SUNGLASS HUT SETS 2ND OFFERING OF 1.8M SHARES
CORAL GABLES, Fla. — Sunglass Hut International, the rapidly expanding sunglasses retailer, plans to sell 1.8 million shares in a secondary offering.
At current prices, proceeds will reach approximately $46 million before underwriting costs, which will be used to repay debt and fund expansion and for general corporate purposes. Another 185,000 shares will be sold by an individual shareholder.
Sunglass Hut added 216 stores this fiscal year to end with 896. In the nine months ended Oct. 31, Sunglass Hut’s earnings jumped 62 percent to $12.5 million, while sales gained 35 percent to $181.3 million. The company went public in June 1993 with the sale of 3.5 million shares at $10 a share, and shareholders sold another 2.2 million shares in a secondary offering in November 1993.
Sunglass Hut closed at 25 3/4 unchanged on the over-the-counter market Friday.
— Fairchild News Service