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Lifetime Brands Inc. (LCUT-3.74%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing net sales of $682.9 million, a slight decrease from $686.7 million in the previous year. The decrease was attributed to lower sales in the U.S. segment, partially offset by an increase in the International segment.
Cost of sales was $422.2 million, representing 61.8% of sales, compared to 62.9% in the previous year. The decrease in cost ratio was due to lower inbound freight costs and a favorable product mix.
Gross margin increased to 38.2% from 37.1% in the previous year, driven by lower inventory reserves and favorable product mix.
Distribution expenses increased to $73.8 million from $69.2 million, primarily due to higher depreciation expenses and less labor management efficiencies.
Selling, general, and administrative expenses rose to $159.8 million from $152.6 million, mainly due to higher employee expenses, amortization expenses, and legal expenses.
The company reported a net loss of $15.2 million, compared to a net loss of $8.4 million in the previous year. The increase in net loss was primarily due to a non-cash loss related to the company's investment in Grupo Vasconia.
Cash provided by operating activities was $18.6 million, down from $56.4 million in the previous year, due to increased use of cash related to inventory purchases and timing of payments.
As of December 31, 2024, Lifetime Brands had cash and cash equivalents of $2.9 million and total liabilities of $404.2 million.
The company announced a relocation of its east coast distribution facility to Hagerstown, Maryland, with expected one-time exit costs up to $7 million.
Lifetime Brands continues to focus on expanding its product offerings and investing in international markets, with a presence in the U.K., European Union, and Asia Pacific regions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lifetime Brands Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.