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European Sales Boost Oakley in Q3

Published October 25, 2010

MILAN, Italy (BRAIN)—Oakley saw double digit growth in the third quarter of the year, led by exceptional performance in Europe, according to a earnings report released Monday by Luxottica, parent company of the eyewear giant.

Sales increased 20 percent in Europe with better than average results in France, Italy and Scandinavia, said Andrea Guerra, chief operating officer of Luxottica.

The growth was balanced between sun, polarized and prescription sunglasses, he added. Prescription sales were up 51 percent in Europe and polarized sunglasses now represent 35 percent of all product sold.

Brand awareness was aided by Oakley’s first-ever European ad campaign, the company said.

“If I had to say enough to give a headline for Oakley in Europe it would be, ‘More to come,’” Guerra said.

In 2011, Guerra said one goal for Luxottica will be to expand Oakley’s penetration and offering to ensure solid long-term growth.

“Oakley will continue to be our priority No.1 in 2011 as well with hopefully another year of growth as 2010,” he said.

Companywide, Luxottica’s net sales were up 19.7 percent in the third quarter of 2010 in current exchange rates and 8.6 percent at constant exchange rates. Sales rose to €1.4 billion in 2010 compared with €1.2 billion during the same period in 2009. For the first nine months of the year, the company’s net sales were up 13.1 percent to €4.4 billion from €3.9 billion the year before.

Along with Oakley, Luxottica owns Ray Ban, Vogue, Persol, Oliver Peoples, Arnette and Revo, and licenses a dozen other luxury eyewear brands.

—Nicole Formosa
nformosa@bicycleretailer.com

Topics associated with this article: Earnings/Financial Reports

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