Lifetime Brands Inc (LCUT) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Lifetime Brands First Quarter of 2026 Earnings Conference Call. (Operator Instructions) 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.

各位女士、各位先生，早安，歡迎參加 Lifetime Brands 2026 年第一季財報電話會議。(接線員指示) 也請注意，本次會議將被錄音。現在我想介紹今天會議的主持人，[Jamie Kirchen]。Kirchen 先生，您現在可以開始。

Good morning, and thank you for joining Lifetime Brands 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 the call, I'd like to remind you that our remarks this morning may contain forward-looking statements that relate to the future 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.

早安，感謝各位參加 Lifetime Brands 2026 年第一季財報電話會議。今天與會的管理團隊成員包括執行長 Rob Kay，以及財務長 Larry Winoker。在我們開始之前，我想提醒各位，我們今天上午的發言可能包含前瞻性陳述，涉及公司未來發展；此等陳述旨在符合《私人證券訴訟改革法》所建立之安全港條款，以獲得責任豁免保護。

Any such statements are not guarantees of future performance and factors that could influence our results are highlighted in our earnings 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 development.

任何此類陳述均不保證未來績效；可能影響我們業績的因素已在我們的財報新聞稿中重點說明，其他因素則載於我們向美國證券交易委員會提交的申報文件中。此等陳述係基於截至本日公司可得之資訊，並可能因未來發展而有所變動。

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.

除法律要求外，公司不承擔更新此等陳述之任何義務。我們今天上午的發言以及財報新聞稿亦包含美國證券交易委員會依 Regulation G 所頒布之規定所定義的非 GAAP 財務衡量指標。

Included in such release is a reconciliation of these non-GAAP financial measures with 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.

該新聞稿中包含將這些非 GAAP 財務衡量指標與依 GAAP 計算之可比財務衡量指標進行調節（reconciliation）。在此開場之後，我想把電話交給 Rob Kay。Rob，請開始。

Thank you, and good morning. Continuing trends from the prior quarter, Life Time reported year-over-year growth in both top and bottom line. While 2025 was a difficult year for our industry, the actions Lifetime implemented on pricing, on cost, on supply chain and new product development have contributed to these results and continue to produce strong results, which have exceeded consensus expectations and most of our peer companies.

謝謝，各位早安。延續上一季的趨勢，Life Time 的營收與獲利（上、下線）皆呈現年增成長。雖然 2025 年對我們產業而言是艱難的一年，但 Lifetime 在定價、成本、供應鏈以及新產品開發方面所採取的行動促成了這些成果，並持續帶來強勁表現，超越市場一致預期以及我們多數同業公司。

Our first quarter results have continued this performance. Let me 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.

我們第一季的結果延續了這樣的表現。我將帶各位了解本季的驅動因素、我們對業務走向的看法，以及我們今天提供的全年財測指引之架構。

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 through this in more detail shortly.

第一季結果反映年增成長。淨銷售額與 EBITDA 皆較去年同期成長。我們的表現優於多數上市同業並超越分析師一致預期；Larry 稍後會更詳細說明。

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.

這些結果部分反映了我們已推動的行動與策略。過去兩年，我們持續聚焦於可控事項：成本紀律、定價執行、新產品投資與營運效率。

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.

在本季許多同業仍持續面臨挑戰之際，這些努力促成了我們的表現。我想補充一些背景。我們在 2025 年全年推動的漲價措施，雖在短期對銷量造成影響，但如今已反映在我們的定價結構與客戶關係之中。由於關稅政策採分階段實施，我們在 2026 年相較於 2025 年（當時仍在逐步導入）正看到更完整的影響。我們預期這些因素將持續支撐我們的表現。

There are a few main factors that have been driving growth. Kitchen tools remains our largest category. It 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.

推動成長的主要因素有幾項。廚房工具仍是我們最大的品類。本季表現強勁。Farberware 在所有通路持續表現良好。KitchenAid 方面，過去兩年我們在沃爾瑪（Walmart）吸收了相當程度的市占重置影響，目前正在復甦。

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.

我們以新產品重新推出 Farberware 廚房工具產品線，並近期導入 KitchenAid 收納系列，初期市場接受度強勁。成長軌跡正在改善，我們預期在 2026 年剩餘期間將持續進展。

Home decor also had a very strong quarter and continues 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 Macassa and Elements, and that investment is generating real results.

家居裝飾本季也表現非常強勁，並持續成長。幾年前這項業務對我們而言幾乎可忽略不計（de minimis）。我們在品牌產品開發方面採取審慎策略，包括 Macassa 與 Elements，而這些投資正產生實質成果。

The club and dollar channels have become a meaningful driver 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 that builds on itself.

