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Fossil Group swings to loss in Q3

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Fossil Group swings to loss in Q3

Fossil Group Inc. said its normalized net income for the third quarter amounted to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 15 cents per share.

The per-share result swung to a loss from the prior-year profit of 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.8 million, compared with income of $23.2 million in the third quarter ended Oct. 1, 2016.

The normalized profit margin fell to negative 0.3% from 3.1% in the year-earlier period.

Total revenue fell 6.7% year over year to $688.7 million from $738.0 million, and total operating expenses declined year over year to $683.5 million from $692.3 million.

Reported net income totaled a loss of $5.3 million, or a loss of 11 cents per share, compared to income of $17.4 million, or 36 cents per share, in the third quarter ended Oct. 1, 2016.