The company announced in April that it anticipated its full year earnings to be $0.65 per share on 12 percent net sales growth to approximately $585m.
Chief Operating Officer Link Newcomb said:
"While we are disappointed with the outcome of the quarter, we continue to be focused on opportunities to restore growth to our core sunglass business. We believe that second quarter sales weakness is the result of several dynamics. First, during most of the quarter, we continued to experience production shortfalls on our two most popular new sunglass releases, the Dartboard and the Why 8, resulting, we believe, in a loss of potential turns at retail.
:Other new sunglass styles didn’t achieve the level of sales we had originally anticipated as a result of launch delays and soft consumer reception. In many of our international markets, we also experienced a much larger decline in sales of our existing sunglass styles than we had expected, and although sales of prescription eyewear increased slightly over the prior year, these sales also fell significantly below expectations."
Oakley is expecting a Q4 boost from sales of Thump, its new integrated MP3 player sunglass.