Cole National to Restate Results

Cole National Corp., the owner of the Pearle Vision optical stores, will restate earnings from the last five years as it changes the way it accounts for revenue from customers’ eyeglasses warranties.

Cole, at the suggestion of auditor Deloitte & Touche, said it is spreading revenue from warranties over the length of the contracts. Former auditor Arthur Andersen had advised booking the revenue at the time the warranties were purchased.

Shares of Mayfield Heights, Ohio-based Cole fell $1.26 to $11.09 on the NYSE.