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

  • 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

    HFN's DIGITAL EDITION

    September 2017


    COVER STORY:

    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.


    ALSO IN THIS ISSUE:

    •  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.