Fossil Shares Plunge After Watchmaker's Sales Miss Estimates
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Fossil Group Inc. suffered the worst stock decline in more than three years after its sales missed analysts’ estimates, fueling concern that the watch industry is mired in a slump and losing ground to wearable technology.
Third-quarter revenue fell to $771.3 million last quarter, the Richardson, Texas-based company said on Thursday. Analysts had predicted $795.1 million. Fossil also predicted a fourth-quarter decline of as much as 16 percent.