會員制量販（club）與一元店（dollar）通路也成為重要的成長驅動力。我們家居裝飾方案在這些通路的終端銷售（sell-through）表現強勁。當 Circana 的數據反映出這樣的表現時，其他零售商也會注意到，進而形成帶動式需求（pull-through demand），並產生自我強化的成長動能。

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.

我們的居家解決方案（Home Solutions）事業部（包含家居裝飾）本季成長 22.9%，主要由一元店通路與倉儲量販（warehouse club）方案的銷售提升所帶動。我們在先前電話會議中提到的 Dolly Parton 品牌，持續在家居裝飾、刀具、餐具與廚房工具等品類，對成長做出重要貢獻。

We shipped approximately $18 million under Dolly in 2025 and expect substantial growth in the Dolly 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 the tariff implementation, which resulted in lost shipments for 2025. We saw shipments normalizing beginning in the fourth quarter of last year 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.

我們在 2025 年以 Dolly 品牌出貨約 1,800 萬美元，並預期 2026 年 Dolly 品牌將大幅成長。最後，如同我們先前所討論，我們持續看到餐具（flatware）銷售自 2025 年因關稅實施所造成的干擾中回升；該干擾導致 2025 年出貨流失。我們自去年第四季起看到出貨逐步正常化，並延續至 2026 年。電商在本季初下滑，主要受與 Amazon 的年度談判影響，以及我們在評估 2026 年計畫期間於本季降低廣告支出所致。

Trends improved in March, and 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. Builder 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 remains stable.

3 月趨勢有所改善，相關行動已完成，我們在第二季初也持續看到改善。我們預期電商將在全年成長中扮演貢獻者角色。在刀具（cutlery）方面，這是我們過去幾年持續成長的品類，但本季出現年減。Builder Board 是我們兩年前推出的產品線，持續對獲利做出貢獻，並仍是一項強勁且具獲利性的業務。不過，本季我們看到一些回歸常態（normalization）。核心業務仍維持穩定。

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.

我們正在刀具產品線導入新產品，並預期該品類仍具吸引力，並支撐整體成長。我們的國際業務本季年增成長，並延續獲利能力改善的趨勢。

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 toward breakeven.

此成長發生在歐洲終端市場環境充滿挑戰的情況下，尤其是在英國，並在一定程度上反映了我們將銷售版圖從過去以獨立零售商為主的銷售重心，擴展至全國性客戶（national accounts）的努力。我們在國際業務的最終損益仍未達到損益兩平，但我們已朝損益兩平取得進展。

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.

Project Concord（協和計畫）作為我們的國際重整計畫，其最後階段在2025年遇到一些法律與結構性的延宕。我們預期這些問題將在今年上半年完全解決，並預期完成這項工作將有助於改善財務表現。

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.

我想直接談談總體環境，因為我知道這是大家最關心的議題。我們已經超過兩年以來，主動且系統性地管理關稅曝險。在此期間，我們已將採購版圖從中國分散至其他地區。

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, 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 the majority of our product supply from China as the tariff adjusted cost of goods sold was more favorable.

在此期間，我們是同業中最早實施漲價的公司之一；這在2025年對銷量造成短期影響，但支撐了我們的毛利結構。我們的供應鏈設計具備彈性，可隨貿易經濟條件演變而在不同地區間轉移生產。雖然我們已在中國以外建立具規模的製造產能，但在2025年，由於關稅調整後的銷貨成本更具優勢，我們仍主要自中國採購大部分產品供應。

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.

我們預期這將會演變，且隨時間推移，我們預期自其他既有地區的採購占比將提高。就更廣泛的銷貨成本而言，我們尚未因近期地緣政治發展而在樹脂或運費成本上遭遇重大影響。

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.

我們維持長期運輸合約；雖然在運價急遽上升期間可提供一定程度的保護，但我們相信我們已具備條件以降低並因應運費成本的變動，包括與中東局勢發展相關的變動。

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 is 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 million 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.

由於該地區戰爭相關的干擾，我們對中東的銷售可能會下降，但我們對該地區的銷售額並不顯著，每年低於100萬美元。我們將東岸配送中心遷至馬里蘭州黑格斯敦（Hagerstown）的計畫按進度進行。該設施約100萬平方英尺，較我們目前的新澤西設施新增約327,000平方英尺的增量產能，且該設施目前已投入營運。此專案的資本支出與營運成本均低於我們的估算。

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 for future growth and cost efficiency.

我們將在新設施導入倉儲管理系統（WMS），該系統先前已在我們的西岸配送中心導入，並在當地提升了人力效率。黑格斯敦配送設施的建立，預期將使Lifetime在未來成長與成本效率方面具備更佳定位。

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.

