Fossil Shares Fall After Revenue Comes In Light
RICHARDSON (AP) – Watch and fashion accessories maker Fossil Inc. has reported third-quarter revenue that fell short of Wall Street expectations.
The Richardson-based company on Tuesday cited weakness in its European wholesale business.
For the quarter, Fossil’s net income rose 10 percent as it benefited from the acquisition of Skagen brand and the opening of more company-owned stores. The company earned $76.8 million, or $1.26 per share, for the period ended Sept. 29. That’s up from $69.6 million, or $1.09 per share, in the year-ago period.
Revenue rose six percent to $684.2 million.
Analysts expected earnings of $1.16 per share on revenue of $712.7 million.
(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
Also Check Out: