New Products, E-Com Growth Boost Lifetime Brands Q1 Sales

    Lifetime Brands, Cutlery
    A KitchenAid-brand cutlery set from Lifetime Brands.
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    Lifetime Brands had a strong first quarter of 2021 as continued consumer demand for kitchenware coupled with new product launches helped drive sales.

    Net sales for the three months ended March 31 were $195.7 million, an increase of 34.9% over the first quarter of 2020.

    “We continue to see solid performance across most of our channels including mass, club, off-price and grocery,” said Rob Kay, chief executive officer for Lifetime Brands, during an investor conference call. “We also benefited from expansion into adjacent categories where we believe we have a right to win given our infrastructure, product design capabilities, and customer relationships.”

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    Best known for its broad assortment of kitchenware products, the New York-based company more recently launched products in categories including barbecue, pet, storage and organization categories. 

    In addition to the company’s effort to broaden its assortment, Larry Winoker, Lifetime’s chief financial officer, said an increase in category growth and market share in kitchenware product categories such as kitchen tools and gadgets, cutlery and bakeware was also key to boosting first-quarter sales. 

    “This growth reflects the continuation of consumers preparing more meals at home,” he said. 

    Lifetime Brand also continues to make inroads in e-commerce. In the first quarter, revenues related to e-commerce sales were up approximately 65% and accounted for 20% of total revenue in the three-month period. 

    “Contributing to our omni-channel growth has been our ability to execute drop shipments, which grew approximately 38% compared to the prior year,” Kay said. “It is worthwhile to note that while our e-commerce revenues have grown significantly, we have grown at a faster pace in our brick-and-mortar channels during the quarter.”

    The Lifetime Brands’ CEO also said he is excited about the opportunities presented by our strategic acquisition of Year & Day, a development stage online tabletop platform focused on Millennials and Gen Z consumers.

    “This will enable us to enhance our general offerings for this high-value age group,” Kay said. “We believe that this and other new brand and category offerings in 2021 will enable Lifetime to continue to achieve growth levels in excess of our underlying markets within our core business.”