CORRECTION: Libbey Goes from Profit to Loss in Q1

LibbeyTOLEDO, Ohio-With sales slipping and costs rising, Libbey reported a first-quarter net loss of $3.4 million, compared to net income of $2 million in the first quarter of last year.

Net sales were down 1 percent to $181.6 million in the quarter, which ended on March 31. Sales in Libbey's Americas segment were down 1.3 percent, including an 8.1 percent decline in sales to the retail channel offset by an 8.2 percent gain in sales to the business-to-business channel. Stephanie Streeter, Libbey's CEO, said U.S. sales felt the impact of the severe weather through much of the country in January and February.

Sales in its Europe-Middle East-Africa segment were up 0.5 percent, while sales in its U.S. sourcing segment edged up 1.1 percent.

Gross margin fell 519 basis points to 17.7 percent in the quarter. Selling, general and administrative expenses climbed 9.4 percent in dollars and 150 basis points as a percentage of sales, to 15.8 percent. Streeter said, "Higher energy costs, both in natural gas and electricity, packaging price increases and currency fluctuation, largely in the Americas, provided headwinds in the quarter."

Looking ahead, she said the company has improved its cost position and is focused on maintaining margin increases and profitable growth. "We look forward to a stronger sales environment in the remaining three quarters of 2014, and the opportunity to better leverage our global capabilities," she said.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017


    September 2017


    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.