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Fossil Group swings to loss in fiscal Q2

Fossil Group Inc. said its normalized net income for the fiscal second quarter ended July 1 amounted to a loss of 32 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 35 cents per share.

The per-share result swung to a loss from the prior-year profit of 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $15.7 million, compared with income of $5.2 million in the prior-year period.

The normalized profit margin dropped to negative 2.6% from 0.8% in the year-earlier period.

Total revenue fell 12.9% year over year to $596.8 million from $685.4 million, and total operating expenses fell 9.0% year over year to $609.7 million from $669.9 million.

Reported net income came to a loss of $344.7 million, or a loss of $7.11 per share, compared to income of $5.8 million, or 12 cents per share, in the prior-year period.