Lifetime Brands, Inc. (NASDAQ:LCUT) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET

Company Participants

Robert Kay - Chief Executive Officer

Laurence Winoker - Chief Financial Officer

Conference Call Participants

Madison Callinan - Canaccord Genuity

Alan Weber - Robotti & Company Advisors

Operator

Good morning, ladies and gentlemen, and welcome to Lifetime Brands' Second Quarter 2023 Earnings Conference Call. [Operator Instructions]

I would now like to introduce your host for today's conference, Harley King. Ms. King, you may begin.

Unidentified Company Representative

Thank you. Good morning, and thank you for joining Lifetime Brands' second quarter 2023 earnings call. With us today from management are Rob Kay, Chief Executive Officer and Larry Winoker, Chief Financial Officer.

Before we begin the call, I'd like to remind you that our remarks this morning may contain forward-looking statements that relate to the future performance of the company, and these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance and factors that could influence our results are highlighted in today's press release and other factors are contained in our filings with the Securities and Exchange Commission.

Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update such statements. Our remarks this morning, and in today's press release, also contain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in such release is a reconciliation of these non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP.

With that introduction, I'd like to turn the call over to Rob Kay. Please go ahead, Rob.

Robert Kay

Thank you. Good morning, everyone, and thank you for joining us today. I'm pleased to share that we delivered second quarter results that surpassed analyst estimates, a testament to the strong progress we are making to position the company for growth and improve profitability while we continue to navigate macroeconomic headwinds.

As companies across our industry and the broader market feel the ongoing impacts of inflationary and recessionary pressures on demand, our prudent balance sheet management, disciplined approach to capital allocation and careful evaluation of investment opportunities have positioned Lifetime for growth as macroeconomic conditions improve. In the second quarter, we delivered $146.4 million in net sales compared to $151.3 million in net sales in the same period last year. In the 12-month period ending June 30, 2023, we generated adjusted EBITDA of $54.6 million. We're pleased that our strong market share position and focus on execution have allowed us to continue to perform well in comparison to the market and our peers.