Shares of Fossil Inc. gained 6.9 percent Tuesday to $36.58 after the accessories marketer posted both fourth-quarter profits and a first-quarter forecast well ahead of Wall Street expectations.
Net income for the period ended Jan. 2 increased 51.2 percent to $70 million, or $1.03 a share, compared with income of $46.3 million, or 69 cents, a year earlier. Quarterly revenue rose 13.7 percent to $527.8 million, driven by a 22.2 percent rise in direct sales, as well as a 9.9 percent increase in wholesale revenues, the company said. Fourth-quarter sales in 2009 totaled $464.1 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)