FOSSIL NET RISES 44%
RICHARDSON, Tex. — Citing growth in both U.S. and foreign markets, Fossil Inc. posted a 44 percent gain in profits in the fourth quarter on a 41 percent sales gain.
The watch and accessories maker earned $6.1 million, or 46 cents a share, against $4.3 million, or 32 cents, a year ago. Sales grew to $57.6 million
In the year ended Dec. 31, earnings climbed 33.6 percent to $15.3 million, or $1.15. Sales rose 54 percent to $161.9 million.
Gross margins increased in the quarter to 46.1 percent from 43.3 percent, due to an increase in higher-margin Fossil watch sales through the company’s own European-based businesses and the acquisition and increased profitability of majority-owned assembly facilities. This offset slightly lower margins in U.S. operations, due to a shift in the sales mix to lower-margin products, including Fossil leather goods and watches, shipped to independent international distributors.