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Libbey Reports Positive Outlook With Q3 Gains

Third quarter sales at glassware supplier Libbey were up slightly as the company pointed to new products and growth in e-commerce sales as key drivers.

Net sales for the three months ended September 30 were $190.8 million, compared to $187.3 million in the prior-year period, an increase of 1.8%. Net loss was $5 million, compared to a net loss of $78.8 million in the third quarter of 2017.

New products, defined as products introduced within the previous 36 months, contributed $15.9 million in sales, or 8.3% of total net sales, during the third quarter. E-commerce sales were approximately 12% of total U.S. and Canada retail sales, an increase of 46.4% compared to the third quarter of 2017.

The company also reported that its net sales in the U.S. and Canada segment increased 2.7%, driven by favorable price and product mix sold in the foodservice and business-to-business channels, as well as improved channel mix and volume in the segment.

“We were pleased to see many of the positive trends we observed across our business during the first half of the year continue during the third quarter, and we were able to deliver a fourth consecutive quarter of year-over-year net sales growth,” said Chief Executive Officer William Foley. “Our efforts to improve product margins remain on track, driven by our new products and e-commerce initiatives along with favorable price and mix. We also believe price competition across the industry remains in balance, and we’re maintaining our track record of outperforming foodservice industry sales growth, which gives us confidence that our market share is increasing.”