Wells Fargo has lowered estimates on eight retailers it covers over concerns about U.K. exposure following the Brexit vote, the bank wrote in a Thursday note. Analysts lowered Fossil Group Inc.'s full-year 2016 earnings per share estimate to $2.07 from $2.15, and the full-year 2017 EPS estimate to $1.54 from $1.92 because "one-third of the company's sales are generated in Europe, and we estimate that 30% of European revenue comes from the U.K." Fossil shares are inactive in premarket trading, but down 59.3% for the past year. The other big move was Ralph Lauren Corp. . Wells Fargo lowered the luxury clothing and apparel retailer's full-year 2016 EPS estimate to $5.29 from $5.52 and the full-year 2017 EPS estimate to $5.53 from $5.86. Bank analysts estimate that 20% of the company's sales come from Europe with 40% of European revenue from the U.K. Ralph Lauren shares are inactive in premarket trading, but down 29.2% for the last 12 months. Other reductions were at Urban Outfitters Inc. , Sally Beauty Holdings Inc. , TJX Companies , Foot Locker Inc. , Signet Jewelers Ltd. and Michael Kors Holdings Ltd. . TJX (up 14.7%) and Michael Kors (up 17.7%) are the only stocks that have increased over the past 12 months. Signet Jewelers has seen the biggest decline in the past year (32.3%). The S&P 500 is up 2.5% over the last 12 months.
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