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S&P revises Lifetime view to stable
S&P said it revised its outlook for Lifetime Brands Inc. to stable from negative and affirmed its ratings, including the B+ issuer rating and BB- issue and 2 recovery ratings (70%) on its term loan.
“Following two years of annual sales decline, a 20% decrease relative to 2021 levels, we expect Lifetime will grow sales in 2024. We believe the company will benefit from stable point-of-sale (POS) trends and the full-year benefit of normalized retailer orders.
“Additionally, Lifetime has secured incremental new business in the U.S. and is expanding internationally. We also believe demand in the industry will be stable. We expect Lifetime's sales will grow about 2% in 2024, which will help the company deleverage further to our estimate of about 3.8x in fiscal 2024,” S&P said in a press release.
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