****** TO ALL **********
Oakley reports preliminary 1996 net sales increase of 27 percent; fourth quarter
slowdown creates continuing earnings pressure
BusinessWire, Friday, January 24, 1997 at 07:18
IRVINE, Calif.--(BUSINESS WIRE)--Jan. 24, 1997--Oakley Inc.
(NYSE:OO) today announced net sales for the fourth quarter and the
year ended Dec. 31, 1996.
For the three-month period, net sales were $39.3 million, a
decrease of 9 percent from net sales of $43.0 million for the
comparable 1995 period. For the year ended Dec. 31, 1996, net sales
increased 27 percent to $218.6 million from $172.8 million in 1995.
Domestic net sales decreased 22 percent to $19.7 million in the
1996 fourth quarter, compared with net sales of $25.3 million for the
same period last year. For the year, domestic net sales were $139.5
million, representing a 21 percent increase. Average monthly net
sales per active U.S. retail location, or door, rose to $1,108 in
1996 from $949 in 1995, an increase of 17 percent. International net
sales increased 11 percent to $19.6 million for the fourth quarter
and 37 percent for the year to $79.1 million.
The decline in net sales for the fourth quarter is expected to
cause earnings to fall below the current analyst consensus estimate of
9 cents per share. The company expects to release the remainder of its
results on Feb. 6, 1997.
"The domestic holiday business for our products was disappointing,
and our results have been further affected by the previously announced
cancellation of orders from Sunglass Hut, the company's largest
customer," said Link Newcomb, chief operating officer of Oakley. "In
addition, our December sales were sluggish across continental Europe, a
key factor affecting the performance of our overall international net
sales."
Oakley is an innovation-driven designer, manufacturer and
distributor of high-performance eyewear.
DD |
