A.T. Cross Company expects 2011 earnings per share to meet its previously issued basic earnings per share guidance of 67 to70 cents, compared to 50 cents in 2010. Preliminary financial results showed revenue growth in 2011 of 10%, with sales at the Cross Optical Group, which owns the Costa and Native sunglass brands, growing 20% and the Cross Accessory Division sales growing 5%.
The company is providing fully diluted earnings per share guidance for 2012 of between 70 and 75 cents. Comparatively, 2011 fully diluted earnings per share is expected to be between 62 and 65 cents.
“Focused investment in our Cross Optical Group continued to pay off as we expanded both the Costa and Native brands into new doors and geographies, launched the Costa prescription sunglass program and introduced several new Native products including ski goggles,” said David G. Whalen, president and CEO A.T. Cross. “Our confidence in the Optical Group’s business model and growth prospects remains very high.”
The company reported that sales at the Cross Accessory Division grew 5% in 2011 as sales dropped off at double digit rates in Europe, causing division revenues to decline 6 percent in the fourth quarter.
The Company’s preliminary 2011 results and certain forward looking information will be presented at the following January 2012 investor conferences: