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DATE

May 7, 2026 at 11 a.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Rob Kay
  • Chief Financial Officer — Larry Winoker
  • Host — Jamie Kirchen

TAKEAWAYS

  • Net Sales -- $143.5 million, an increase of 2.4% year over year, with U.S. segment growth of 1.7% to $130.7 million, and international segment growth of 10.6% to $12.8 million.
  • Adjusted EBITDA (TTM) -- $52.7 million through March 31, 2026, as reported by CFO Winoker.
  • Net Loss -- $4.8 million, or $0.22 per diluted share, compared to $4.2 million, or $0.19 per diluted share, in the prior year.
  • Adjusted Net Income -- $800,000, or $0.04 per diluted share, reversing an adjusted net loss of $5.3 million a year ago.
  • Adjusted Income From Operations -- $5.4 million, up from a loss of $900,000 in the prior period, with GAAP loss from operations at $2.2 million.
  • Gross Margin -- 37.7%, an increase from 36.1%, attributed to favorable product mix and higher selling prices, partially offset by higher tariffs.
  • Home Solutions Segment Growth -- Sales increased 22.9%, led by Home Decor in the dollar channel, and warehouse club programs.
  • Dolly Parton Brand Contribution -- Approximately $18 million shipped under Dolly Parton in 2025, with management expecting substantial growth in 2026 across Home Decor, cutlery, dinnerware, and kitchen tools.
  • Distribution Expenses -- U.S. segment distribution expenses as a percentage of goods shipped improved to 10.9% from 11.9%; international segment improved to 23.2% from 25%.
  • SG&A Expenses -- Total selling, general, and administrative expenses increased by 16.8% to $36.8 million, but U.S. segment expenses decreased by $1.8 million.
  • Free Cash Flow Generation -- $30 million generated during the period, reducing net debt to $170 million, and improving the adjusted EBITDA to net debt ratio to 3.2x.
  • Liquidity -- $110 million at quarter-end, including cash and credit facility availability.
  • East Coast Distribution Facility -- The new 1,000,000 square foot Hagerstown, Maryland distribution center became operational, adding 327,000 square feet of capacity, with project costs tracking below estimates.
  • Guidance for 2026 -- Net sales projected at $650 million to $700 million, adjusted EBITDA of $53.5 million to $56 million, and adjusted net income of $16 million to $17.5 million.
  • Restructuring and Nonrecurring Items -- $2 million in restructuring expenses, $1.1 million in due diligence costs, and $100,000 for warehouse relocation were excluded from adjusted results; prior year excluded a $6.4 million litigation gain.

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RISKS

  • "The high price of silver has made the sterling silver flatware business no longer viable. The facility will focus on ornaments and other profitable sterling silver products."
  • Management acknowledged potential reductions in Middle East sales due to regional conflict, but directly stated that annual sales to the region are below $1 million.
  • Unit sales declined in the quarter, with CFO Winoker stating, "Units were down but were made up for in dollar sales. The unit decline was in the single-digit percentages."

SUMMARY

Lifetime Brands (LCUT +29.08%) reported both revenue and EBITDA growth, citing margin improvements driven by higher prices, product mix, and cost discipline despite a net loss for the period. Management provided 2026 guidance reflecting sustained top-line growth, full-year benefits from tariff-related pricing actions, and additional cost structure resets, while calling out continued investment in scalable infrastructure such as the operational Hagerstown distribution center. Executives highlighted recovery in flatware shipments post-tariff disruption, significant Home Decor and Dolly Parton brand growth, and improved international segment profitability, although still not at breakeven. Discussion of Project CONCORD’s final phase indicated plans to resolve international restructuring delays within the first half, suggesting further margin improvement opportunities ahead.

  • CEO Kay emphasized proactive risk management via a diversified sourcing footprint beyond China, and flexible supply chain design to adapt as global trade policies shift.
  • Guidance did not include any impact from a potential $41.7 million AIPA tariff refund, which management asserted is not currently recognized under GAAP, and is pending court and administrative action.
  • Management described incremental logistics cost pressure from rising container rates connected to geopolitical instability, noting these pressures are included in the current financial outlook as “best we can see it.”
  • SG&A expense management contributed to improved margins, as the company maintained lower headcount costs, and reduced advertising in parallel with higher sales volumes.
  • Executives stated, "We are actively evaluating opportunities," but reaffirmed a disciplined investment approach based on return thresholds, with further updates to be provided only upon closing definitive deals.

