Fossil Q2 Profit Falls Yet Tops Estimates; Boosts FY14 EPS Outlook

(RTTNews) - Fossil Group, Inc. (FOSL) reported net income for the second quarter of $52.5 million or $0.98 per share, compared to $67.7 million or $1.15 per share for the year-ago quarter.

Net sales for the second quarter rose to $773.8 million from $706.2 million a year ago.

Analyst polled by Thomson Reuters expected the company to earn $0.96 per share on revenue of $770.66 million for the second quarter.

Looking forward to the third quarter, the company forecasts net sales growth of 7.5% to 9.0% and earnings per share of $1.77 to $1.84. Analyst currently expect the company to earn $1.84 per share on revenue growth of 8.4% for the third quarter.

For the full year 2014, the company now expects net sales growth of 8.75% to 10.0% and earnings per share of $6.95 to $7.35. Previously, the company expected net sales growth of 8% to 10% and earnings per share of $6.90 to $7.30. Analyst currently expect the company to earn $7.13 per share on revenue growth of 9.8% for the full year 2014.

Separately, Fossil Group said that it has extended a global watch licensing agreement with Giorgio Armani S.p.A through 2023.