Lifetime Brands, Inc. Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Lifetime Brands (Nasdaq: LCUT) reported Q3 2025 results on Nov 6, 2025. Consolidated net sales were $171.9M, down 6.5% year-over-year; constant-currency sales fell 6.8%. Q3 gross margin was 35.1% vs 36.7% a year ago. Q3 income from operations was $6.7M; adjusted income from operations was $11.5M. Q3 net loss was $1.2M (loss per diluted share $0.05); adjusted net income was $2.5M ($0.11 per diluted share).

For the nine months, net sales were $443.9M (down 5.1%); gross margin was 36.5%. Nine‑month loss from operations included a $33.2M non‑cash goodwill impairment; adjusted EBITDA (TTM) was $47.2M. Liquidity at Sept 30, 2025 was $50.9M (cash $12.1M plus borrowing availability). Board declared quarterly dividend of $0.0425 per share payable Feb 13, 2026. Management declined to give 2025 guidance due to tariff uncertainty.

Positive

• Adjusted EBITDA (TTM) of $47.2M
• Q3 adjusted income from operations of $11.5M
• Nine‑month SG&A down 10.4% (includes $6.4M legal settlement gain)
• Board declared quarterly dividend of $0.0425 per share

Negative

• Q3 consolidated net sales declined 6.5% year‑over‑year to $171.9M
• Gross margin contracted by ~160 bps YoY to 35.1% in Q3
• Nine‑month net loss of $45.1M includes $33.2M goodwill impairment
• Cash on hand was $12.1M with total liquidity $50.9M, limited by credit covenants

Insights

Senior Financial Analyst

Quarter showed revenue decline, margin compression, large goodwill charge; liquidity is limited but non‑GAAP results and cost cuts temper impact.

Consolidated net sales fell to $171.9 million in Q3 versus $183.8 million year‑ago, with gross margin down to 35.1% from 36.7%. The company reported a small Q3 net loss of $(1.2) million and a larger nine‑month net loss of $(45.1) million, which includes a non‑cash goodwill impairment of $33.2 million that reduced goodwill to zero; adjusted operating metrics were positive but smaller than prior year (adjusted income from operations $11.5 million for both Q3 and nine months). Liquidity on September 30, 2025 was $50.9 million (including $12.1 million cash and other facilities).

Key dependencies and near‑term watch items include execution of Project Concord, tariff mitigation actions, and the Company’s available borrowing under the ABL and receivables facilities which are currently limited by a Term Loan covenant. Monitor the conference call on November 6, 2025 and the dividend payable on February 13, 2026 (record January 30, 2026) for management commentary on covenant headroom, progress on Project Concord, and whether adjusted results convert into GAAP improvement next quarters.

Strong Cost Controls and Project Concord Aiding Performance

Company Well Positioned to Capitalize on Industry Dislocation

GARDEN CITY, N.Y., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter ended September 30, 2025.

Rob Kay, Lifetime's Chief Executive Officer, commented, “While the current tariff environment has created near-term volatility, Lifetime has navigated challenges like this before, and our actions are positioning us to emerge stronger. With a fully implemented tariff-mitigation strategy, disciplined cost management, and the benefits of Project Concord, we’ve demonstrated our ability to adapt and execute. Periods of disruption often create opportunity, and we are seeing that play out today. Many in our industry are under pressure, and we are in the right position: financially, operationally, and strategically to capitalize on those dynamics. We continue to evaluate M&A opportunities that could further strengthen our market share and long-term competitive positioning. As the broader market stabilizes, we expect the progress we’ve made this year to translate into stronger performance, greater resilience, and renewed growth momentum ahead.”

Third Quarter Financial Results:

Consolidated net sales for the three months ended September 30, 2025 were $171.9 million, representing a decrease of $11.9 million, or 6.5%, as compared to net sales of $183.8 million for the corresponding period in 2024. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2025 average rates to 2024 local currency amounts, consolidated net sales decreased by $12.5 million, or 6.8%, as compared to consolidated net sales in the corresponding period in 2024. A table reconciling this non-GAAP financial measure to consolidated net sales, as reported, is included below.