INDUSTRY GLOSSARY

  • Project CONCORD: Lifetime Brands' international restructuring initiative targeting overhead reduction and profitability improvements, especially in the UK business.
  • AIPA tariff refund: Potential repayment of tariffs paid by Lifetime Brands under the American Import Protection Act, subject to legal and administrative outcomes.
  • Build A Board: Proprietary product line under Lifetime Brands' cutlery segment, referenced for its past contribution to profitability and anticipated continued traction.

Full Conference Call Transcript

Operator: Good morning, ladies and gentlemen, and welcome to the Lifetime Brands, Inc. First Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers’ remarks, there will be a question-and-answer portion of the call. If you would like to ask a question at that time, please press star, then 1 on your touch tone telephone. Please also note that this conference is being recorded. I would now like to introduce our host for today’s conference, Jamie Kirchen. Mr. Kirchen, you may go ahead now.

Jamie Kirchen: Good morning, and thank you for joining the Lifetime Brands, Inc. first quarter 2026 earnings call. With us today from management are Rob Kay, Chief Executive Officer, and Larry Winoker, Chief Financial Officer. Before we begin, I would like to remind you that our remarks this morning may contain forward-looking statements that relate to the future of the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act. These statements are not guarantees of future performance, and factors that could influence our results are highlighted in our earnings release, as well as 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 our earnings release also contain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in our release is a reconciliation of these non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP. With that introduction, I would like to turn the call over to Rob Kay. Please go ahead, Rob.

Rob Kay: Thank you, and good morning. Continuing trends from the prior quarter, Lifetime Brands, Inc. reported year-over-year growth in both top and bottom line. While 2025 was a difficult year for our industry, the actions Lifetime Brands, Inc. implemented on pricing, cost, supply chain, and new product development have contributed to these results and continue to produce strong results, which have exceeded expectations and most of our peer companies. Our first quarter results have continued this performance. I will walk you through what drove the quarter, where we see the business heading, and the framework for our full-year guidance, which we are providing today. Q1 results reflected year-over-year growth. Net sales and EBITDA grew year over year.

We outperformed most of our public peers and exceeded analyst consensus, and Larry will speak to this in more detail shortly. These results reflect, in part, the actions and strategies that we have implemented over the past two years. We have been consistently focused on the things we can control: cost discipline, pricing execution, new product investment, and operational efficiency. In a quarter where many in our space continued to struggle, these efforts contributed to our performance. I would like to provide additional context. The pricing increases we implemented throughout 2025, which had a near-term impact on volumes, are now reflected in our pricing structure and our customer relationships.

Due to the staggered nature of the tariff policy implementation, we are now seeing a more complete impact of those actions in 2026 compared to 2025, when they were being phased in. We expect these factors to continue to support our performance. There are a few main factors that have been driving growth. Kitchen tools remains our largest category and had a strong quarter. Farberware continues to perform well across all channels. KitchenAid, where we absorbed a meaningful market share reset at Walmart over the past two years, is recovering. We have relaunched the Farberware kitchen tool line with new product and have recently introduced KitchenAid storage, and early acceptance has been strong.

Trajectory is improving, and we expect continued progress through the balance of 2026. Home Decor also had a very strong quarter and continued to grow. This is a business that was essentially de minimis for us a few years ago. We have been deliberate about product development with brands including Mikasa and Elements, and that investment is generating real results. The club and dollar channels have become meaningful drivers here as well. Their sell-through on our Home Decor programs has been strong, and when Circana data reflects that performance, other retailers take notice, which creates pull-through demand.

Our Home Solutions segment, which includes Home Decor, grew 22.9% in the quarter, driven by higher sales in the dollar channel and warehouse club programs. The Dolly Parton brand, which we have discussed on prior calls, continues to be a meaningful contributor to growth across Home Decor, cutlery, dinnerware, and kitchen tools. We shipped approximately $18 million under Dolly Parton in 2025 and expect substantial growth in the brand in 2026. Finally, as we have discussed previously, we continue to see a rebound in our sales of flatware from the disruption in 2025 related to tariff implementation, which resulted in lost shipments for 2025. We saw shipments normalizing beginning in the fourth quarter and into 2026.