接下來我花一些時間談談我們對全年表現的看法。如我們今早的財報新聞稿所述，我們預期淨銷售額介於6.5億至7億美元，調整後EBITDA介於5,350萬至5,600萬美元，調整後淨利介於1,600萬至1,750萬美元。此指引反映營收持續成長、2025年定價措施帶來的全年效益，以及已重設至較低基準的成本結構。

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 year 2025, and we expect substantial growth again in 2026. As discussed, this growth is across 4 of our product categories. This year, we will see an expansion of the Dolly line beyond the dollar channel to several additional retailers across a couple of channels.

此外也反映與黑格斯敦轉換相關的成本，這些成本今年將反映在我們的損益表中。我們持續投資新產品。Dolly Parton產品在2025會計年度的銷售成長約150%，我們預期2026年仍將再度大幅成長。如前所述，此成長橫跨我們4個產品類別。今年，我們將把Dolly產品線從美元通路（dollar channel）擴展至另外幾個通路中的多家零售商。

On M&A, we continue to monitor the M&A 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, for systems for 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.

在併購（M&A）方面，我們持續關注併購環境。我們觀察到財務型買家活動減少，且部分細分領域的估值水準下降。我們也看到確實的交易案源，來自那些需要更大平台以支援供應鏈、系統，以及因應當前貿易環境所需基礎設施的企業。我們正積極評估相關機會。一如既往，我們將維持紀律，只會推進能提供符合我們投資標準報酬的機會。

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 of this year. We look forward to providing a more comprehensive view of our multiyear strategy and the growth drivers we see ahead.

當我們有明確可報告的事項時，將提供更多資訊。我們計畫在今年稍晚舉辦投資人日，目標在今年第四季。我們期待提供更全面的多年期策略觀點，以及我們所看到的未來成長動能。

Finally, and I will close with this, 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.

最後，我就以此作結：我們帶著動能進入2026年，成本結構更精簡，且能見度也比過去一段時間更佳。過去兩年我們所採取的行動——那些不容易、且帶來真實短期成本的決策——正是我們今天能站在這裡，擁有一個在營收與獲利（上、下線）皆成長的事業的原因。

We are focused on sustaining that. With that, I'll turn the call over to Larry to review the financials in more detail.

我們將專注於維持這樣的態勢。接下來我把電話會議交給Larry，請他更詳細地說明財務狀況。

Thanks, Rob. As we reported this morning, net loss for the first quarter of 2026 was $4.8 million or $0.22 per diluted share compared to the net loss of $4.2 million or $0.19 per diluted share in the first quarter of 2025. Adjusted net income was $800,000 for the first quarter of 2026 or $0.04 per diluted share compared to adjusted net loss $5.3 million or $0.25 per diluted share in '25.

謝謝，Rob。如我們今早所報告，2026年第一季淨損為480萬美元，或稀釋後每股虧損0.22美元；相較之下，2025年第一季淨損為420萬美元，或稀釋後每股虧損0.19美元。2026年第一季調整後淨利為80萬美元，或稀釋後每股盈餘0.04美元；相較之下，2025年調整後淨損為530萬美元，或稀釋後每股虧損0.25美元。

Loss from operations was $2.2 million in the first quarter of '26 compared to income from operations of $1.1 million in the 2025 period. Adjusted income from operations for the first quarter of 2026 was $5.4 million compared to a loss from operations of $900,000 in the 2025 period.

2026年第一季營業損失為220萬美元，相較於2025年同期營業利益110萬美元。2026年第一季調整後營業利益為540萬美元，相較於2025年同期營業損失90萬美元。

The '26 and '25 periods exclude acquisition intangible amortization of $4.4 million. Also, the 2026 period excluded expenses of $2 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.

2026年與2025年期間均排除併購無形資產攤銷440萬美元。此外，2026年期間排除重整費用200萬美元、盡職調查費用110萬美元，以及東岸倉庫搬遷費用10萬美元。2025年期間排除與訴訟和解相關的一次性收益640萬美元。

Adjusted EBITDA for the trailing 12-month period ended March 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.

截至2026年3月31日止的過去12個月，調整後EBITDA為5,270萬美元。調整後淨利、調整後營業利益與調整後EBITDA為非GAAP衡量指標，並已在財報新聞稿中與我們的GAAP指標進行調節。

The following comments are for the first quarter of 2026 and 2025, unless stated otherwise. Consolidated net sales increased by 2.4% to $143.5 million. US segment sales increased by 1.7% to $130.7 million. The increase includes the higher selling prices that went into effect during the third quarter of 2025 to mitigate the impact of tariffs imposed on foreign-sourced products.

