Fossil Inc., a maker of jewelry and leather goods, surged the most since its initial public offering in 1993 after forecasting profit that exceeded analysts’ estimates on increasing sales of its Skagen brand.
The shares jumped 32 percent to $91.95 at 10:07 a.m. in New York, after reaching $92.60 for the biggest intraday gain since its IPO in April 1993. Fossil had lost 12 percent this year through yesterday.
Fossil forecast full-year profit excluding certain items of as much as $5.34 a share, the Richardson, Texas-based company said in a statement today. Analysts projected $5.27, the average of 14 estimates compiled by Bloomberg.
In April, the jewelry maker acquired Reno, Nevada-based Skagen Designs Ltd. for about $252 million to bolster its global brand portfolio.
Fossil sells its watches, handbags and other goods in department stores, specialty retailers and through about 400 company-owned stores.