SALES PROPEL OAKLEY, NET RISES 73.8%
NEW YORK — Driven by double-digit growth at home and abroad, second-quarter earnings at Oakley Inc. leaped 73.8 percent to $18.5 million, or 27 cents a share, from $10.6 million, or 15 cents, during the year-ago quarter.
Net sales for the quarter ended June 30 barely pierced the $100 million mark, a first for the company, rising 38.8 percent from the $72.1 million of last year’s second quarter. “Not only did we satisfy our promise to shareholders by containing footwear losses to far less than $500,000 in the first half of 2000, we made money in June,” said Jim Jannard, chairman and chief executive of the Foothill Ranch, Calif.-based company, in a statement. “These results validate our business model and position us for a profitable second half.”
Fueled by increased sales to Sunglass Hut, Oakley’s biggest customer, and other retailers, U.S. net sales for the quarter totaled $61 million, an increase of 38 percent. Keeping pace, international sales rose 40 percent to $39 million. International markets include Europe, Japan, Australia, Southeast Asia, Canada and Latin America.
Link Newcomb, Oakley’s chief operating officer, attributed the increases to “the momentum of several sunglass products including Minute, Straight Jacket, M Frame, OO and an expanding line of polarized styles.” The new Twenty and updated Wire styles, released just before the high-volume summer season, also helped propel the growth.