Lifetime Brands returns to profit in 1st quarter

Farberware, KitchenAid maker Lifetime Brands posts 1Q profit as US wholesale business improves

Associated Press

GARDEN CITY, N.Y. (AP) -- Small appliance and housewares maker Lifetime Brands Inc. on Thursday posted a first-quarter profit, reversing a year-ago loss, helped by improvements in its U.S. wholesale business.

The company, whose brands include Farberware, KitchenAid and Cuisinart, said net income for the three months ended March 31 totaled $1.3 million, or 11 cents per share. That compares with a loss of $949 million, or 8 cents per share last year.

Revenue rose 19 percent to $109 million from $91.8 million last year.

Results were helped by better U.S. wholesale kitchenware and tabletop business — which makes up about 80 percent of the company's revenue — and an acquisition outside of the U.S.

Shares rose 83 cents, or 7.1 percent, to close Thursday trading at $12.50. The stock had been down 4 percent since the beginning of the year

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