E-commerce declined at the start of the quarter, driven by annual negotiations with Amazon, as well as a reduction in advertising spend during the quarter as we evaluated our 2026 plans. Trends improved in March as these actions were completed, and we are seeing continued improvement into the beginning of the second quarter. We expect e-commerce to be a contributor to growth for the full year. In cutlery, which has been a growth category for us for a couple of years, we had a year-over-year decline in the quarter. Build A Board, a product line we launched two years ago, continues to contribute to profitability and remains a strong, profitable business. However, we saw some normalization in the quarter.

The underlying business remained stable. We are introducing new products in the cutlery line, and we expect that category to remain attractive and support overall growth. Our international business grew year over year in the quarter and continued its trajectory of improving profitability. This growth occurred despite challenging end-market conditions in Europe, particularly in the UK, and reflects, in part, our efforts to expand our sales footprint to national accounts from the legacy sales focus on independent retailers. We are not yet at breakeven on the bottom line internationally, but we have made progress. The final phase of Project CONCORD, our international restructuring initiative, encountered some legal and structural delays in 2025.

We expect those to be fully resolved in the first half of this year, and we expect the completion of this work to contribute to improved financial performance. I want to address the macro environment directly because I know it is top of mind. We have been managing tariff exposure proactively and systematically for over two years. During this period, we have expanded our sourcing footprint away from China to other geographies. We were among the first in our space to implement price increases during this period, which had a near-term impact on volumes in 2025; however, it supported our margin structure. Our supply chain is designed to provide flexibility to shift production across geographies as trade economics evolve.

While we have established meaningful manufacturing capacity outside of China, in 2025 we sourced a majority of our product supply from China as the tariff-adjusted cost of goods sold was more favorable. We expect this will evolve, and over time, we expect sourcing from other established geographies to increase. On cost of goods sold more broadly, we have not experienced a material impact from resin or freight costs related to recent geopolitical developments. We maintain long-term freight contracts and, while these provide some protection in periods of acute rate escalation, we believe we are positioned to mitigate and respond to changes in freight costs, including those related to developments in the Middle East.

We may experience a reduction in sales to the Middle East as a result of disruptions related to the war in this region, but our sales to this region are insignificant, being below $1 million a year. The relocation of our East Coast distribution center to Hagerstown, Maryland is on schedule. The facility, approximately 1,000,000 square feet, adds approximately 327,000 square feet of incremental capacity compared to our current New Jersey facility, and the facility is now operational. Capital and operational costs for this project are tracking below our estimates. We will implement our warehouse management system in the new facility, which we had previously implemented in our West Coast distribution center, where it contributed to improved labor efficiency.

The establishment of the Hagerstown distribution facility is expected to position Lifetime Brands, Inc. for future growth and cost efficiency. Let me spend some time discussing our view of the full year. Detailed in our earnings release this morning, we expect net sales of between $650 million to $700 million, adjusted EBITDA of $53.5 million to $56 million, and adjusted net income of $16 million to $17.5 million. This guidance reflects continued top line growth, the full-year benefit of 2025 pricing actions, and a cost structure that has been reset to a lower base. It also reflects the costs associated with the Hagerstown transition, which are running through our P&L this year. We are continuing to invest in new product.

Dolly Parton sales grew by approximately 150% in fiscal 2025, and we expect substantial growth again in 2026. As discussed, this growth is across four of our product categories. This year, we will see an expansion of the value line beyond the dollar channel to several additional retailers across a couple of channels. On M&A, we continue to monitor the environment. We have observed reduced activity from financial buyers and lower valuation levels in certain segments. We are seeing real deal flow from businesses that need a larger platform for supply chain, systems, and the infrastructure required to navigate the current trade environment. We are actively evaluating opportunities.

As has been our practice, we will remain disciplined in our approach and only move forward with opportunities that provide returns that meet our investment criteria. We will provide additional information when we have something definitive to report. We plan to host an Investor Day later this year, targeting the fourth quarter. We look forward to providing a more comprehensive view of our multi-year strategy and the growth drivers we see ahead. Finally, we entered 2026 with momentum, a cleaner cost structure, and better visibility than we have had in some time.

