US tableware manufacturer Libbey reported a full year sales drop of 3.5% in 2015 compared to the prior year.
In its full year financials for 2015, it said net sales decreased in the EMEA and Latin American region but increased in the US and Canada.
It said sales performance in the US and Canada last year was led by a 7.5% increase in sales within the segment's foodservice channel.
William A. Foley, chairman and chief executive officer of Libbey Inc, said: “We have the right long-term vision, and the core foundation of our Own the Moment strategy is absolutely correct.
"We must continue our evolution to become a faster-paced, customer and consumer-focused business. We have an excellent leadership team in place that is focused on a number of operational improvements that will simplify our business, allow us to respond faster to customer needs, become a true innovator of new products and become more competitive in the markets in which we compete.”
It warned of a slowing global economy and challenging competitive environment in 2016, but forecast a sales growth of 1% from $822.3 million to $830 million.