NEW YORK — Oakley Inc.’s fourth-quarter income took an 85.1 percent nosedive as restructuring charges and a tepid sunglass business took their toll.
Net income plummeted to $487,000, or 1 cent a share, from $3.3 million, or 5 cents, a year ago. The most recent period included an aftertax restructuring charge of $1.8 million, or 2 cents a diluted share, to pay for adjustments in the firm’s European business. Without the charge, and a year-ago tax rate benefit, profits dipped 4.2 percent to $2.3 million, or 3 cents a diluted share, from $2.4 million, or 3 cents, a year ago.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"