Shares of Fossil Inc. rose 9 percent Tuesday after the firm’s lower third-quarter profits beat analysts’ expectations and the company increased its fourth-quarter guidance.
In the three months ended Oct. 3, the Richardson, Tex.-based accessories maker posted net income of $35.3 million, or 52 cents a diluted share, 3.3 percent less than the $36.5 million, or 54 cents a share, reported in the year-ago quarter. Sales dropped 6.9 percent to $381.4 million from $409.8 million in 2008, with about $7 million of the decline attributable to unfavorable currency translation. But gross margin increased to 55.3 percent of sales from 54.7 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"