Fossil Group Inc. shares slid 12% in after-hours trade Thursday, after the company reported weaker-than-expected quarterly sales and offered a soft outlook for the rest of the year. The company also announced it has agreed to acquire wearable tech company Misfit for $260 million. The luxury watch maker said it had net income of $57.5 million, or $1.19 a share, in the third quarter, compared with $103.7 million, or $1.96 a share, in the year-earlier period. The FactSet consensus was for EPS of $1.14. Sales fell to $771.3 million from $894.5 million, below the FactSet consensus of $795 million. "While our results for the third quarter were within our expectations, we are not satisfied with our overall performance," Chief Executive Kosta Kartsotis said in a statement. "Currency aside, our Skagen and Fossil brands performed well in a challenging environment as our initiatives in branding and innovation resonated with consumers around the world." Fossil is now expecting fourth-quarter sales to fall 16% to 7.0%, and for EPS to range from $1.05 to $1.65, well below the current FactSet consensus of $2.15. Shares are down 54% in the year so far, while the S&P 500 is down 0.6%.
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