The actions we took over the past two years—decisions that were not easy and that carried real short-term costs—are the reason we are standing here with a business that is growing on both the top and bottom line. We are focused on sustaining that. With that, I will turn the call over to Larry to review the financials in more detail. Thanks, Larry.

Larry Winoker: As we reported this morning, net loss for the first quarter 2026 was $4.8 million, or $0.22 per diluted share, compared to a net loss of $4.2 million, or $0.19 per diluted share, in 2025. Adjusted net income was $800,000 for the quarter, or $0.04 per diluted share, compared to an adjusted net loss of $5.3 million, or $0.25 per diluted share, in 2025. Loss from operations was $2.2 million in 2026, compared to income from operations of $1.1 million in the 2025 period. Adjusted income from operations for 2026 was $5.4 million, compared to a loss from operations of $900,000 in the 2025 period. The 2026 and 2025 periods exclude acquisition intangible amortization of $4.4 million.

Also, the 2026 period excluded expenses of $2.0 million for restructuring, $1.1 million for due diligence, and $100,000 for East Coast warehouse relocation. The 2025 period excluded a $6.4 million nonrecurring gain related to a litigation settlement. Adjusted EBITDA for the trailing twelve-month period ended 03/31/2026 was $52.7 million. Adjusted net income, adjusted income from operations, and adjusted EBITDA are non-GAAP measures which are reconciled to our GAAP measures in the earnings release. The following comments are for 2026 and 2025 unless stated otherwise. Consolidated net sales increased by 2.4% to $143.5 million. U.S. segment sales increased by 1.7% to $130.7 million.

The increase includes the higher selling prices that went into effect during 2025 to mitigate the impact of tariffs imposed on foreign-sourced products. Within the segment, product line increases primarily came from Home Solutions, attributable to Home Decor products in the dollar channel and warehouse club programs. This was partially offset by a decrease in tableware products. International segment sales increased by 10.6% to $12.8 million. Excluding the impact of foreign exchange translation, the increase was 2.5%, driven by higher sales in the Asia Pacific region and to UK nationals. Overall, gross margin increased to 37.7% from 36.1%. U.S. segment gross margin increased to 37.9% from 36.2%.

The improvement in the gross margin percentage was attributable to favorable product mix and higher selling prices, partially offset by higher tariffs. International gross margin increased to 36.7% from 35.3%, driven by favorable customer and product mix. U.S. segment distribution expenses as a percentage of goods shipped from our warehouses was 10.9% versus 11.9%. The improvement was attributable to higher sales resulting in a favorable impact on fixed expenses, lower variable labor as unit sales declined but were more than offset by higher dollar volume from higher selling prices, and lower facility supply expenses. This improvement was partially offset by higher freight rates.

International segment distribution expenses as a percentage of goods shipped from its warehouses improved to 23.2% from 25% last year. The improvement was due to higher sales resulting in a favorable impact on fixed costs and a decrease in inventory levels at third-party operated distribution facilities. This decrease was also partially offset by higher freight rates. Selling, general, and administrative expenses increased by 16.8% to $36.8 million. U.S. segment expenses decreased by $1.8 million to $28.2 million. The decrease was attributable to lower employee expenses, a lower provision for doubtful accounts, and lower advertising expenses. As a percentage of net sales, expenses decreased to 21.6% from 23.3%.

The decrease was due to the impact of fixed costs on higher sales volume. International SG&A remained the same at $3.7 million. Decreases in employee expenses and commissions were offset by foreign currency loss on non-sterling denominated net liabilities, and as a percentage of net sales, expenses decreased to 28.9% from 31.9%. Unallocated corporate expenses were $4.9 million, compared to income of $2.2 million in 2025. Excluding $1.1 million of due diligence expenses in the current period and a nonrecurring legal settlement gain of $6.4 million last year, corporate expenses would have been $3.8 million in the current period versus $4.2 million, a decrease of $400,000.