以下評論係針對2026年及2025年第一季（除非另有說明）。合併淨銷售額增加2.4%至1.435億美元。美國事業部銷售額增加1.7%至1.307億美元。此增幅包含為減輕對外國來源產品加徵關稅影響而於2025年第三季生效的較高售價。

Within the segment product line increase primarily came from Home Solutions attributable to home decor products in the dollar channel and warehouse club programs. This is 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 the UK nationals.

在該事業部內，產品線的成長主要來自Home Solutions，歸因於美元通路及倉儲會員店方案中的家居裝飾產品。此成長部分被餐具產品的下滑所抵銷。國際事業部銷售額增加10.6%至1,280萬美元。若排除外幣換算影響，增幅為2.5%，主要由亞太地區及對英國客戶的較高銷售所帶動。

Overall, gross margin increased to 37.7% from 36.1%. US 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.

整體而言，毛利率由36.1%提高至37.7%。美國事業部毛利率由36.2%提高至37.9%。毛利率百分比的改善歸因於有利的產品組合及較高的售價，部分被較高的關稅所抵銷。國際毛利率由35.3%提高至36.7%，主要受惠於有利的客戶與產品組合。

U.S. segment distribution expenses as a percentage of goods shipped from its 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.

美國事業部配送費用占自其倉庫出貨商品的比例為10.9%，去年同期為11.9%。改善主要歸因於較高銷售對固定費用帶來有利影響、單位銷量下滑使變動人力成本降低（但被較高售價帶來的較高美元銷售額所大幅抵銷），以及較低的設施用品費用。此改善部分被較高的運費費率所抵銷。國際事業部配送費用占自其倉庫出貨商品的比例由去年的25%改善至23.2%。

The improvement was due to higher sales resulting in a favorable impact on fixed expenses 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.

改善係因較高銷售對固定費用帶來有利影響，以及第三方營運配送設施的庫存水位下降。此下降亦部分被較高的運費費率所抵銷。銷售、一般及行政費用增加16.8%至3,680萬美元。美國事業部費用減少180萬美元至2,820萬美元。

The decrease in expenses was attributable to lower employee expenses and the provision for doubtful accounts and 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.

費用下降歸因於員工費用降低，以及呆帳準備與廣告費用減少。以淨銷售額百分比計，費用由23.3%降至21.6%。下降係因較高銷售量攤薄固定成本的影響。國際SG&A維持不變，為370萬美元。員工費用與佣金的下降，被非英鎊計價淨負債所產生的外幣損失所抵銷。

And as a percentage of net sales, expenses decreased to 28.9% from 31.9%. The decreased percentage was attributable to the impact of fixed costs on higher sales volume. Unallocated corporate expenses were $4.9 million compared to income of $2.2 million in 2025.

且以淨銷售額百分比計，費用由31.9%降至28.9%。百分比下降歸因於較高銷售量攤薄固定成本的影響。未分攤之公司費用為490萬美元，2025年則為收入220萬美元。

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. That's a decrease of $400,000.

若排除本期110萬美元的盡職調查費用，以及去年一次性法律和解收益640萬美元，公司費用本期將為380萬美元，去年同期為420萬美元。相當於減少40萬美元。

Restructuring expenses were $2 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.

2026年的重整費用為200萬美元，其中120萬美元為退出新澤西配送設施相關的員工資遣費、10萬美元用於英國Concord專案，以及70萬美元用於縮減我們在波多黎各的Sterling Silver製造營運。白銀價格高漲使Sterling Silver餐具業務不再具備可行性。

The facility will focus on ornaments and other profitable Sterling Silver products. Interest expense, excluding mark-to-market adjustment for swaps, decreased by $400,000 due to lower average outstanding borrowings, partially offset by higher interest rates.

該設施將聚焦於飾品及其他具獲利性的Sterling Silver產品。利息費用（不含交換合約按市價評價調整）因平均未償借款較低而減少40萬美元，部分被較高利率所抵銷。

Income tax rate for the current and prior periods were 26% and 3.3%, 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.

本期與前期的所得稅率分別為26%與3.3%。2026年稅率相較2025年的差異，主要由不可扣抵費用及未認列稅務利益的海外虧損所致，部分被聯邦稅額抵減所抵銷。我們的資產負債表在2026年該季度期間有所強化。期間內，我們創造了3,000萬美元的自由現金流。這使我們得以將淨負債降至1.70億美元。

And at quarter end, the adjusted EBITDA to net debt ratio improved to 3.2x. At quarter end, our liquidity was approximately $110 million, which included cash plus availability under our credit facility and receivable purchase agreement.

且於季末，調整後EBITDA對淨負債比率改善至3.2倍。季末，我們的流動性約為1.10億美元，包含現金、以及我們的信貸額度與應收帳款購買協議下的可用額度。

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.

