Shares of Fossil (FOSL) fell 10.5% in Tuesday's trading session. The designer, marketer and distributor of fashion and accessories, reported its third quarter results on Tuesday before the market open.
Third Quarter Results
Fossil reported third quarter revenues of $684.2 million, up 6.4% on the year. The acquisition of Skagen contributed $25.2 million in revenues during the quarter. Organic sales rose by 5.9% driven by strong sales of watches. Revenues fell short of analysts consensus of $713.1 million.
Gross profits rose 6.1% to $381.5 million, for a gross margin of 55.8% of net sales. Gross margins fell by 10 basis points on the year. Operating income fell by 4.8% to $113.1 million, to 16.5% of net sales.
Read the entire article on Seekingalpha by clicking the following link
No comments:
Post a Comment