Proactive Supply Chain Repositioning
Lifetime Brands has shifted significant parts of its manufacturing footprint outside of China to locations in Mexico, Vietnam, Cambodia, India, and other parts of Southeast Asia. The company expects to have 80% of production outside of China by the end of the year.
International Segment Growth
The international segment sales increased by 12.4% to $12.6 million, with significant growth in the UK and Continental Europe, driven by e-commerce and national accounts.
Stable EBITDA and Strong Liquidity
Despite a challenging quarter, adjusted EBITDA remained stable at $50.7 million for the trailing 12-month period. Cash flow from operations exceeded $25 million year-to-date, with liquidity remaining strong at over $90 million.
Successful Product Innovations
Continued growth in cutlery and kitchen measurement products, with the new 'Build-A-Board' product receiving positive market response.