by Christopher Freeburn | May 14, 2014 10:36 am
Shares of Fossil Group (FOSL) dropped more than 7% in Wednesday morning trading after the fashion accessory retailer issued a disappointing outlook for the current quarter.
FOSL said it expects second-quarter earnings of between 90 cents and 97 cents per share. That was well below the Q2 profit of $1.16 per FOSL share that analysts had forecast. FOSL also said that it anticipates sales growth of between 8% and 9.5% during the quarter. Analysts have estimated second-quarter sales growth of 9.5%, the Wall Street Journal noted.
For the first-quarter, FOSL said it earned $66.3 million, down 8.2% from $72.2 million in the prior-year period. EPS came in at $1.22, topping its previously-issued guidance of between $1.10 and $1.18. Sinking North American mall sales sent overall retail same-store sales down 2.4% compared to the prior year, despite gains in Europe and Asia.
Fossil stock closed at $111.45 on Tuesday.
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