最後，我們很高興報告位於馬里蘭州黑格斯敦（Hagerstown）的新東岸配送中心已投入營運，並開始收貨與出貨流程。我們先前曾報告搬遷至新設施的成本符合計畫。我們現在有信心支出將優於該計畫。

This concludes our prepared comments. Operator, please open the line for comments for questions.(Operator Instructions) And our first question here will come from Matt Koranda with ROTH Capital.

以上為我們預先準備的評論。接線員，請開放線路供提問。（接線員指示）我們的第一個問題將由ROTH Capital的Matt Koranda提出。

Congrats on a nice quarter. Maybe just starting with the guidance for '26. Just wanted to hear a little bit more about the pricing assumption that you embedded in the growth for sales. And then just any additional color on sort of the way to think about demand between the US versus international?

恭喜交出一個不錯的季度表現。或許先從2026年的指引開始。想再多聽一些你們在銷售成長中所內含的定價假設。另外，能否再補充一些關於如何看待美國與國際之間需求的差異？

So for pricing, we didn't bake in, in our 2026 view any incremental pricing related to further fluctuations and the pricing that we did do in 2025 were all related to tariffs. That's an evolving situation, but it has stabilized. And there were phases of it. And throughout 2025, we reacted that. Again, we aim to be margin dollar neutral in passing through prices, not necessarily margin percent neutral.

就定價而言，我們在對2026年的看法中，並未納入任何因進一步波動而產生的額外漲價；而我們在2025年所做的定價調整皆與關稅相關。那是一個持續演變的情況，但已趨於穩定。而且它分階段進行。在整個2025年，我們都據此做出反應。再次強調，我們在轉嫁價格時的目標是讓毛利金額（margin dollar）維持中性，而不一定是毛利率百分比（margin percent）中性。

And we did that effectively. So in 2026, you get the impact because you're getting the full year impact of those pricings were in 2025, they were phased in. So there's far less than that. In terms of international, Matt, it's a small part of our business. The bulk of our financial results are based off of North America and the U.S.

而我們確實有效地做到了。因此在2026年，你會看到影響，因為你將取得2025年那些分階段導入的定價之全年效果。所以相較之下，新增的幅度就小得多。至於國際部分，Matt，它在我們業務中占比不大。我們的財務結果大部分仍以北美與美國為主。

There's -- I'm not sure exactly the question. There's a tremendous overlap in products. There's historically more of a divergence. But as we've restructured the business, we've done it to -- one of the things we've done is aligned the product offerings and aligned the product development. So there's a big overlap.

我不太確定問題是什麼。產品之間有非常大的重疊。過去歷來差異更大。但隨著我們重整業務，我們做的一件事就是讓產品供應更一致，並讓產品開發更一致。所以重疊度很高。

For instance, the fastest-growing brand that we have internationally is Kitchen, where those products are all designed in the US, the same products that we're selling over throughout the world, and that's the fastest-growing area. So there is now much more alignment than we've ever had in the past where there was more separation between the business lines -- business units, sorry. Does that answer that question, Matt? I don't know I forgot.

例如，我們在國際市場成長最快的品牌是 Kitchen；那些產品全部都在美國設計，我們在全球各地銷售的也是同樣的產品，而那是成長最快的領域。因此，現在的對齊程度比過去任何時候都高；過去各條業務線——業務單位，不好意思——之間分得更開。Matt，這有回答你的問題嗎？我不知道，我忘了。

Yes. No, that helps, Rob. And then I guess the margin expansion that is contemplated in the full year guide, at least on the adjusted EBITDA line, I wanted to hear a little bit about the way you guys built the expectations for margin expansion contribution from the cost cutting you've done in international versus just flow-through in the US from good growth. wanted to hear how that kind of feeds into the expansion assumption for the full year? And then also, if there's any headwind that you're baking in from higher oil prices, component costs or shipping or anything like that in the '26 guide, that would be helpful.

有。不，這很有幫助，Rob。然後我想，全年指引中所預期的利潤率擴張，至少在調整後 EBITDA 這一行，我想多聽一些你們是如何建立對利潤率擴張的預期：其中來自國際業務已做的成本削減的貢獻，與美國因良好成長帶來的自然流入（flow-through）各占多少？想聽聽這如何反映到全年擴張假設中？另外，如果你們在 2026 年指引中有納入任何逆風，例如油價上升、零組件成本或運輸等，也請說明，會很有幫助。

Yes. So in terms of margin expansion, I believe you're talking about really EBITDA and bottom line as opposed to gross margin, but I'll just comment briefly on gross margin. Gross margin is -- we look at things on a bottoms-up basis. So any fluctuation, particularly in any given quarter with actual results and also as we look at the full year and what's baked into our guidance is a function of channel mix and product mix, right? So as we introduce new product, it may -- even if it's replacing existing products.

