Oakley AFA net sales rise in Q1

20 Apr '07

3 min read

Oakley Inc announced financial results for its first quarter ended March 31, 2007. Oakley generated first quarter net sales of $199.2 million, an increase of 31.3 percent from $151.7 million in the same period of 2006. First quarter net income was $5.7 million, or $0.08 per diluted share, compared with net income of $1.9 million, or $0.03 per diluted share in the first quarter of 2006.

First quarter 2007 results included a discrete benefit from an income tax refund which decreased the company's provision for income taxes by approximately $850,000, or $0.01 per share.

"Our strong first quarter results are a reflection of Oakley's renewed focus on optics, solid growth and execution in our own retail, contribution from our acquisitions, and the successful implementation of process changes that allowed earlier shipment of our spring 2007 product," said Oakley, Inc. Chief Executive Officer Scott Olivet.

"We set a high bar for ourselves in our target 2007 revenue and EPS growth and are pleased that we are off to a strong start."

"The balanced optics growth across key product types, geographies, and channels, as well as early results of our optics initiatives, gives us confidence that our strategy is working," continued Olivet.

"We executed well against the release of our new sports performance and women's collections, which included integrated worldwide sales and marketing programs. Additionally, our new Rolling O Lab and the re-launch of our Web site provided additional fuel in telling the Oakley story."

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