Continued strong sales in its glasses business boosted Foothill Ranch-based Oakley Inc.’s third-quarter sales 25%, beating Wall Street expectations, the company said Thursday.
The sunglasses and clothing maker said revenue for the quarter rose to $264 million. Analysts had expected about $254 million in sales.
Strength in its sports glasses, Square O lifestyle, and women’s glasses collections helped with the gain, according to Chief Executive Scott Olivet.
Net income increased 37% to $23.7 million, which was in line with expectations. Earnings included expenses related to Oakley’s acquisition by Italy’s Luxottica Group SPA.
Sales of sunglasses and prescription frames led the gain, as sales of eyeglasses rose 29% to $192.2 million, or 73% of sales.
New stores at Optical Shop of Aspen and Sunglass Icon and the acquisition of Australia’s Bright Eyes sunglasses chain added to the gain.
Oakley has added a number of company stores, bringing its total up to 281 at the end of September, up from 203 last year.
The company expects to be operating 297 retail stores by the end of the year.
Sales in Oakley’s clothing and shoes business was up 13%, in part from a rise in sales in Brazil and Australia.
The announcement today marks the last earnings report before Oakley is acquired by Luxottica.
The buyout has gained U.S. and major European regulator approval. According to the company, it’s still awaiting approval in South Africa. Oakley will hold a shareholder meeting on Nov. 7 to vote on the proposed transaction.
