Luxottica Group said Oakley's Q1 revenues jumped 15%, with double-digit revenue growth in optics and apparel, footwear and accessories businesses. Oakley, which was acquired by Luxottica last year, was led by its O Store retail comps climbing close to 20%. By product, the brand is seeing “significant growth” across all its sport performance, polarized, women's, prescription or Oakley custom platforms, both at retail and direct. Sales to women grew 31%.
“In the U.S., we saw very balanced growth between our wholesale and our retail channels, despite certain segments of the U.S. market, such as sporting goods, being especially down in the first quarter,” said Scott Olivet, CEO of Oakley, on Luxottica's Q1 conference call.
Overall, Luxottica Group reported a 19.6% drop in Q1 earnings to 103.7 million euros ($163.52 million). At constant exchange rates, earnings were down 8.1%. Earnings were impacted by the continued weakness of the U.S. currency, the slowdown of the North American market and Oakley's integration. Sales grew 7.6% to 1.4 billion euros ($2.2 billion), and rose 17% at constant exchange rates.
