Oakley: 2003 Earnings Would Be Below Wall Street Expectations

Sunglass retailer Oakley Inc. said 2003 earnings would be below Wall Street expectations, hurt by continued weakness in the retail market, and it would trim costs to minimize the impact. Oakley said sunglass sales during the 2002 holiday season were mixed and there is no sign that the retail environment is strengthening in the near term.

Based on its expectation for continued weakness in 2003, the company said it sees annual sales growth of about 15 percent to $560 million and earnings per share in the range of 55 cents to 60 cents. Analysts had been expecting earnings of 61 cents to 71 cents a share, with an average estimate at 69 cents, according to Thomson First Call.