Oakley’s Results Beat Estimates

Sunglasses maker Oakley Inc. said second-quarter profit fell after it took a one-time restructuring charge to refocus on its primary optics business, but the company beat estimates and raised its 2006 sales forecast on strong quarterly sales.

Profit in the quarter was $17.9 million, or 26 cents a share, compared with $24 million, or 35 cents, a year earlier.

The company took an after-tax restructuring charge of $2.1 million, or 3 cents a share, related to a scale-back in its footwear business and a $1.5-million charge, or 2 cents a share, related to foreign currency exchange.

Excluding those charges, the company earned 31 cents a share, beating an average estimate of 28 cents a share, according to Reuters Estimates.

Foothill Ranch-based Oakley is shrinking its footwear and apparel units to return to its roots as a high-end eyewear firm.

To beef up its luxury portfolio, Oakley acquired the Oliver Peoples brand and bought upscale chain Optical Shop of Aspen.

Sales rose 19% to $203.6 million, above a Wall Street average sales estimate of $189.9 million.

Oakley shares fell 45 cents, or 2.9%, to $15.30.

Also

* Charlotte Russe Holding Inc., a clothing chain aimed at young women in their teens and 20s, said third-quarter profit surged 77%. The San Diego-based company reported net income of $5.9 million, or 24 cents a share, compared with $3.3 million, or 14 cents, a year earlier. Revenue climbed 32% to $162.6 million.

* Reliance Steel & Aluminum Co. said second-quarter profit doubled on higher metals prices, improved sales from acquisitions and an increase in demand by customers in aerospace, energy and nonresidential construction. Net income rose to $100.5 million, or $2.65 a share, from $49.05 million, or $1.48, a year earlier, the Los Angeles company said. Sales rose to $1.56 billion from $816 million.