The department store accessory staple posted net income of $57.3 million or 92 cents a share. Last year at this time the company had a net income of $51.4 million or 80 cents a share. Q2 revenue was $636.1 million, 14.30% higher than last year. Analysts expected earnings of 78 cents a share and revenues of $634.9 million.
FOSL also cut their full year guidance, estimating annual earnings of $5.20 to $5.25 a year, down from $5.30 to $5.40.
This quarter’s increase in earnings was due to the company’s sales growth in Asia. Sales in the U.S. rose 18%, European sales increased 14% and 27% in Asia. Fossil, among other international retailer companies, is dreading the rise of the USD as the increase will make their products more expensive to foreign consumers.
David Cornes holds a degree in economics from the University of Montana.
