Fossil Group Revenue, Profit Misses; Shares Fall

Earnings Reuters

Fashion accessories retailer Fossil Group Inc (FOSL) reported lower-than-expected quarterly revenue and profit due to a decline in leather and watch sales in North America, and forecast a 7.5 percent fall in sales in the first quarter.

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Shares of the company fell 13 percent in extended trading.

Net income attributable to Fossil rose to $154.1 million, or $3.00 per share, in the fourth quarter ended Jan. 3 from $148.5 million, or $2.68 per share, a year earlier.

On an adjusted basis, the company earned $2.92 per share, below analysts' average estimate of $3.07 per share, according to Thomson Reuters I/B/E/S.

The company's revenue of $1.06 billion, unchanged from a year earlier, fell short of the estimated $1.12 billion.

(Reporting by Rohit T. K. in Bengaluru; Editing by Don Sebastian)