Gross margin for the three months ended September 30, 2025 was $60.4 million, or 35.1%, as compared to $67.4 million, or 36.7%, for the corresponding period in 2024.

Selling, general and administrative expenses for the three months ended September 30, 2025 were $35.5 million, a decrease of $3.3 million, or 8.5%, as compared to $38.8 million for the corresponding period in 2024.

Income from operations was $6.7 million, as compared to income from operations of $8.6 million for the corresponding period in 2024.

Adjusted income from operations⁽¹⁾ was $11.5 million, as compared to $13.2 million for the corresponding period in 2024.

Net loss was $(1.2) million, or $(0.05) per diluted share, as compared to net income of $0.3 million, or $0.02 per diluted share, in the corresponding period in 2024.

Adjusted net income⁽¹⁾ was $2.5 million, or $0.11 per diluted share, as compared to $4.5 million, or $0.21 per diluted share, in the corresponding period in 2024.

Nine Months Financial Results:

Consolidated net sales for the nine months ended September 30, 2025 were $443.9 million, a decrease of $23.8 million, or 5.1%, as compared to net sales of $467.7 million for the corresponding period in 2024. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2025 average rates to 2024 local currency amounts, consolidated net sales decreased by $24.9 million, or 5.3%, as compared to consolidated net sales in the corresponding period in 2024. A table reconciling this non-GAAP financial measure to consolidated net sales, as reported, is included below.

Gross margin for the nine months ended September 30, 2025 was $161.9 million, or 36.5%, as compared to $179.5 million, or 38.4%, for the corresponding period in 2024.

Selling, general and administrative expenses for the nine months ended September 30, 2025 were $104.5 million, a decrease of $12.1 million, or 10.4%, as compared to $116.6 million for the corresponding period in 2024. Selling, general and administrative expenses for the current period includes a net legal settlement gain of $6.4 million.

Loss from operations was $(29.4) million, as compared to income from operations of $11.6 million for the corresponding period in 2024. Loss from operations for the current period includes a non-cash goodwill impairment charge of $33.2 million related to the U.S. segment. The charge was recognized following the completion of an interim goodwill impairment test performed during the second quarter of 2025. Subsequent to this impairment, the Company's goodwill balance is zero and therefore we expect in the future a more consistent alignment between GAAP accounting earnings and non-GAAP adjusted earnings.

Adjusted income from operations⁽¹⁾ was $11.5 million, as compared to $24.5 million for the corresponding period in 2024.

Net loss was $(45.1) million, or $(2.08) per diluted share, as compared to net loss of $(24.1) million, or $(1.12) per diluted share, in the corresponding period in 2024. Net loss for the current period includes a non-cash goodwill impairment charge of $33.2 million. Net loss for the prior period includes a non-cash charge of $14.2 million due to the Company's loss of significant influence in its equity investment in Grupo Vasconia.

Adjusted net loss⁽¹⁾ was $(5.4) million, or $(0.25) per diluted share, as compared to adjusted net income⁽¹⁾ of $0.7 million, or $0.03 per diluted share, in the corresponding period in 2024.

Adjusted EBITDA⁽¹⁾ was $47.2 million for the trailing twelve months ended September 30, 2025.

Liquidity as of September 30, 2025 was $50.9 million, consisting of $12.1 million of cash and cash equivalents, $25.2 million of availability under the ABL Agreement, limited by the Term Loan financial covenant, and $13.6 million of available funding under the Receivables Purchase Agreement.

^{(1) A table reconciling this non-GAAP financial measure to its most comparable GAAP financial measure, as reported, is included below.}

Outlook

Given ongoing uncertainty surrounding tariffs and related trade dynamics, the Company will continue to refrain from issuing formal financial guidance for 2025. Nonetheless, management believes Project Concord is advancing as planned, positioning the International segment for enhanced efficiency, stronger margins, and improved long-term performance.