是的。就利潤率擴張而言，我相信你指的是 EBITDA 與最終獲利，而不是毛利率；不過我先簡短評論一下毛利率。毛利率——我們是以自下而上的方式來看。因此，任何波動，特別是在單一季度的實際結果，以及我們看全年、並納入指引的內容，都是通路組合與產品組合的函數，對吧？所以當我們推出新產品時，它可能——即使是在替換既有產品。

So it could be a cut reset that's introducing another cut reset, but the new SKU is a little different. It will be of a different margin. So that gets factored in. And channel is different, right? When you club, off-price, mass, independent.

因此可能是一次「裁切重置」（cut reset）又引入另一個裁切重置，但新的 SKU 略有不同。它的毛利率會不同。所以這會被納入考量。而通路也不同，對吧？像是倉儲會員店（club）、折扣通路（off-price）、大眾量販（mass）、獨立通路（independent）。

So there's all those -- there's differentiation. So we add it up and then it is what it is. There is -- if you look at the bottom line, while again, it's not terribly material to the whole, but there's bigger improvement percentage-wise to the international business because that business wasn't making money, and we're driving that to the opposite direction to make money.

所以有各種——有差異。我們把它們加總起來，結果就是如此。如果看最終獲利，雖然同樣地，對整體而言不是特別重大，但國際業務的改善幅度（以百分比計）更大，因為那個業務原本不賺錢，而我們正把它推向相反方向、讓它開始賺錢。

So whereas the US business has always been highly profitable and the majority of the increase in our bottom line, our EBITDA growth is coming from the US business, where in both businesses, as we continue to grow the top line with a very streamlined infrastructure, as we had talked about, a disproportion of that amount is going to fall to EBITDA, fall to cash flow.

相較之下，美國業務一直都高度獲利，而且我們最終獲利的增加、EBITDA 的成長，大部分都來自美國業務；同時在兩個業務中，隨著我們在非常精簡的基礎設施下持續成長營收（如我們先前談到的），其中不成比例的一部分將會落到 EBITDA、落到現金流。

So we get the benefit of that using our overhead more efficiently. As a matter of fact, the challenges we've had in the UK is there was too much overhead to feed the business. So the restructuring is addressing that overhead.

因此我們能受益於更有效率地運用管理費用（overhead）。事實上，我們在英國遇到的挑戰是：為了支撐業務，管理費用太高。所以這次重整正在處理那部分的管理費用。

So the infrastructure has changed to make it more profitable or to make it profitable. And that's been really the anchor, so to speak, in that business, and that's what we're addressing, and that's what Project Concord is attacking. I think those are the questions.

因此，基礎設施已經改變，以提高獲利能力，或讓它變得能獲利。而那一直是該業務的「錨」，可以這麼說；這正是我們在處理的，也是 Concord 專案正在攻克的部分。我想這些就是那些問題。

Yes. I appreciate the detail there, Rob. Maybe just one more for me. Curious if you've seen or if you could kind of note out any changes in behavior from your retail customers, if there is anything notable at all since the Iran conflict broke out in early March? Just curious if there's any more reticence to take inventory or if it's relatively business as normal. Just wanted to hear a little bit about sort of the demand trends that you're seeing from retail customers over the last couple of months.

是的。Rob，我很感謝你提供的細節。我可能再問最後一個。想了解自從 3 月初伊朗衝突爆發以來，你是否看到、或能否概述你們零售客戶行為上的任何變化？只是好奇是否有更不願意進貨、或基本上仍是照常運作。想聽聽過去幾個月你們從零售客戶端看到的需求趨勢。

Sure. Before I answer that, I realize there was a piece of your last question I did not answer in terms of headwinds. So we are seeing a COGS impact, and I think you're seeing a bigger driver in the global supply-demand imbalance. So it's still -- if you are sourcing product, you still have a lot of leverage, particularly when you can provide growth and more volume to factories that are just looking for volume. So you're seeing that.

當然。在回答之前，我意識到你上一個問題中有一部分我沒有回答，關於逆風。所以我們確實看到銷貨成本（COGS）的影響，而我認為更大的驅動因素是全球供需失衡。因此目前仍然——如果你在採購產品，你仍然有很大的議價能力，特別是當你能為工廠帶來成長與更大產量，而工廠只是想要產量的時候。所以你會看到那種情況。

But we are seeing -- and Larry mentioned in his comments, we are seeing increased freight, both domestically and ocean freight. So container rates are starting to go up. We are unless -- which we're not predicting, there is some settlement in terms of the Middle East, it seems to us that container rates will continue to increase driven by freight cost -- excuse me, oil cost. So we have baked that into our analysis in terms of best we can see. In terms of retailer behavior, we haven't really seen anything.

