With LCUT operating in a dynamic tariff environment which included delayed shipments to retailers this spring, Lifetime Brands posted a sales decline of 6.9% to $131.9 million in 2Q:25; we had expected $137.4 million. On a brighter note, gross margin and operating margin were ahead of our forecasts, although an unusually high tax expense resulted in LCUT reporting an adjusted loss of $0.50 per share versus our estimated loss of $0.17 per share. While some of the delayed orders will be shipped in 2H:25, others will shift to 2026. Considering the 2Q:25 variance and reduced revenue and margin forecasts for 2Q:25, we now expect an adjusted loss of $0.29 per share in 2025 compared to our previous estimate of EPS of $0.14. Otherwise, we maintain our annual 2026 EPS estimate of $0.55 (albeit with fine-tuned quarterly expectations). We assign a moderate risk rating given our expectation for an earnings recovery in 2026 and ample free cash flow prospects.