Dividend

On November 4, 2025, the Company's Board of Directors declared a quarterly dividend of $0.0425 per share of common stock payable on February 13, 2026 to stockholders of record on January 30, 2026.

Conference Call

The Company has scheduled a conference call for Thursday, November 6, 2025 at 11:00 a.m. (Eastern Time). The dial-in number for the conference call is 1-844-826-3035 (U.S.) or 1-412-317-5195 (International).

In addition, a live webcast of the conference call will be accessible through:
https://viavid.webcasts.com/starthere.jsp?ei=1739320&tp_key=782c76078e 

For those who cannot listen to the live broadcast, an audio replay of the webcast will be available on the Company’s investor relations website at https://lifetimebrands.gcs-web.com/ or via telephone replay by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International) and entering access code 10203990. The replay of the webcast will be available for one year.

Non-GAAP Financial Measures

This earnings release contains non-GAAP financial measures, including constant currency net sales, adjusted income from operations, adjusted net income (loss), adjusted diluted income (loss) per common share, adjusted EBITDA. A non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flows of a company; or, includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. These non-GAAP financial measures are provided because the Company's management uses these financial measures in evaluating the Company’s on-going financial results and trends, and management believes that exclusion of certain items allows for more accurate period-to-period comparison of the Company’s operating performance by investors and analysts. Management uses these non-GAAP financial measures as indicators of business performance. These non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, GAAP financial measures of performance. As required by SEC rules, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Forward-Looking Statements
In this press release, the use of the words “advance,” “believe,” “continue,” “could,” “deliver,” “drive,” “enable,” “expect,” “gain,” “goal,” “grow,” “intend,” “maintain,” “manage,” “may,” “outlook,” “plan,” “positioned,” “project,” “projected,” “should,” “take,” “target,” “unlock,” “will,” “would”, or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, the Company’s financial guidance, the Company’s ability to navigate the current environment and advance the Company’s strategy, the Company’s commitment to increasing investments in future growth initiatives, the Company’s initiatives to create value, the Company’s efforts to mitigate geopolitical factors and tariffs, the Company’s current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as the Company’s continued growth and success, future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company’s current judgments, estimates, and assumptions about possible future events. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company’s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company’s ability to maintain adequate liquidity and financing sources and an appropriate level of debt, as well as to deleverage its balance sheet; seasonality of the Company's cash flows; the possibility of impairments to the Company’s goodwill; the possibility of impairments to the Company’s intangible assets; the highly seasonal nature of the Company’s business; the Company’s ability to drive future growth and profitability from its European operations; changes in U.S. or foreign trade or tax law and policy; changes in general economic conditions that could impact the Company’s customers and affect customer purchasing practices or consumer spending; customer ordering behavior; the performance of the Company’s newer products; expenses and other challenges relating to the integration of any future acquisitions; changes in demand for the Company’s products; changes in the Company’s management team; the significant influence of the Company’s largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which the Company or the Company’s suppliers do business; shortages of and price volatility for certain commodities; global health epidemic; social unrest, including related protests and disturbances; the emergence, continuation and consequences of geopolitical conditions, including political instability in the U.S. and abroad, unrest and sanctions, war, conflict, including the ongoing conflicts between Russia and the Ukraine, conflicts in the Middle East, and increasing tensions between China and Taiwan; legislative and regulatory risks, including those relating to the recent enactment of the One Big Beautiful Bill Act and the impact of a continued shutdown of the U.S. government; macro-economic challenges, including labor disputes, depreciation of the U.S. dollar, volatility in the capital markets, inflationary impacts and disruptions to the global supply chain; dependence on third-party manufacturers; increase in supply chain costs, including raw materials, sourcing, transportation and energy; the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures and/or economic sanctions implemented by the U.S. and other governments; impact of tariffs and trade policies, particularly with respect to China; the Company’s ability to successfully integrate acquired businesses; the Company’s expectations regarding customer purchasing practices and the future level of demand for the Company’s products; the Company’s ability to execute on the goals and strategies set forth in the Company’s Project Concord plan; and significant changes in the competitive environment and the effect of competition on the Company’s markets, including on the Company’s pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.

