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.
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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.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.