Lifetime Brands, Inc. closed out 2024 on a high note, with Q4 sales climbing 6% year over year to $215.2 million.
The company credited the growth to strong seasonal demand and a significant uptick in online sales. Gross margins also improved during the quarter, while the company continued to make strides in turning around its international business.
“Lifetime’s strong fourth quarter performance capped a solid 2024, as seasonal consumer demand accelerated in December,” said CEO Rob Kay during a recent earnings call. “Sales grew by $12.1 million in the fourth quarter, driven by the continued execution of our online sales strategy, a key growth opportunity, leading to additional market share gain in our ecommerce channel.”
Key product categories also contributed to the strong finish.
“Our cutlery, tableware, and home décor categories outperformed, and our Dolly Parton-branded products generated $7 million in sales in 2024,” Kay said.
Lifetime Brands, Inc. is a global manufacturer of kitchenware, tableware, and other home products. The company markets its goods under recognized brands including Farberware, KitchenAid, Sabatier, Chef’n, Mikasa, Pfaltzgraff, Rabbit, and Taylor.
Ecommerce helps Lifetime Brands grow Q4 sales
Ecommerce sales were a major driver of Q4’s performance and now account for a quarter of Lifetime’s total revenue. Consumers increasingly gravitated toward fast-shipping platforms during the holiday season.
Lifetime Brands’ Consolidated ecommerce sales increased 9% to $51.5 million in Q4. They also grew 4.2% to $137.7 million for the full year.
“The holiday season revealed a consumer that flocked the ecommerce channel where they could receive delivery of products in 24 to 48 hours,” Kay emphasized. “This buoyed our online sales to 24% of total sales in the fourth quarter and north of 20% for the full-year 2024. While online sales undoubtedly led our growth in the fourth quarter, we also recognized sales growth and consistent strength in the club channel, a core pillar of our U.S. business. The strength of sales contribution by these channels are signs of Lifetime success in growing market share in the fourth quarter.”
For the full year, Lifetime Brands consolidated net sales dipped slightly to $683 million. That represents a 0.5% year-over-year decline. However, international operations, historically a weaker segment for the company, delivered its second consecutive quarter of sales growth. Lifetime attributed this improvement to new retail listings across Europe and stronger performance on Amazon.
“Our refined strategy to target larger national chains is gaining traction,” Kay noted. “These are early signs that our approach is working, and we are optimistic about the trajectory.”
Supply chain changes at Lifetime Brands
To further support its international ambitions, Lifetime launched Project Concord in January. The initiative aims to return the segment to profitability by 2026. It also aims for a breakeven run rate expected by the end of 2025.
The company is also investing in its infrastructure. Lifetime announced plans to relocate its East Coast distribution center by 2026. It plans to move from New Jersey to a larger, more cost-efficient facility in Hagerstown, Maryland. The move will involve $10 million in capital spending and is backed by $13 million in state and local tax incentives.
As part of broader risk mitigation efforts, Lifetime continues to diversify its supply chain.
“We continue to take prudent measures to mitigate our exposure,” Kay explained. “These actions, including shifting production from China to multiple geographies, are designed to allow Lifetime flexibility as international trade rules fluctuate.”
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