但我們也看到——Larry 在他的評論中提到——我們看到運費上升，包括國內運輸與海運。所以貨櫃運價開始上升。除非——我們並不預測——中東局勢出現某種程度的和解，依我們看來，貨櫃運價將會持續上升，主要由運輸成本——抱歉，是油價成本——所驅動。因此就我們目前能看到的最佳情境，我們已把這點納入分析。至於零售商行為，我們其實沒有看到任何變化。

There was a tremendous amount. Look, most retailers are very sophisticated with very sophisticated finance areas that tracks the general trends of the economy. And we had seen a lot and saw a lot in 2025 and starting in 2024, a lot of retailers changed safety stock levels and that hurts you -- they're buying less. And there was a period of time that hurt our shipments because they're buying less because of managing their inventories more tightly. We are not seeing that.

之前曾有非常多。你看，多數零售商都非常成熟，財務部門也很成熟，會追蹤整體經濟趨勢。我們在 2025 年、以及 2024 年初看到很多零售商調整安全庫存水位，這會傷到你——因為他們買得更少。有一段時間這影響了我們的出貨，因為他們為了更嚴格地管理庫存而買得更少。我們現在沒有看到那種情況。

That kind of seem to have passed through, right? We can only do that so long. And there has been -- there's a lot of channel differentiations. Some retail channels are doing very well, some are not. But we have not seen anything.

那似乎已經過去了，對吧？大家也只能那樣做一段時間。而且通路之間有很大的差異。有些零售通路表現很好，有些則不然。但我們沒有看到任何特別的變化。

We've also seen more impacts on the supply side where -- look, there's a lot of competition out there, but people are hurting. And we believe that our continued investment in new product development where there's a lot less new product there has helped us gain placement and position at our customer base, which we're seeing in our results.

我們也看到更多來自供給端的影響——你看，市場競爭很激烈，但很多人日子不好過。我們相信，我們持續投資於新產品開發；在市場上新產品更少的情況下，這幫助我們在客戶群中取得上架（placement）與更好的位置，而這也反映在我們的業績結果中。

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

Nice to see the better-than-expected start to 2026. So first, I just wanted to follow up on one of the last comments you mentioned, Rob, as far as new products. So would you say that now that new products as a percentage of overall sales, are they meaningfully up versus where they had been historically? Just maybe help us better understand as far as the relevance of new products and how that impacted not just the quarter, but your guidance for this year?

很高興看到 2026 年的開局優於預期。首先，我想就你剛才提到的最後幾點之一跟進一下，Rob，關於新產品。那麼你會說，現在新產品占整體銷售的比例，相較於過去歷史水準是否有顯著提升？也請協助我們更好理解新產品的重要性，以及這如何影響不只是本季，還有你們今年的指引？

So I think more of the issue is we didn't slow down our new product development through all the gyrations that have happened over the last two to four years, right? Product development is a continuous cycle. And I think we've positioned ourselves favorably, we believe, as a result of that. If you look at Builder Board, right, which we talked about, right, I mean, that was really introduced its first big year with 2024, and it tremendously grew our cutlery business, right? And so we're constantly looking at what's next with Builder Board, but there's not as much new product there in 2026.

我認為更大的問題在於，過去兩到四年發生的各種波動之中，我們並沒有放慢新產品開發的腳步，對吧？產品開發是一個持續循環。而我認為因此我們把自己放在一個有利的位置，我們是這麼相信的。如果你看 Builder Board，對吧，我們也談過，對吧，我是說，它在 2024 年才算真正推出並迎來第一個大年，並且大幅帶動了我們的餐具業務成長，對吧？所以我們一直在看 Builder Board 的下一步，但在 2026 年那邊的新產品就沒有那麼多。

There is, but it went from 0, right? If you look at 2023 and grew to eight figures -- so you're not seeing as much new growth there in 2026. Whereas in home decor, there's been a lot of new products that we've introduced that have been driving substantial growth. We look throughout our portfolio, and we're constantly looking at where we can bring in new product, everything from highly disruptive to just lipstick on a pig. And what I mean by that is just looking at trends, right?

還是有的，但它是從 0 開始，對吧？如果你看 2023 年，然後成長到八位數——所以你在 2026 年不會看到那麼多新的成長。相較之下，在家居裝飾（home decor）方面，我們推出了很多新產品，帶動了相當可觀的成長。我們檢視整個產品組合，並持續尋找可以導入新產品的地方，從高度顛覆性的創新到只是「在舊東西上塗口紅」都有。我這麼說的意思是，我們就是在看趨勢，對吧？

We have a trend group. And if white handled knife became very popular, we started to introduce white handled knife. Now it's white handled with some trim, a little metal. And that's -- but we're putting that on a knife that we've always made, right? It's just looking a little different.

