Fossil Group Beats Q1 Profit Forecasts

RICHARDSON, United States — Fossil Group Inc. on Tuesday reported first-quarter profit of $5.8 million.

On a per-share basis, the Richardson, Texas-based company said it had profit of 12 cents. Earnings, adjusted for non-recurring costs, came to 20 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The watch and accessories maker posted revenue of $659.8 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $667.8 million.

Fossil Group expects full-year earnings to be $1.80 to $2.80 per share.

Fossil Group shares have climbed roughly 10 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed two percent. In the final minutes of trading on Tuesday, shares hit $40.14, a decrease of 50 percent in the last 12 months.