Libbey reports lower sales – but expects growth in second half of the year

  

Global tableware manufacturer Libbey reported a 5% sales decline in the first half of 2017 – but expects the outlook to improve later this year.

"Second quarter sales results were in line with our expectations, as an intensely competitive pricing environment continues to linger on a global basis," said Chairman and Chief Executive Officer William Foley in Libbey’s second quarter financial results.

"We remain confident that we are taking the appropriate measures to improve the long-term performance of our business.

“We're seeing indications that certain pricing initiatives we implemented last quarter are taking hold, and that our new product initiatives are beginning to gain traction in the marketplace.

“We're also very pleased that our new e-commerce platform launched on time and on budget in mid-July."

He added: "As we look to the second half of the year, we believe that the strategic initiatives we've been focused on over the last year will start to contribute and alleviate some of the short-term competitive pressures in our market.

“We remain the strongest, most innovative glass tableware company in the world, and we look forward to a better second half compared to the prior-year period.

“This will be supported by improved profitability in EMEA as a result of our furnace realignment activities, improved operating performance and cost reductions, and sales contributions from new products and e-commerce." 

Net sales were $197.5 million, a decrease of 5% compared to the previous year.


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