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Fossil Group fiscal Q4 profit falls 48.9% YOY

Fossil Group Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 2 was $1.49 per share, compared with the S&P Capital IQ consensus estimate of $1.53 per share.

EPS decreased 45.7% year over year from $2.73.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $71.6 million, a decrease of 48.9% from $140.2 million in the prior-year period.

The normalized profit margin fell to 7.4% from 13.2% in the year-earlier period.

Total revenue fell 6.8% on an annual basis to $992.5 million from $1.06 billion, and total operating expenses increased 5.7% from the prior-year period to $881.2 million from $833.4 million.

Reported net income declined 54.4% from the prior-year period to $70.3 million, or $1.46 per share, from $154.2 million, or $3.01 per share.

For the year, the company's normalized net income totaled $4.43 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.89.

EPS declined 31.1% from $6.42 in the prior year.

Normalized net income was $216.5 million, a decrease of 36.5% from $341.0 million in the prior year.

Full-year total revenue declined 8.0% on an annual basis to $3.23 billion from $3.51 billion, and total operating expenses declined on an annual basis to $2.89 billion from $2.93 billion.

The company said reported net income declined 41.5% year over year to $220.6 million, or $4.51 per share, in the full year, from $376.9 million, or $7.10 per share.