Fossil Group (FOSL) Tops Q2 EPS by 3c; Guides Q3 Below
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Fossil Group (NASDAQ: FOSL) reported Q2 EPS of $0.12, $0.03 better than the analyst estimate of $0.09. Revenue for the quarter came in at $685 million versus the consensus estimate of $671.86 million.
Fossil Group sees Q3 2016 EPS of $0.15-$0.40, versus the consensus of $0.68.
Kosta Kartsotis, Chief Executive Officer, commented on the results. “Our financial results for the quarter, while below last year, were very much in line with our expectations from both a top and bottom line perspective. We’re pleased that our sales trends, though still challenging, remained relatively stable considering the disruptive environment. In fact, despite an overall decline in sales, there are several areas of the business that performed well, though they are being masked by continued weakness in the traditional watch category, particularly among our licensed brands. We believe that growth in Fossil and Skagen, strong performance from leathers and progress in wearables are solid indicators that we are on the right track, have the right long-term strategies in place and their performance reinforces our commitment to investing in these strategies to drive future growth."
Mr. Kartsotis concluded, "Our team continues to work diligently on our key strategic growth priorities: investing in Fossil and Skagen to continue to grow those brands, investing in digital and omni-channel capabilities to meet the customer wherever they shop, and driving future growth through wearable technology. As always, we continue to focus intently on managing our resources and investments tightly to improve the profitability of our core business. Our focus remains on the long-term and executing against these strategic priorities. We believe these priorities support our over-arching goal of delivering long-term sustainable growth and improving profitability to drive value for our shareholders."
For earnings history and earnings-related data on Fossil Group (FOSL) click here.
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