Lifetime Brands, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lifetime Brands, Inc. filed its 2023 10-K report on March 12, 2024, detailing its annual financial performance.</b>

AI Summary

LIFETIME BRANDS, INC (LCUT) filed a Annual Report (10-K) with the SEC on March 12, 2024. Lifetime Brands, Inc. reported its fiscal year 2023 results on March 12, 2024. The company's fiscal year concluded on December 31, 2023. The filing is a 10-K annual report. The company is incorporated in Delaware. The SIC code for Lifetime Brands, Inc. is 3420 (Cutlery, Handtools & General Hardware).

Why It Matters

For investors and stakeholders tracking LIFETIME BRANDS, INC, this filing contains several important signals. This filing provides a comprehensive overview of Lifetime Brands' financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. As a 10-K filing, it contains audited financial statements, risk factors, and management's discussion and analysis, offering deep insights into the company's business and the challenges it faces.

Risk Assessment

Risk Level: medium — LIFETIME BRANDS, INC shows moderate risk based on this filing. The company operates in the Cutlery, Handtools & General Hardware industry (SIC 3420), which can be subject to economic downturns and shifts in consumer spending, impacting revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Lifetime Brands' performance and potential challenges in the hardware and housewares market.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240312 — Filing Date (Date filed)
• 3420 — SIC Code (Standard Industrial Classification)
• 112682486 — IRS Number (Filer's IRS number)

Key Players & Entities

• LIFETIME BRANDS, INC (company) — Filer name
• LCUT (company) — Ticker symbol
• 10-K (document) — Filing type
• 20231231 (date) — Fiscal year end
• 20240312 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 3420 (industry) — Standard Industrial Classification
• GARDEN CITY (location) — Business address city

FAQ

Industry Context

Lifetime Brands operates within the Cutlery, Handtools & General Hardware industry, a sector that can be influenced by consumer discretionary spending and economic conditions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the company's revenue streams and cost structure for FY 2023.
2. Evaluate the risk factors section for potential business threats and mitigation strategies.
3. Compare key financial metrics against previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023, providing a baseline for future comparisons.

Key Financial Figures

• $0.01 — er of shares of common stock, par value $0.01 per share, outstanding as of February 2

Filing Documents

• lcut-20231231.htm (10-K) — 2245KB
• lcutex105012312023.htm (EX-10.50) — 21KB
• lcutex105112312023.htm (EX-10.51) — 25KB
• lcutex21112312023.htm (EX-21.1) — 17KB
• lcutex23112312023.htm (EX-23.1) — 3KB
• lcutex23212312023.htm (EX-23.2) — 5KB
• lcutex31112312023.htm (EX-31.1) — 7KB
• lcutex31212312023.htm (EX-31.2) — 7KB
• lcutex32112312023.htm (EX-32.1) — 6KB
• lcutex97112312023.htm (EX-97.1) — 46KB
• lcutex99112312023.htm (EX-99.1) — 15KB
• image_0.jpg (GRAPHIC) — 21KB
• lcut-20231231_g1.jpg (GRAPHIC) — 91KB
• 0001628280-24-010568.txt (&nbsp;) — 12892KB
• lcut-20231231.xsd (EX-101.SCH) — 87KB
• lcut-20231231_cal.xml (EX-101.CAL) — 110KB
• lcut-20231231_def.xml (EX-101.DEF) — 490KB
• lcut-20231231_lab.xml (EX-101.LAB) — 1026KB
• lcut-20231231_pre.xml (EX-101.PRE) — 782KB
• lcut-20231231_htm.xml (XML) — 2007KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 48

C

Item 9 C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Director Independence 48 Item 14. Principal Accounting Fees and Services 48 PART IV Item 15. Exhibits and Financial Statement Schedules 48 1 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of Lifetime Brands, Inc. (the "Company" and, unless the context otherwise requires, references to the "Company" shall include its consolidated subsidiaries) contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include information concerning, among other things, the Company's and its subsidiaries' plans, objectives, goals, strategies, future events, future revenues, performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings Business and Management's Discussion and Analysis of Financial Condition and Results of Operations included in Item 1 of Part I and Item 7 of Part II, respectively. When used in this Annual Report on Form 10-K, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "may," "should," "seeks," "will," "potential" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, the Company's assessment of historical operating trends and the application of that assessment with regards to future periods, are based upon the Company's current expectations, projections, various assumptions, intentions and/or beliefs related to future events or occurrences. The Company believes there is a

Business

Item 1. Business OVERVIEW The Company designs, sources and sells branded kitchenware, tableware and other products used in the home and markets its products under a number of widely-recognized brand names and trademarks, which are either owned or licensed by the Company or through retailers' private labels and their licensed brands. The Company's products, which are targeted primarily towards consumers purchasing moderately priced kitchenware, tableware and housewares, are sold through virtually every major level of trade. The Company generally markets several lines within each of its product categories under more than one brand. The Company sells its products directly to retailers (who may resell the Company's products through their websites) and, to a lesser extent, to distributors. The Company also sells a limited selection of its products directly to consumers through its own websites. The Company's product categories include two categories of products used to prepare, serve and consume foods, Kitchenware (kitchen tools and gadgets, cutlery, kitchen scales, thermometers, cutting boards, shears, cookware, pantryware, spice racks and bakeware) and Tableware (dinnerware, stemware, flatware and giftware); and one category, Home Solutions, which comprises other products used in the home (thermal beverageware, bath scales, weather and outdoor household products, food storage, neoprene travel products and home dcor). The Company continually evaluates opportunities to expand the reach of its brands and to invest in other companies, both foreign and domestic, that own or license complementary brands. The Company has a presence in international markets through subsidiaries and affiliate companies that are based outside of the United States. Lifetime Brands Europe Limited is a wholly-owned subsidiary doing business as Kitchen Craft. Kitchen Craft is a leading supplier of kitchenware and tableware products and accessories in the United Kingdom ("U.K.") and in over 80 o

View Full Filing

View this 10-K filing on SEC EDGAR