Libbey Downturn

[May 2017] Tableware manufacturer Libbey reported a decrease in sales of 5.4% compared to the previous year. In its quarterly results it said sales were US$ 100m, with a net loss of US$ 6.6m, down US$ 7.3m from the previous year. CEO William A Foley said the sales were a continuation of difficult end-market conditions in food service and retail channels. It has taken actions such as cost controls, pricing actions, new product launches and accelerated the development of its e-commerce platform to improve sales performance.