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Oakley Starts 2010 with Double Digit Gains

Published April 29, 2010

MILAN, Italy (BRAIN)—Oakley continued its strong upward curve in the first quarter of 2010 with double-digit growth in the high teens, Andrea Guerra, chief executive officer of Luxottica Group, Oakley’s Italian parent company, said on Thursday.

Oakley’s wholesale business was up 10 percent, the company said in a press release.

This comes after double-digit growth in 2009 and 2008. Luxottica purchased Oakley in 2007 for $2.1 billion.

Companywide, Luxottica reported net sales of $1.1 billion in the first quarter, up 6 percent from the same time period in 2009. Net income was up 28 percent to $131.5 million in 2010 from $102.6 million during the first three months of 2009.

“The first quarter results are a solid and promising start to the year,” Guerra said. “2010 is looking like it will be a ‘normal’ year, which for Luxottica first and foremost means growth. Oakley has confirmed its status as an exceptional brand and the group’s performance in emerging markets is the result of the investments made in these regions.

“During the period we also saw solid performance in the U.S. market, where during the rest of the year we will be able to take advantage of further opportunities, as well as in Europe and the Far East.”

The Luxottica Group includes more than 6,300 optical and sun retail stores across the world, seven house brands—Ray-Ban, Oakley, Vogue, Persol, Oliver Peoples, Arnette and Revo—and licenses for 10 premium eyewear brands.

—Nicole Formosa

Topics associated with this article: Earnings/Financial Reports

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