CARLSBAD, Calif. (BRAIN) — Spy Inc. reported this week that third-quarter sales rose 8.1 percent to $11 million, driven by strong sales of goggles and prescription frames. Income from operations increased by $100,000 to $600,000 in the quarter, compared with $500,000 a year earlier.
Sales for the first nine months of the year totaled $28.4 million, off 2.7 percent. Spy attributed the decline to a soft consumer market overall as well as lower levels of inventory at retailers and fewer closeout sales than a year earlier.
Spy had posted 12 consecutive quarters of year-over-year growth until the second quarter of 2014, when sales declined by 18 percent.
"In third quarter, we were happy to get back into our positive sales trend with growth in the quarter in four of our five major categories: RX, moto goggles, snow goggles and sunglasses," president and CEO Michael Marckx said.
"In addition, the continued margin expansion is a direct result of the strategic product sourcing initiatives and our brand's more premium positioning. ... In Q4, we will focus on fulfilling snow goggle orders, further expanding our Happy Lens offering, driving our sales growth, improving our product margins and launching our 2015 product line."
Spy is publicly traded on the OTC Bulletin Board under the symbol XSPY. Its stock performance is tracked on the BRAIN stock chart.
