Sales and Operating Profit Improvement
First quarter sales and operating profit showed solid improvement, with a $3.2 million increase in operating profit year-over-year, despite macroeconomic challenges.
Growth in Premium and Healthcare Segments
Increased penetration from higher margin businesses such as premium and healthcare contributed to a healthy gain in gross margins year-over-year.
Launch of New Premium Brand 'Lotus'
The launch of Lotus, a new premium small kitchen appliance brand, is expected to capture a share of the $4 billion total addressable premium market.
E-commerce Growth
Mid-single-digit e-commerce growth was achieved in the first quarter, now representing roughly 40% of U.S. consumer sales.
Revenue Growth
Total revenue in the first quarter was $133.4 million, a 4% increase over the previous year's first quarter.
Improved Gross Profit and Margin
Gross profit was $32.8 million, with a gross profit margin of 24.6%, an increase from 23.4% in the previous year.
Net Income and EPS Increase
Net income was $1.8 million, or $0.13 per diluted share, compared to a net loss of $1.2 million, or $0.08 per diluted share a year ago.