Libbey Drives Net Up 61 Percent in Second Quarter

TOLEDO, Ohio--Lower expenses fueled second-quarter net income for Libbey to a 61 percent increase, to $15.4 million.

 The bottom line for the quarter, which ended on June 30, received boosts from the company's sale of Traex, the food-service products vendor, to Vollrath Co. In addition, selling, general and administrative expenses dropped 38 basis points as a percentage of sales to 11.8 percent, although they increased 2 percent in dollar terms. Libbey also posted a provision for income taxes that was 54.5 percent less than in last year's second quarter.

Net sales rose 5.4 percent to $214 million. John Meier, Libbey's chairman and CEO, cited "solid sales improvements" in the company's glass operations segment, along with strong sales in China and Europe.

Gross margin slipped 38 basis points to 23.3 percent, driven down by production issues in both Mexico and Holland, which Libbey said have been resolved.

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

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 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