Fossil Inc., the maker of the namesake watch brand, fell the most in almost six months after reporting sales that trailed analysts’ estimates.
Fossil slumped 10 percent to $84.24 at the close in New York, the biggest decline since May 8. The shares have advanced 6.1 percent this year.
Third-quarter sales rose 6.4 percent to $684.2 million, the Richardson, Texas-based company said today in a statement. Analysts projected $713.5 million, the average of estimates compiled by Bloomberg. Fossil also lowered its fourth-quarter sales forecast by about 4 percentage points, to a 12 percent increase, because of slowing European growth. Analysts anticipated a 16 percent gain.
Net income in the third quarter rose 10 percent to $76.8 million, or $1.26 a share, from $69.6 million, or $1.09, a year earlier, Fossil said today.