Fossil sets long-term sales, operating margin goals
NEW YORK, June 11 (Reuters) - Fossil Inc's (FOSL.O) long-term targets include adding more than $1 billion in sales from existing businesses and improving its operating margin to 16.9 percent from 2007's 13 percent, the watch maker said on Wednesday.
The company, which is participating in the Piper Jaffray Consumer Conference in New York, issued the long-term goals as part of its presentation slides that were also included in a U.S. Securities and Exchange Commission filing.
President Mike Barnes and Chief Financial Officer Mike Kovar are presenting at the event, Fossil said in the filing.
The company said it expected Fossil brand sales to rise to $1.4 billion in 2012 from $735 million in 2007. Total net sales last year were $1.43 billion.
Fossil, which derives a significant portion of sales from international markets, is known for its namesake watches and Relic handbags.
In its slide presentation, Fossil also indicated that it would increase its global store count to 700 in 2012 from 244 in 2007.
Fossil shares were down 16 cents at $30.15 in morning Nasdaq trade. (Reporting by Aarthi Sivaraman; Editing by Lisa Von Ahn)
