Libbey Net More Than Doubles in 3Q

TOLEDO-Improved margins and strong expense controls propelled Libbey to a 108.5 percent gain in third-quarter net income, to $14.9 million.

Stephanie Streeter, the company's CEO, attributed the strong bottom line to its "increased focus on driving down costs and defending and growing our key markets, the core of our recently announced strategic plan." A reduction in cost of sales helped boost gross margin for the quarter, which ended on Sept. 30, by 282 basis points to 24.5 percent. Selling, general and administrative expenses rose 0.5 percent in dollars but were shaved by four basis points as a percentage of sales, to 12.9 percent.

Net sales in the quarter, which ended on Sept. 30, rose by a scant 0.9 percent to $209.2 million. Leading the way in sales were Libbey's China region, whose sales jumped 13 percent, and the Mexico region, whose sales rose 9 percent. Sales in the United States and Canada edged up 1 percent, and sales in Europe fell 9.7 percent.

"We are committed to further improving our cost structure, leveraging our advantaged businesses and strengthening our balance sheet," Streeter said. "We believe these efforts, combined with our overall productivity improvements, will enable strengthened financial and operational performance."

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.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money