Fossil Reports Lower Fourth-quarter Earnings

Fossil Group Inc. late Tuesday reported its fourth-quarter earnings fell to $49.7 million, or $1.03 a share, from $70.4 million, or $1.46 a share, a year earlier. The quarterly earnings include 33 cents a share in restructuring charges, costs associated with the purchase of Misfits Inc., and foreign exchange impact. Net sales dropped to $959.2 million versus $992.5 million. Analysts surveyed by FactSet had forecast earnings of $1.12 a share on revenue of $977 million. The company expects first-quarter adjusted losses of 25 cents a share to 10 cents a share, worse than a profit of 4 cents a share forecast by analysts.