Restructuring expenses were $2.0 million in 2026, of which $1.2 million was for employee severance related to exiting the New Jersey distribution facility, $100,000 for the UK Project CONCORD, and $700,000 to downsize our sterling silver manufacturing operations in Puerto Rico. The high price of silver has made the sterling silver flatware business no longer viable. The facility will focus on ornaments and other profitable sterling silver products. Interest expense, excluding mark-to-market adjustments for swaps, decreased by $400,000 due to lower average outstanding borrowings, partially offset by higher interest rates. Income tax rates for the current and prior periods were 26% and 33.3%, respectively.

The difference in the 2026 rate compared to 2025 is primarily driven by nondeductible expenses and foreign losses for which no tax benefit is recognized, partially offset by federal tax credits. Our balance sheet strengthened during the 2026 quarter. During the period, we generated free cash flow of $30 million. This enabled us to reduce our net debt to $170 million, and at quarter end, the adjusted EBITDA to net debt ratio improved to 3.2 times. At quarter end, our liquidity was approximately $110 million, which included cash plus availability under our credit facility and receivable purchase agreement.

Lastly, we are pleased to report that our new East Coast distribution facility in Hagerstown, Maryland is in operation and beginning the process of receiving and shipping goods. We previously reported that the cost of the move to the new facility was on plan. We now feel confident that the spending will be favorable to that plan. This concludes our prepared comments. Operator, please open the line for questions.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star, then 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star, then 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Matt Coranda with Roth Capital. Please go ahead.

Matt Caranda: Hey, guys. Congrats on a nice quarter. Maybe just starting with the guidance for 2026, I wanted to hear a little bit more about the pricing assumption that you embedded in the growth for sales, and then any additional color on the way to think about demand between the U.S. versus international?

Rob Kay: For pricing, we did not bake into our 2026 view any incremental pricing related to further fluctuations. The pricing that we did in 2025 was all related to tariffs. That is an evolving situation, but it has stabilized, and there were phases of it. Throughout 2025, we reacted to that. We aim to be margin dollar neutral in passing through prices, not necessarily margin percent neutral, and we did that effectively. So in 2026, you get the full-year impact of those pricings, whereas in 2025 they were phased in. In terms of international, it is a small part of our business. The bulk of our financial results are based on North America and the U.S.

There is a tremendous overlap in products. As we restructured the business, we aligned the product offerings and product development. The fastest growing brand internationally is KitchenAid, where those products are designed in the U.S.—the same products we are selling throughout the world—and that is the fastest growing area. There is now much more alignment than we have ever had in the past. Does that answer the question, Matt?

Matt Caranda: That helps, Rob. Thank you. And then on the margin expansion contemplated in the full-year guide, at least on the adjusted EBITDA line, I wanted to hear about how you built the expectations for margin expansion—contribution from cost cutting you have done and the flow-through in the U.S. from growth. How does that feed into the expansion assumption for the full year? And also, is there any headwind that you are baking in from higher oil prices, component costs, or shipping in the 2026 guide?

Rob Kay: In terms of margin expansion, I believe you are talking about EBITDA and bottom line as opposed to gross margin, but I will comment briefly on gross margin. We look at things on a bottoms-up basis. Any fluctuations, particularly in any given quarter with actual results and as we look at the full year and what is baked into our guidance, are a function of channel mix and product mix. As we introduce new product, even if it replaces existing product, the new SKU may have a different margin, so that gets factored in. Channels also differ—club, off-price, mass, independent—so there is differentiation. We add it up, and then it is what it is.

If you look at the bottom line, while it is not terribly material to the whole, there is bigger improvement percentage-wise in the international business because that business was not making money, and we are driving that to make money. The U.S. business has always been highly profitable, and the majority of the increase in our bottom line—our EBITDA growth—is coming from the U.S. business. In both businesses, as we continue to grow the top line with a very streamlined infrastructure, a disproportionate amount is going to fall to EBITDA and cash flow. We get the benefit of using our overhead more efficiently. The challenges we had in the UK included too much overhead. The restructuring is addressing that overhead.

