Fossil Group Shares Fall More Than 20% On Earnings, Outlook Miss

Fossil Group Inc. shares plummeted in the extended session Tuesday after the fashion accessories maker reported quarterly results and an outlook that fell short of Wall Street estimates. Fossil shares dropped 23% to $30.72 after hours. The company reported first-quarter earnings of 12 cents a share on revenue of $659.8 million. Analysts surveyed by FactSet had forecast 15 cents a share on revenue of $667 million. For the second quarter, Fossil expects earnings of breakeven to 15 cents a share, while analysts had estimated 58 cents a share.