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Lifetime Brands cuts the mustard as profits soar

Published: 11:41 13 Mar 2017 EDT

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Explosive numbers from Lifetime lifted its shares

Home and kitchenwares group Lifetime Brands Inc (NASDAQ:LCUT) saw its shares jump by 13% as annual profits soared after a record fourth quarter.

Jeffrey Siegel, chief executive, said it was an exceptional year for the group, helped by the performance of acquisitions Amco, Armetale, Copco and Swing-away.

Core brands such as Kitchenaid and Farberware also did well, Siegel said, with the final quarter overall the best the company had ever recorded both for revenue and profits.

Net income for the last three months of 2016 rose to US$14.7mln (US$11mln) on sales 4.1% better at US$193.5mln, while profits over the year climbed to an adjusted US$19.2mln from US$14.2mln.

Shares rose US$2 to US$16.05.

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