Lifetime Brands, Inc.

Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef’n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S’well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.

The Company’s corporate website is www.lifetimebrands.com. 

Contacts:

Lifetime Brands, Inc.

Laurence Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com 

or

MZ North America

Shannon Devine
Main: 203-741-8811
LCUT@mzgroup.us 

LIFETIME BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands—except per share data) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net sales	$	171,912			$	183,837			$	443,859			$	467,745
Cost of sales		111,488				116,420				281,959				288,231
Gross margin		60,424				67,417				161,900				179,514
Distribution expenses		17,939				20,034				53,323				51,267
Selling, general and administrative expenses		35,488				38,770				104,451				116,637
Goodwill impairment		—				—				33,237				—
Restructuring expenses		304				—				304				—
Income (loss) from operations		6,693				8,613				(29,415	)			11,610
Interest expense		(5,013	)			(5,834	)			(14,982	)			(16,605	)
Mark to market loss on interest rate derivatives		(8	)			(928	)			(755	)			(1,184	)
Loss on equity securities		—				—				—				(14,152	)
Income (loss) before income taxes and equity in losses		1,672				1,851				(45,152	)			(20,331	)
Income tax (provision) benefit		(2,861	)			(1,507	)			63				(1,660	)
Equity in losses, net of taxes		—				—				—				(2,092	)
NET (LOSS) INCOME	$	(1,189	)		$	344			$	(45,089	)		$	(24,083	)
BASIC (LOSS) INCOME PER COMMON SHARE	$	(0.05	)		$	0.02			$	(2.08	)		$	(1.12	)
DILUTED (LOSS) INCOME PER COMMON SHARE	$	(0.05	)		$	0.02			$	(2.08	)		$	(1.12	)

LIFETIME BRANDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands—except share data)
	September 30, 2025				December 31, 2024
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	12,125			$	2,929
Accounts receivable, less allowances of $15,636 at September 30, 2025 and $14,093 at December 31, 2024		127,827				156,743
Inventory		221,185				202,408
Prepaid expenses and other current assets		11,616				11,488
Income taxes receivable		2,215				—
TOTAL CURRENT ASSETS		374,968				373,568
PROPERTY AND EQUIPMENT, net		15,270				15,049
OPERATING LEASE RIGHT-OF-USE ASSETS		51,777				59,571
INTANGIBLE ASSETS, net		137,271				183,527
OTHER ASSETS		1,838				2,595
TOTAL ASSETS	$	581,124			$	634,310
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturity of term loan	$	4,987			$	4,891
Accounts payable		49,786				60,029
Accrued expenses		67,495				70,848
Income taxes payable		—				830
Current portion of operating lease liabilities		16,277				15,145
TOTAL CURRENT LIABILITIES		138,545				151,743
OTHER LONG-TERM LIABILITIES		15,720				15,955
INCOME TAXES PAYABLE, LONG-TERM		706				706
OPERATING LEASE LIABILITIES		46,154				56,740
DEFERRED INCOME TAXES		5,747				5,601
REVOLVING CREDIT FACILITY		62,411				42,693
TERM LOAN		127,196				130,949
STOCKHOLDERS’ EQUITY
Preferred stock, $1.00 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding		—				—
Common stock, $0.01 par value, shares authorized: 50,000,000 at September 30, 2025 and December 31, 2024; shares issued and outstanding: 22,657,435 at September 30, 2025 and 22,155,735 at December 31, 2024		227				222
Paid-in capital		283,248				280,566
Accumulated deficit		(80,610	)			(32,550	)
Accumulated other comprehensive loss		(18,220	)			(18,315	)
TOTAL STOCKHOLDERS’ EQUITY		184,645				229,923
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	581,124			$	634,310

