Shares of Fossil Group Surge After Earnings Beat
Shares of Fossil Group closed up 3.39 percent to $12.82 on Wednesday, and surged more than 11 percent during after-hours trading. The steep increase after the market closed followed the watch firm’s release of quarterly earnings, which showed mixed results. “We began fiscal 2019 reporting sales and earnings that exceeded our expectations,” Fossil Group’s chairman and chief executive officer Kosta Kartsotis said in a statement. “Given the ongoing disruptions in our category, we continue to plan our business conservatively, but are operating with a sense of urgency to transform our sales channels and to increase product innovation across our categories. “We remain confident that our operating platform, brand portfolio, strong innovation and powerful partnerships will enable us to deliver on our objective of long-term profitable growth,” he said. The better-than-expected results included a net income loss of $12.2 million for the quarter ending March 30. That’s a noticeable improvement from a net loss of $48.3 million a year earlier. Sales for the three-month period were $465 million, down from $569 million during the same period last year. Kartsotis pointed out, though, that while the U.S. remains the company’s biggest market, there was solid growth in Asia, including double-digit growth in China and
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