Already a Bloomberg.com user?
Sign in with the same account.
(Corrects to remove reference to previous forecast in headline, first and third paragraphs.)
Fossil Inc. (FOSL), a maker of jewelry and leather goods, rose in early trading after forecasting profit that exceeded analysts’ estimates on increasing sales of its Skagen brand.
The shares jumped (FOSL) 19 percent to $83.04 at 8:09 a.m. in New York. Fossil had lost 12 percent this year through yesterday.
Fossil forecast full-year profit excluding certain items of as much as $5.34 a share, the Richardson, Texas-based company said in a statement today. Analysts projected $5.27, the average of 14 estimates (FOSL) compiled by Bloomberg.
In April, the jewelry maker acquired Reno, Nevada-based Skagen Designs Ltd. for about $252 million to bolster its global brand portfolio.
Fossil sells its watches, handbags and other goods in department stores, specialty retailers and through about 400 company-owned stores.
To contact the reporter on this story: Leslie Patton in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Robin Ajello at email@example.com