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Fossil Group Tops 3Q Profit Forecasts

Fossil Group Inc. on Thursday reported third-quarter earnings of $57.5 million. The results surpassed Wall Street expectations.
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  • Associated Press

RICHARDSON, United States — Fossil Group Inc. on Thursday reported third-quarter earnings of $57.5 million.

The Richardson, Texas-based company said it had profit of $1.19 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.

The watch and accessories maker posted revenue of $771.3 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $784.8 million.

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Fossil Group expects full-year earnings to be $4.15 to $4.75 per share.

Fossil Group shares have decreased 54 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased nearly 1 percent. In the final minutes of trading on Thursday, shares hit $50.47, a decline of 55 percent in the last 12 months.

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