Fossil Inc. Reports Dramatic Increase in Profits for Q4
As per the revelations of a report, the intensifying range of watches of Fossil Inc. has been successful in luring customers to a high extent. The same has led the company realize a significant rise of 28% in its net profit.
Yes! The company is of the belief that it is the double-digit growth seen in the global watch portfolio that has resulted in increased profits. The Skagen brand was purchased by Fossil the previous year, which has accounted for rise in sales in Europe, North America and Asia pacific.
The higher-than-expected revenue was reported by the accessory maker and retailer on Monday, when its shares closed at $107.46 on the NASDAQ. The company sells accessories in the name of its namesake brand or those of Armani Exchange, Kors and Marc by Marc Jacobs.
The company's shares were high by around 5% before the bell. Fourth-quarter earnings for the firm were noted at $151.1 million ($2.51 per share) on the day, up from $117.9 million ($1.87 per share) realized back a year.
It is being said that the earnings were $2.27 per share on an adjusted basis. However, analysts had estimated earnings of around $2.26 per share with revenue of $930.4 million. But, the company reported revenue of $947.7 million i. e. with an increase of 14%.