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Sunglasses maker Oakley Inc. said second-quarter profit fell after it took a one-time restructuring charge to refocus fake oakleys on its primary optics business, but the company beat estimates and raised its 2006 sales forecast on strong quarterly sales.
Profit in the quarter was $17.9 million, or 26 cents a share, compared with $24 million, or 35 cents, a year earlier.
The company took an after-tax restructuring charge of $2.1 million, fake oakley sunglasses or 3 cents a share, related to a scale-back in its footwear business and a $1.5-million charge, or 2 cents a share, related to foreign currency exchange.
Excluding those charges, the company earned 31 cents a share, beating an average estimate of 28 cents a share, cheap oakleys according to Reuters Estimates.
Foothill Ranch-based Oakley is shrinking its footwear cheap oakley sunglasses and apparel units to return to its roots as a high-end eyewear firm.To beef up its luxury portfolio, Oakley acquired the Oliver Peoples brand and bought upscale chain Optical Shop of Aspen.
Sales rose 19% to $203.6 million, above a Wall Street average sales estimate of $189.9 million.discount oakley sunglasses Oakley shares fell 45 cents, or 2.9%, to $15.30.
AlsoCharlotte Russe Holding Inc., a clothing chain aimed at young women in their teens and 20s, said third-quarter profit surged 77%. The San Diego-based company reported net income of $5.9 million, or 24 cents a share, compared with $3.3 million, or 14 cents, replica oakley sunglasses a year earlier. Revenue climbed 32% to $162.6 million.
Reliance Steel & Aluminum Co. said second-quarter profit doubled on higher metals prices, improved sales from acquisitions and an increase in demand by customers in aerospace, energy and nonresidential construction. Net income rose to $100.5 million, or $2.65 a share, from $49.05 million, oakley sunglasses discount or $1.48, a year earlier, the Los Angeles company said. Sales rose to $1.56 billion from $816 million.