Luxottica Group S.p.A. issued clarification regarding its business with Oakley in response to inquiries by members of the financial community related to Oakley’s second quarter financial report that indicated that sales to Sunglass Hut were down substantially fromt he year-ago period.
In its second quarter earnings release issued on July 16, 2003, Oakley commented that U.S. net sales of sunglasses to Sunglass Hut International, a wholly owned subsidiary of Luxottica Group, declined 29.0 percent when compared to the second quarter of 2002, to U.S. $16.8 million. Oakley’s global net sales to Sunglass Hut International decreased 24.7 percent to U.S. $20.1 million during the quarter.
These figures refer only to purchases of Oakley sunglasses made by Sunglass Hut International in the second quarter of 2003 compared to the same quarter of 2002. In response to the inquiries received, Luxottica Group wishes to point out that during the quarter, sales of Oakley sunglasses by Sunglass Hut International were flat when compared to the same quarter of 2002.
