Fossil Group Inc. posted third-quarter results that bested Wall Street’s estimates.
For the three months ended Oct. 4, net income gained 15.6 percent to $103.7 million, or $1.96 a diluted share, from $89.7 million, or $1.58, a year ago. Net sales rose 10.4 percent to $894.5 million from $810.4 million. Wall Street analysts were expecting $1.82 on sales of $879.1 million.
Kosta Kartsotis, chief executive officer, said, “The quarter was highlighted by growth across our major geographies and driven by strength in our multi-brand watch portfolio, jewelry and our Fossil and Skagen lifestyle brands.”
In the quarter, the company launched its Tory Burch watch collection, and partnered with Intel to support its wearable technology initiatives. The company also said it has renewed its licensing agreement with Michael Kors for 10 years.
The company raised its full-year fiscal 2014 guidance, expecting diluted earnings per share in the range of $7 to $7.30. That’s up from the $6.95 to $7.35 range the company projected on Aug. 12 when it reported second-quarter results.
For the fourth quarter, the company expects diluted EPS in the range of $2.91 to $3.21.
Shares of Fossil rose 0.5 percent to close at $103.75 in Nasdaq trading. The company report results after the markets closed. Shares of Fossil surged 11.9 percent to $116.05 in early after-market trading.