Oakley Profit Off 57% After Best Customer Cut Orders

Oakley Inc., still reeling from lower sales to its largest customer, posted a 57% drop in third-quarter earnings on a 12% decline in sales.

The maker of upscale sunglasses reported that net income for the three-month period fell to $6.8 million, or 10 cents a share, from $15.7 million, or 22 cents a share, for the comparable quarter last year. Sales totaled $59.4 million, down from from $67.8 million.

For the nine-month period, net income declined 62% to $16.2 million, or 23 cents a share, from $42.4 million, or 59 cents a share, for the first three quarters of 1996. Sales were down 17% to $149 million from $179.3 million.

The company said results were affected by lower sales to its largest customer, Sunglass Hut.