- Fossil (NASDAQ:FOSL) -12.8% AH after reporting weaker than expected Q3 revenues and issuing downside guidance for the rest of the year.
- FOSL says it now sees Q4 EPS of $1.05-$1.65, well below the $2.14 analyst consensus estimate, and expects Q4 revenues to decrease by 7%-16% with operating margins in the range of 8.5%-11.5%.
- For the full year, FOSL cuts its EPS outlook to $4.15-$4.75 and expects a 8%-10.5% decline in net sales, from its previous estimate for EPS of $4.80-$5.60 and a 4%-8% net sales decrease.
- In Q3, FOSL says its watch sales fell 17%, or 11% excluding currency fluctuations, and global sales at stores open more than a year fell 1% Y/Y.
- FOSL also says it agrees to acquire startup Misfit, a maker of wearable fitness trackers, for $260M, in a move the company hopes will help reinvigorate its product offerings.