Orange 21 Inc., owner of eyewear brand Spy Optics, reported a 5% bump in sales that reached $9.5 million in the second quarter from $9.1 million in the year-ago period. The company contributes the rise to an improvement in the economy and consumer confidence, as well as a focus on key accounts and closeout sales.
Domestically, net sales for the U.S. and Canada were $7.7 million versus $7.2 million in the prior year quarter. The U.S. and Canadian segment accounted for 81% of total net sales for the three months ended June 30, up two percent from Q2 2009.
In contrast, International sales were down slightly to $1.8 million from $1.9 million last year. International business contributed the remaining 19% of the company’s net sales.
On a segmented basis, Orange 21 maintained that sales were up for most of the company’s customer classes, including sunglasses and goggles, representing 90% and 9% of the company’s net sales respectively. Apparel and accessories contributed the remaining 1%.
Net income was $408,000, or 3 cents per diluted share, compared to a net loss of $254,000, or 2 cents per diluted share, in the prior-year period. Gross margin rose approximately 8 percentage points to 55% of net sales.
