Oakley (OO) Profit Triples, Spurring 10 Percent Increase in Trading
Shares of sunglasses and apparel manufacturer, Oakley Inc. (NYSE: OO) jumped nearly 12 percent by Friday afternoon to $25.09 after word the company tripled its 2007 first-quarter profit, reflecting a 31.3 percent climb in sales. Today the sporting accessory retailer announced its first-quarter net sales for the period ended March 31, 2007 were $199.2 million, up from $151.7 million in the same period last year. First quarter net income was $5.7 million, or 8 cents per diluted share, compared to last year’s first-quarter net income of $1.9 million, or 3 cents per diluted share. Oakley also raised its 2007 earnings…