The infrastructure has changed to make it profitable, and that has been the anchor we are addressing with Project CONCORD. On headwinds, we are not seeing a COGS impact; the bigger driver is the global supply-demand imbalance. If you are sourcing product, you still have leverage, particularly when you can provide growth and more volume to factories that are looking for volume. However, we are seeing increased freight both domestically and ocean freight. Container rates are starting to go up. Unless there is a settlement in terms of the Middle East—which we are not predicting—it seems container rates will continue to increase driven by oil costs. We have baked that into the current analysis as best we can see it.

Matt Caranda: Appreciate the detail there, Rob. Maybe just one more from me. Have you seen any changes in behavior from your retail customers since the Iran conflict broke out in early March? Any more reticence to take inventory, or is it relatively business as normal? What are you seeing in demand trends from retail customers over the last couple of months?

Rob Kay: We have not really seen anything notable. Most retailers are very sophisticated with finance teams that track the general trends of the economy. We saw in 2024 and 2025 a lot of retailers change safety stock levels, which hurt shipments while they managed inventories more tightly. We are not seeing that now; that seems to have passed. There are channel differences—some retail channels are doing very well, some are not—but we have not seen anything incremental. We have seen more impacts on the supply side. There is a lot of competition, but some suppliers are hurting.

Our continued investment in new product development—at a time when there is less new product in the market—has helped us gain placement and position at our customer base, which we are seeing in our results now.

Operator: Our next question will come from Anthony Lebiedzinski with Sidoti & Company. Please go ahead.

Anthony Lebiedzinski: Good morning, and thanks for taking the questions, and nice to see the better-than-expected start to 2026. First, I wanted to follow up on the last comments you mentioned, Rob, regarding new products. Would you say that new product as a percentage of overall sales is meaningfully up versus where it had been historically? Help us understand the relevance of new products and how that impacted not just the quarter but your guidance for this year.

Rob Kay: We did not slow down our new product development through the gyrations of the last two to four years. Product development is a continuous cycle, and we believe we have positioned ourselves favorably as a result. If you look at Build A Board, which we talked about, its first big year was 2024, and it significantly grew our cutlery business. We are constantly looking at what is next for Build A Board, but there is not as much new product there in 2026. It went from zero in 2023 and grew to eight figures, so you are not seeing as much new growth there in 2026.

In Home Decor, there has been a lot of new product introduced that has been driving substantial growth. Throughout our portfolio we look at where we can bring new product, everything from highly disruptive to incremental. For example, if white-handle knives become popular, we introduce white-handle knives, now white-handle with some trim, on a knife we have always made. The buckets may have changed, but overall, the mix in terms of new product has not necessarily changed, except for calling out newness like Dolly Parton. Dolly Parton was nothing in 2023, then we had a little bit in 2024, $18 million in 2025, and it continues to grow—this is all a plus-one opportunity for us.

Anthony Lebiedzinski: That is very helpful color. Did you give the sales number for Dolly Parton for the first quarter?

Rob Kay: We did not. We were down in the Dolly Parton dollar channel in the first quarter. It is just timing.

Anthony Lebiedzinski: Got it. I also wanted to follow up about pricing. I know your guidance for the full year does not include any additional pricing increases, but when we look at the first quarter of this year versus the first quarter of last year, can you speak to pricing versus volumes for the first quarter alone?

Larry Winoker: Units were down but were made up for in dollar sales. The unit decline was in the single-digit percentages. The second quarter of 2025 was very soft on a volume basis, and that is past us.

Anthony Lebiedzinski: Lastly, as far as potential AIPA tariff refunds, how are you thinking about that? I assume it is not included in your guidance, but any color would be helpful.

Rob Kay: It is not included in our guidance, and we think appropriate GAAP is not to recognize any impact to the financial statements. We did pay $41.7 million, and we are, according to the Supreme Court of the United States and the Court of International Trade, entitled to a refund. While that may be done by June, the administration could appeal. There are tax implications as well. We have a refund of the tariffs that we paid, subject to a refund, of $41.7 million.

Anthony Lebiedzinski: That is definitely a very meaningful number. Thanks very much, and best of luck.

Rob Kay: Thanks, Anthony.

Operator: This concludes our question-and-answer session. I would now like to turn the call back over to Rob Kay for any closing remarks.

Rob Kay: Thanks, everyone, for listening in, for your interest, and for your support of Lifetime Brands, Inc. We look forward to future communication.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.