Better first-quarter sales led Fossil Inc. to a 56 percent gain in profits as the accessories firm saw business grow around the globe.
Earnings attributable to the Richardson, Tex.-based firm rose to $55.8 million, or 86 cents a diluted share, from $35.9 million, or 53 cents, a year earlier. Profits came in 20 cents ahead of analyst estimates.
Sales for the three months ended April 2 advanced 36.6 percent to $537 million from $393.2 million.
“During the quarter, we saw particularly robust growth in Asia where sales rose 57 percent, while North America and Europe sales each grew by 34 percent,” said Mike Kovar, executive vice president and chief financial officer.
The accessories firm said second-quarter earnings would range from 70 cents to 73 cents.