Fossil Gains on Full-Year Profit Forecast
(Corrects to remove reference to previous forecast in headline, first and third paragraphs.)
Fossil Inc. (FOSL), a maker of jewelry and leather goods, rose in early trading after forecasting profit that exceeded analysts’ estimates on increasing sales of its Skagen brand.
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.
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