LIFETIME BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
	Nine Months Ended September 30,
		2025				2024
OPERATING ACTIVITIES
Net loss	$	(45,089	)		$	(24,083	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		16,533				16,241
Goodwill impairment		33,237				—
Amortization of financing costs		2,077				2,195
Gain on disposition of fixed assets		(94	)			—
Mark to market loss on interest rate derivatives		755				1,184
Operating leases, net		(1,734	)			(1,476	)
Provision (recovery) for doubtful accounts		1,129				(241	)
Deferred income taxes		—				144
Stock compensation expense		3,100				2,886
Equity in losses, net of taxes		—				2,092
Loss on equity securities		—				14,152
Changes in operating assets and liabilities
Accounts receivable		29,010				13,859
Inventory		(15,912	)			(44,821	)
Prepaid expenses, other current assets and other assets		(224	)			2,929
Accounts payable, accrued expenses and other liabilities		(15,843	)			16,759
Income taxes receivable		(2,215	)			(2,894	)
Income taxes payable		(860	)			(663	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		3,870				(1,737	)
INVESTING ACTIVITIES
Purchases of property and equipment		(3,221	)			(1,604	)
Net proceeds from sale of property		94				—
NET CASH USED IN INVESTING ACTIVITIES		(3,127	)			(1,604	)
FINANCING ACTIVITIES
Proceeds from revolving credit facility		236,941				180,725
Repayments of revolving credit facility		(219,726	)			(177,984	)
Repayments of term loan		(5,625	)			(5,625	)
Payments for finance lease obligations		(33	)			(22	)
Payments of tax withholding for stock based compensation		(416	)			(1,083	)
Cash dividends paid		(2,858	)			(2,893	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		8,283				(6,882	)
Effect of foreign exchange on cash		170				18
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		9,196				(10,205	)
Cash and cash equivalents at beginning of period		2,929				16,189
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	12,125			$	5,984

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands)

Reconciliation of GAAP to Non-GAAP Operating Results

Adjusted EBITDA for the twelve months ended September 30, 2025:

	Quarter Ended																Twelve Months Ended September 30, 2025
	December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025
	(in thousands)
Net income (loss) as reported	$	8,918			$	(4,201	)		$	(39,699	)		$	(1,189	)		$	(36,171	)
Income tax provision (benefit)		1,671				(142	)			(2,782	)			2,861				1,608
Interest expense		5,603				4,915				5,054				5,013				20,585
Depreciation and amortization		6,073				5,698				5,437				5,398				22,606
Gain on disposition of fixed assets		—				—				—				(94	)			(94	)
Mark to market (gain) loss on interest rate derivatives		(718	)			527				220				8				37
Goodwill impairment		—				—				33,237				—				33,237
Stock compensation expense		1,034				1,062				1,044				994				4,134
Legal settlement gain, net(1)		—				(4,578	)			—				—				(4,578	)
Severance expense		—				—				270				—				270
Acquisition related expenses		143				—				123				49				315
Restructuring expenses		—				—				—				304				304
Warehouse redesign expenses(2)		249				—				139				76				464
Pro forma adjustments(3)																		4,500
Adjusted EBITDA(4)	$	22,973			$	3,281			$	3,043			$	13,420			$	47,217

_{⁽¹⁾ For the twelve months ended September 30, 2025, legal settlement gain, net included a net settlement of $6.4 million, and adjusted for legal fees incurred from March 2, 2018 through March 31, 2025 of $1.8 million.
⁽²⁾ For the twelve months ended September 30, 2025, the warehouse redesign expenses were related to the U.S. segment.
⁽³⁾ Pro forma adjustments represent the amount of operating expense reductions projected by the Company as a result of actions taken through September 30, 2025 or expected to be taken within 18 months of September 30, 2025, net of the benefits realized during the twelve months ended September 30, 2025. These actions include cost savings initiatives for the U.S. segment related to reductions in employee expenses (i.e., including terminated employees, furloughed employees and temporary salary reductions) and costs saving for the International segment related to Project Concord.
⁽⁴⁾ Adjusted EBITDA is a non-GAAP financial measure that is defined in the Company’s debt agreements. Adjusted EBITDA is defined as net income (loss), adjusted to exclude income tax provision (benefit), interest expense, depreciation and amortization, gain on disposition of fixed assets, mark to market (gain) loss on interest rate derivatives, goodwill impairment, stock compensation expense, legal settlement gain, net and other items detailed in the table above that are consistent with exclusions permitted by our debt agreements.}

