Following a fourth-quarter when Lifetime Brand saw strong sales gains, company officials said the kitchenware supplier is positioned for additional growth in 2021.
For the three-month period ended December 31, 2020, company-wide net sales were $249.2 million, up 9.8% from the same quarter the prior years. The increase was driven by 10.7% growth in the company’s core. U.S. business.
Consolidated net sales for the year ended December 31, 2020, were $769.2 million, an increase of 4.7% over the prior year.
“We outperformed in the majority of our categories in both pure-play and omnichannel e-commerce, where there was strong demand, and we continue to gain market share across most of our channels,” said Rob Kay, CEO for Lifetime Brands.
During an investor conference call, Kay added that the company experienced strong growth with key retail customers such as Walmart. He reported that Lifetime saw year-over-year revenue growth of 34% in stores and 76% on walmart.com.
The company also had strong growth with omnichannel retailers due in large part to Lifetime’s drop ship capabilities. During the fourth quarter, its e-commerce revenue jumped 41.6% and represented 23.4% of total revenue.
For the year ahead, Kay said the company will be launching a “celebrity-backed” lifestyle brand in partnership with Walmart. Expected to be available in about 2,000 stores, he did not mention the celebrity or when products would be available.
Additionally, he said the company also has other notable forthcoming product launches from its broad selection of brands, pointing to new items in its Rabbit line of bar and wine tools.