Bloomberg News

Fossil Gains on Full-Year Profit Forecast

August 07, 2012

(Corrects to remove reference to previous forecast in headline, first and third paragraphs.)

Fossil Inc. (FOSL:US), 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:US) 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:US) 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 lpatton5@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net


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Companies Mentioned

  • FOSL
    (Fossil Group Inc)
    • $98.33 USD
    • 0.33
    • 0.34%
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