Shares of Fossil Group Inc. retreated in after-hours trading Tuesday following disappointing guidance issued in conjunction with better-than-expected first-quarter results.
For the three months ended April 5, the Richardson, Tex.-based watch and accessories firm reported net income of $66.3 million, or $1.22 a diluted share, 8.2 percent below the $72.2 million, or $1.21, reported in the first quarter of 2013. The first-quarter result was 5 cents a share better than the $1.17 in earnings per share expected, on average, by Wall Street analysts. Year-ago results included an 11-cent benefit related to the acquisition of the company’s joint venture in Spain.
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