我們有一個趨勢團隊。如果白色刀柄的刀變得很受歡迎，我們就開始推出白色刀柄的刀。現在則是白色刀柄再加上一些裝飾邊、一些金屬元素。而那——但我們是把這些設計放在我們一直以來都在做的那把刀上，對吧？只是外觀稍微不一樣。

So there's various levels, and we're constantly doing that. So there's -- the buckets may have changed, but overall, the mix in terms of new product has not necessarily changed. Again, except taking out newness, Dolly Parton was nothing in 2023, right? We had a little bit in '24, $18 million in '25 continues to grow, and that's all plus one opportunity for us.

所以有不同層次，而我們一直在做這些事。所以——分類可能變了，但整體而言，新產品在組合中的占比不一定有改變。再說一次，除了把「新」拿出來看，Dolly Parton 在 2023 年是零，對吧？我們在 2024 年有一點，2025 年是 1,800 萬美元且持續成長，而這對我們來說都是額外的增量機會。

Got you. That's very helpful color. And then did you give the sales number for Dolly Parton for the first quarter?

了解。這些補充說明非常有幫助。那你們有提供 Dolly Parton 第一季的銷售數字嗎？

We did not. I can't tell you that I was saying 8. We were also -- we were down in Dolly and the dollar channel in the first quarter. It's just timing.

我們沒有。我只能告訴你，我剛才說的是 8。另外——我們在第一季的 Dolly 以及美元通路（dollar channel）是下滑的。這只是時點問題。

Okay. Got you. Okay. And then I just wanted to follow up about pricing. So I know your guidance for the full year is not including any additional price increases. But when we look at the first quarter of this year versus the first quarter of last year, which the year ago period was before Liberation Day. So just on a comparable period level, was there any -- can you just speak to pricing versus volumes just for the first quarter alone?

好的。了解。好的。接著我想再追問一下定價。我知道你們對全年指引不包含任何額外的漲價。但如果我們看今年第一季相較去年第一季，而去年同期是在 Liberation Day 之前。所以就可比期間而言，第一季單季是否有——你能否談談第一季的價格與銷量（volumes）各自的情況？

Yes. That's always a tough one. Certainly, units were down. We was made up with the dollar in dollar sales. It's in the single-digit percentages, the unit decline.

可以。這一直是個難題。確實，出貨量（units）是下降的。但以美元計的銷售額把它補回來了。以件數來看，下滑幅度是個位數百分比。

And the second quarter was a disaster in '25, that's past us.

而 2025 年第二季是一場災難，那已經過去了。

Right.

對。

On a volume basis.

就量（volume）而言。

Right, right. And lastly, as far as potential AEPA tariff refunds, how are you guys thinking about that? I assume it's not included in your guidance, but maybe if you could just speak to that.

對，對。最後，關於潛在的 AEPA 關稅退稅，你們是怎麼看待的？我猜這不在你們的指引裡，但也許你可以談談。

No, it is not included in our guidance, and we think appropriate GAAP is not to recognize any impact to the financial statements. We are -- we did pay $41.7 million, and we're legally according to the Supreme Court of the United States, entitled and the Court of International Trade, a refund to that. But while that may be done by June, the administration could appeal. There's a lot. Garden for can pass, let alone, you have to pay taxes on that.

沒有，這不包含在我們的指引中，而且我們認為依照適當的 GAAP，不應在財務報表中認列任何影響。我們——我們確實支付了 4,170 萬美元，並且依據美國最高法院以及國際貿易法院的裁定，我們在法律上有權獲得退還。但即便可能在 6 月完成，政府仍可能上訴。變數很多。而且就算退稅通過，你還得為此繳稅。

But we have a refund of the tariffs that we paid subject to a refund is $41.7 million, not that we know it all.

但我們已支付、且可能退還的關稅金額是 4,170 萬美元，不是說我們什麼都確定。

Right. That's definitely a very meaningful number. So all right. So we'll stay tuned on that.

對。那確實是一個非常可觀的數字。好。那我們就持續關注後續進展。

And this concludes our question-and-answer session. I'd now like to turn the call back over to Rob Kay for any closing remarks.

我們的問答環節到此結束。接下來我想把電話交回給 Rob Kay，請他做結語。

Thanks, Joe. As always, thanks, everyone, for listening in, for your interest and for your support of Lifetime Brands, and we look forward to future communication.

謝謝你，Joe。一如往常，感謝各位收聽、關注並支持 Lifetime Brands，我們期待未來再與各位溝通。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷電話。