ORANGE COUNTY EARNINGS
Oakley Inc.: The Foothill Ranch sunglasses manufacturer, benefiting from an increase in sales to its largest customer, said Wednesday that first quarter net income more than doubled to $1.3 million, or 2 cents a share, from $550,000, or 1 cent a share, a year ago. Sales grew 19% to $41 million from $34.4 million.
Oakley said sales to its largest customer, Sunglass Hut, International, increased significantly during the quarter. After Sunglass Hut curtailed orders because of an inventory buildup, Oakley posted a series of quarterly declines in profits and sales.
The company broke that downward spiral in the fourth quarter last year, posting its first quarterly sales gain in a year.
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