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Fossil Group profit misses consensus by 23.7% in fiscal Q3

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Fossil Group profit misses consensus by 23.7% in fiscal Q3

Fossil Group Inc. said its normalized net income for the fiscal third quarter ended Oct. 3 was 99 cents per share, compared with the S&P Capital IQ consensus estimate of $1.30 per share.

EPS decreased 43.8% year over year from $1.76.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $47.8 million, a decrease of 48.7% from $93.2 million in the year-earlier period.

The normalized profit margin declined to 6.2% from 10.4% in the year-earlier period.

Total revenue fell 13.8% year over year to $771.3 million from $894.5 million, and total operating expenses declined 6.4% from the prior-year period to $692.5 million from $739.5 million.

Reported net income declined 44.6% year over year to $57.4 million, or $1.19 per share, from $103.6 million, or $1.96 per share.