(6.5) to $(5)
Income tax expense	0.5 to 1.5
Interest expense(1)	18
Depreciation and amortization	22
Stock compensation expense	4
Acquisition-related diligence expenses	1.5
Restructuring expenses	7
Warehouse relocation and redesign expenses	7
Adjusted EBITDA guidance, before limitation	$53.5 to $56

Adjusted net income and adjusted diluted income per common share guidance for the full year ending December 31, 2026 (in millions - except per share data):
Net loss guidance	$(6.5) to $(5)
Acquisition-related intangible amortization expense	17
Acquisition-related diligence expenses	1.5
Restructuring expenses	7
Warehouse relocation and redesign expenses	7
Mark to market gain on interest rate derivatives	(0.5)
Income tax effect on adjustment	(9.5)
Adjusted net income guidance	$16 to $17.5
Adjusted diluted income per share guidance	$0.73 to $0.80

Adjusted income from operations guidance for the full year endingDecember 31, 2026(in millions):
Income from operations guidance	$12 to $14.5
Acquisition-related intangible amortization expense	17
Acquisition-related diligence expenses	1.5
Restructuring expenses	7
Warehouse relocation and redesign expenses	7
Adjusted income from operations	$44.5 to $47

⁽¹⁾ Includes estimate for interest expense and mark to market gain on interest rate derivatives.