FGX International said sales of sunglasses and prescription frames rose nearly 20% in the third quarter ended Oct. 4 to $10.4 million. The figures include sales of Foster Grant and Gargoyles branded sunglasses to Wal-Mart and other mass, drug, airport and gift shop merchants.
The growth was attributed to organic growth at existing customers and higher sales related to a promotional program with one major customer. Sunglass sales were lower than expected in the United Kingdom.
The company ended the quarter with $64.7 million available under a revolving credit facility which does not expire until 2012 and generated $25.4 million of free cash flow through the first nine months of the year.
FGX, which also makes costume jewelry, reported total net sales rose 10% to $59.1 million in the quarter. Net income rose to $3.9 million from break even in the same quarter a year ago. The company said it expects net sales to reach between $66 million and $68 million in the fourth quarter.
