Libbey YTD Results Led By Foodservice Sector, Despite Slowing Restaurant Trends

Despite having Foodservice channel YTD growth of 3.7%, tabletop leader Libbey Inc. announced that overall net sales for the first nine months of 2016 were $587.6 million, compared to $603.2 million for the first nine months of 2015, a decrease of 2.6 percent.

“Third quarter results were seasonably lower, consistent with the expectations we provided last quarter, as challenging market conditions persisted across our various sales channels and end-markets. Despite continued softening in the foodservice channel, we were able to deliver our 14th consecutive quarter of foodservice unit volume growth even with a more pronounced decline in restaurant traffic during the quarter,” said William A. Foley, chairman and chief executive officer of Libbey Inc. “We are continuing to implement proactive improvements to our business in order to position the Company for long-term growth and performance. We are also beginning to see positive impacts from recent new product and sales initiatives.”

For more information on Libbey Inc. financial results, go here:

https://investor.libbey.com/news-and-events/news/news-details/2016/Libbey-Inc-Announces-Third-Quarter-2016-Financial-Results/default.aspx