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands—except per share data)

Reconciliation of GAAP to Non-GAAP Operating Results (continued)

Adjusted net income (loss) and adjusted diluted income (loss) per common share (in thousands -except per share data):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net (loss) income as reported	$	(1,189	)		$	344			$	(45,089	)		$	(24,083	)
Adjustments:
Acquisition intangible amortization expense		4,360				3,723				13,099				11,222
Legal settlement gain, net		—				—				(6,400	)			—
Acquisition related expenses		49				210				172				946
Restructuring expenses		304				—				304				—
Warehouse redesign expenses(1)		76				662				215				715
Severance expense		—				—				270				—
Mark to market loss on interest rate derivatives		8				928				755				1,184
Loss on equity securities		—				—				—				14,152
Goodwill impairment		—				—				33,237				—
Income tax effect on adjustments		(1,103	)			(1,362	)			(10,278	)			(3,462	)
Income tax provision adjustment(2)		—				—				8,309				—
Adjusted net income (loss)(3)	$	2,505			$	4,505			$	(5,406	)		$	674
Adjusted diluted income (loss) per common share(4)	$	0.11			$	0.21			$	(0.25	)		$	0.03

_{⁽¹⁾ For the three and nine months ended September 30, 2025 and 2024, warehouse redesign expenses were related to the U.S. segment.}

_{⁽²⁾ The income tax provision adjustment is calculated using the effective tax rate for the nine months ended September 30, 2025 of 0.0% applied to the goodwill impairment adjustment. The income tax provision adjustment for the nine months ended September 30, 2025 provides important comparative analysis because the effective tax method was unusual due to timing of certain non-deductible expenses, including goodwill impairment.}

_{⁽³⁾ Adjusted net income and adjusted diluted income per common share in the three and nine months ended September 30, 2025 excludes acquisition intangible amortization expense, a legal settlement gain, net, acquisition related expenses, warehouse redesign expenses, severance expense, mark to market loss on interest rate derivatives, and goodwill impairment. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments and the income tax provision adjustment.}

_{Adjusted net income and adjusted diluted income per common share in the three and nine months ended September 30, 2024 excludes acquisition intangible amortization expense, acquisition related expenses, warehouse redesign expenses, mark to market loss on interest rate derivatives, and loss on equity securities. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments.}

_{⁽⁴⁾ Adjusted diluted income (loss) per common share is calculated based on diluted weighted-average shares outstanding of 21,834 and 21,610 for the three month period ended September 30, 2025 and 2024, respectively. Adjusted diluted income (loss) per common share is calculated based on diluted weighted-average shares outstanding of 21,683 and 21,643 for the nine month period ended September 30, 2025 and 2024, respectively. The diluted weighted-average shares outstanding for the three and nine months ended September 30, 2025 include the effect of dilutive securities of 66 and zero, respectively. The diluted weighted-average shares outstanding for the three and nine months ended September 30, 2024 included the effect of dilutive securities of 48 and 189, respectively.}

Adjusted income from operations (in thousands):
	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025				2024
Income (loss) from operations	$	6,693		$	8,613		$	(29,415	)		$	11,610
Adjustments:
Acquisition intangible amortization expense		4,360			3,723			13,099				11,222
Legal settlement gain, net		—			—			(6,400	)			—
Acquisition related expenses		49			210			172				946
Restructuring expenses		304			—			304				—
Warehouse redesign expenses(1)		76			662			215				715
Severance expense		—			—			270				—
Goodwill impairment		—			—			33,237				—
Total adjustments		4,789			4,595			40,897				12,883
Adjusted income from operations(2)	$	11,482		$	13,208		$	11,482			$	24,493

