Lifetime Brands LCUT Q2 2026 earnings

“Our second quarter results were in line with expectations and reflected notable growth compared to the prior year period that had been adversely impacted by the U.S. government implementation of initial high tariff rates across many countries. Net sales were up 7.4% and we saw significant earnings growth that includes the expected recovery of tariffs we paid in 2025. We will put that capital to work, paying the associated taxes, restoring reductions that had been implemented in 2025 to increase our bottom line against the impact from these tariff expenses and to fund the investments to bolster competitiveness and restore the balance sheet strength which we have used to fund the carrying cost of tariffs paid. Accordingly, since the end of the first quarter, we have repaid $40 million of term debt using cash generated from operations and the receipt of tariff refunds. The underlying business performed well despite softer end markets, led by growth in warehouse club programs and e-commerce. The relaunch of our redesigned Farberware line is off to an encouraging start and we extended our Dolly Parton license for an additional three years, reflecting the continued strength of that partnership. Our International segment again narrowed its losses and remains on track to achieve break-even in 2026, and the Hagerstown facility is online. While this new facility is experiencing startup challenges, we remain targeted for full operation by the fourth quarter this year. For 2026, we are reaffirming our net sales guidance, and raising earnings guidance to reflect the recognition of the tariff refunds. As previously announced, we look forward to presenting our longer-term strategy at our upcoming Investor Day this December.