Lifetime Brands, Inc. (NASDAQ:LCUT) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET

Company Participants

Andrew Squire – Investor Relations

Rob Kay – Chief Executive Officer

Larry Winoker – Chief Financial Officer

Conference Call Participants

Linda Bolton Weiser – D.A. Davidson

Anthony Lebiedzinski – Sidoti & Co.

Operator

Good morning, ladies and gentlemen, and welcome to Lifetime Brands' Third Quarter 2022 Earnings Conference Call. At this time, I would like to inform all participants that their lines will be in a listen-only mode. After the speakers' remark there will be a question-and-answer period. [Operator Instructions]

I would now like to introduce you to your host for today's conference, Andrew Squire. Thank you, Mr. Squire, you may begin.

Andrew Squire

Thank you. Good morning, and thanks for joining Lifetime Brands third quarter 2022 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 others 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.

Rob Kay

Thank you. Good morning everyone, and thank you for joining us today.

Our core business continues to deliver solid performance through the nine months year-to-date. We maintained or expanded our market positions despite macroeconomic challenges that companies across industries continue to face, which also impacted our product categories. The inventory buildup at major retailers that we discussed last quarter continues to limit customer shipments across all channels and remained a major factor impacting Lifetime's shipments.