Fossil Inc. matched analysts’ estimates with lower fourth-quarter earnings last week but forecast a slow beginning to 2009 and said it was instituting selective layoffs and other cost-cutting initiatives.
A stronger dollar weakened the company’s overseas revenue. Net income for the three months ended Jan. 3 fell 12.9 percent to $46.3 million, or 69 cents a diluted share, from $53.1 million, or 75 cents, in last year’s quarter. Excluding charges related to write-downs and other items, profit was 84 cents a share. Revenue rose 0.2 percent to $464.1 million from $463.1 million. Gross margins dropped 140 basis points to 52.2 percent of sales.
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