_{⁽¹⁾ For the three and nine months ended September 30, 2025 and 2024, warehouse redesign expenses were related to the U.S. segment.}

_{⁽²⁾ Adjusted income from operations for the three and nine months ended September 30, 2025 excludes acquisition intangible amortization expense, a legal settlement gain, net, acquisition related expenses, restructuring expenses, warehouse redesign expenses, severance expenses, and goodwill impairment. Adjusted income from operations for the three and nine months ended September 30, 2024, excludes acquisition intangible amortization expense, acquisition related expenses, and warehouse redesign expenses.}

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands)

Reconciliation of GAAP to Non-GAAP Operating Results (continued)

Constant Currency:

	As Reported Three Months Ended September 30,										Constant Currency (1) Three Months Ended September 30,														Year-Over-Year Increase (Decrease)
Net sales		2025			2024		Increase (Decrease)					2025			2024		Increase (Decrease)				Currency Impact				Excluding Currency			Including Currency			Currency Impact
U.S.	$	158,121		$	170,222		$	(12,101	)		$	158,121		$	170,246		$	(12,125	)		$	(24	)		(7.1	)%		(7.1	)%		—	%
International		13,791			13,615			176				13,791			14,180			(389	)			(565	)		(2.7	)%		1.3	%		4.0	%
Total net sales	$	171,912		$	183,837		$	(11,925	)		$	171,912		$	184,426		$	(12,514	)		$	(589	)		(6.8	)%		(6.5	)%		0.3	%

	As Reported Nine Months Ended September 30,										Constant Currency (1) Nine Months Ended September 30,														Year-Over-Year Increase (Decrease)
Net sales		2025			2024		Increase (Decrease)					2025			2024		Increase (Decrease)				Currency Impact				Excluding Currency			Including Currency			Currency Impact
U.S.	$	405,946		$	431,205		$	(25,259	)		$	405,946		$	431,202		$	(25,256	)		$	3			(5.9	)%		(5.9	)%		—	%
International		37,913			36,540			1,373				37,913			37,573			340				(1,033	)		0.9	%		3.8	%		2.9	%
Total net sales	$	443,859		$	467,745		$	(23,886	)		$	443,859		$	468,775		$	(24,916	)		$	(1,030	)		(5.3	)%		(5.1	)%		0.2	%

_{⁽¹⁾ “Constant Currency” is determined by applying the 2025 average exchange rates to the prior year local currency sales amounts, with the difference between the change in “As Reported” net sales and “Constant Currency” net sales, reported in the table as “Currency Impact.” Constant currency sales growth is intended to exclude the impact of fluctuations in foreign currency exchange rates.}

FAQ

What were Lifetime Brands (LCUT) Q3 2025 net sales and how did they compare to Q3 2024?

Q3 2025 net sales were $171.9M, down 6.5% versus Q3 2024.

Why did Lifetime Brands report a large nine‑month net loss for 2025 (LCUT)?

Nine‑month net loss of $45.1M includes a non‑cash goodwill impairment charge of $33.2M.

What is Lifetime Brands’ liquidity position as of September 30, 2025 (LCUT)?

Total liquidity was $50.9M: cash $12.1M, $25.2M available under ABL (limited by covenant), and $13.6M under receivables facility.

Did Lifetime Brands (LCUT) pay a dividend after Q3 2025 results?

Yes. The board declared a quarterly dividend of $0.0425 per share payable on Feb 13, 2026 to holders of record on Jan 30, 2026.

Did Lifetime Brands provide 2025 financial guidance after the Q3 release (LCUT)?

No. Management refrained from issuing formal 2025 guidance due to ongoing tariff and trade uncertainty.

How did margins and operating results trend for Q3 2025 at Lifetime Brands (LCUT)?

Q3 gross margin fell to 35.1% from 36.7% a year earlier; GAAP income from operations was $6.7M, adjusted was $11.5M.