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Fossil Inc. topped third-quarter earnings projections, but sales weren’t as strong as expected and showed weakness in Europe, spooking investors.
Shares of the watch firm sank 11 percent to $83.75 in the opening minutes of trading today.
Third-quarter net income attributable to the company rose 10.3 percent to $76.8 million, or $1.26 a diluted share, from $69.6 million, or $1.09, a year earlier. Sales for the three months ended Sept. 29 increased 6.4 percent to $684.2 million from $642.9 million.
Adjusted earnings of $1.28 a share came in 12 cents ahead of the $1.16 Wall Street expected, but sales for the quarter fell $28.9 million short of the $713.1 million analysts projected.
North American wholesale sales rose 5.9 percent in constant currencies, but wholesale turnover in Europe inched up just 0.4 percent.
“Incremental sales from our recently acquired Skagen brand additionally helped fuel top line sales growth despite an overall challenging sales environment in Europe,” said Mike Kovar, executive vice president and chief financial officer.