Fossil Shares Down 13% After Earnings Miss
Fossil Group shares were down 13% in after hours Tuesday after the company missed fourth-quarter profit and sales expectations. Fossil reported net income of $154.1 million, or $3.01 per share, up from $148.5, or $2.69 a share, in the year-earlier period. The company reported adjusted earnings per share of $3.00, below the FactSet consensus of $3.07. Fossil reported sales of $1.065 billion, above $1.062 billion in the year-earlier period but below the FactSet consensus of $1.119 billion. For 2015, the company said it expected adjusted earnings per share between $5.45 cents to $6.05 cents and sales to decrease by 1% to 3%. Fossil also announced Tuesday a global licensing pact with Kate Spade watches.
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