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Oakley's new 2005 sunglass sales up 65.6% for Q2
21 Jul '05
10 min read
These positive factors were partially offset by the effect of the increased contribution from the company's retail stores, which have slightly lower gross margins with the inclusion of occupancy costs.
Second quarter operating expenses totaled $71.7 million, up 11.7 percent from last year's second quarter, and represented 42.0 percent of net sales, compared with 41.7 percent of net sales in the comparable quarter.
The tax rate for the second quarter was 31.5 percent, reflecting the benefit of an income tax refund related to amended prior period California state income tax returns. The company expects a tax rate of approximately 34 percent on its income for the remainder of 2005.
The company's order backlog as of June 30, 2005 was $82.1 million, up 10.3 percent compared with $74.4 million at the same time last year. The backlog reflects significant incremental new orders for electronics products, significant increases in sunglass and goggles orders and a modest increase in apparel orders, partially offset by a decline in footwear orders.
The increase in sunglass backlog was achieved despite a $1.3 million decline in sunglass backorders compared with one year ago, reflecting better execution by the company in delivering new sunglass styles this year.
Consolidated inventory totaled $134.3 million at June 30, 2005, compared with $115.1 million at December 31, 2004 and $109.5 million at June 30, 2004, primarily reflecting increased apparel and accessories inventories in support of upcoming fall season shipments, higher apparel closeout inventories, higher eyewear raw materials levels to support anticipated production volumes, incremental inventory of the company's new electronics products and the company's expanded retail store operations.
Second quarter operating expenses totaled $71.7 million, up 11.7 percent from last year's second quarter, and represented 42.0 percent of net sales, compared with 41.7 percent of net sales in the comparable quarter.
The tax rate for the second quarter was 31.5 percent, reflecting the benefit of an income tax refund related to amended prior period California state income tax returns. The company expects a tax rate of approximately 34 percent on its income for the remainder of 2005.
The company's order backlog as of June 30, 2005 was $82.1 million, up 10.3 percent compared with $74.4 million at the same time last year. The backlog reflects significant incremental new orders for electronics products, significant increases in sunglass and goggles orders and a modest increase in apparel orders, partially offset by a decline in footwear orders.
The increase in sunglass backlog was achieved despite a $1.3 million decline in sunglass backorders compared with one year ago, reflecting better execution by the company in delivering new sunglass styles this year.
Consolidated inventory totaled $134.3 million at June 30, 2005, compared with $115.1 million at December 31, 2004 and $109.5 million at June 30, 2004, primarily reflecting increased apparel and accessories inventories in support of upcoming fall season shipments, higher apparel closeout inventories, higher eyewear raw materials levels to support anticipated production volumes, incremental inventory of the company's new electronics products and the company's expanded retail store operations.
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