The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
TEXAS, United States — Fossil Group Inc. on Tuesday reported third-quarter earnings of $103.7 million.
The Richardson, Texas-based company said it had profit of $1.96 per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.82 per share.
The watch and accessories maker posted revenue of $894.5 million in the period, also surpassing Street forecasts. Analysts expected $878.5 million, according to Zacks.
ADVERTISEMENT
Fossil Group expects full-year earnings to be $7 to $7.30 per share.
Fossil Group shares have dropped 14 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 10 percent. In the final minutes of trading on Tuesday, shares hit $103.55, a drop of 19 percent in the last 12 months.
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.