Feb 11 Fashion accessory maker and retailer
Fossil Group Inc reported better-than-expected
quarterly results as it sold more watches and jewelry in North
America, its largest market.
Fossil's shares rose 7.3 percent in extended trading.
The North American wholesale business, which contributes to
about 45 percent of overall sales for the company, rose 13
percent to $400.1 million for the fourth quarter ended Dec. 28.
Fossil sells watches ranging from $7 to upwards of $2000,
under brands such as Armani Exchange, Marc by Marc Jacobs and
The Texas-based retailer has been reaping the benefits of a
revamp of its jewelry line to the "affordable luxury" image that
it has managed to achieve for its watches and handbags.
The company said it expects full-earnings of $6.90 to $7.30
per share for 2014, largely below average analyst estimate of
$7.22, according to Thomson Reuters I/B/E/S.
Fossil also said it expects full-year revenue to rise about
12.5 to 14 percent.
The company earned $2.68 per share in the fourth quarter and
revenue rose 12 percent to $1.06 billion.
Analysts on average were expecting the company to earn $2.43
on revenue of $1.02 billion, according to Thomson Reuters