Luxottica Group reported for a second straight quarter that strong performance in its wholesale division, which includes Southern California-based Oakley, helped propel improved sales for the Italian eyewear company.
Overall net sales increased by 135.4 million euros ($179.5 million), or 7.2 percent, to 2.02 billion euros ($2.68 billion) in the three months ended June 30. Net sales for the wholesale division jumped by 91.8 million euros ($121.7 million), or 11.2 percent compared with a year earlier, to 880 million euros ($1.17 billion).
"This growth was mainly attributable to increased sales of most of our proprietary brands, in particular Ray-Ban and Oakley, and of some licensed brands such as Miu Miu and Tiffany," Luxottica stated in its quarterly report released Aug. 1.
Luxottica also highlighted Oakley as a key sales driver in its first-quarter results released in May.
In other company-related news, Sequential Brands Group, owner of consumer brands including DVS Action Sports and Heelys, announced Monday that it had acquired eyewear line Revo from Oakley for $20 million in cash. Sequential also signed a long-term partnership agreement with the Sunglass Hut chain, which is part of Luxottica's retail division, to continue distribution of Revo products at Sunglass Hut stores globally.
Luxottica is publicly on the New York Stock Exchange under the symbol LUX. Its stock performance is tracked on?the BRAIN stock chart.
