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Fossil Group fiscal Q1 profit falls 28.8% YOY

Fossil Group Inc. said its normalized net income for the fiscal first quarter ended April 4 came to 85 cents per share, compared with the S&P Capital IQ consensus estimate of 76 cents per share.

EPS declined 23.4% year over year from $1.11.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $42.8 million, a decrease of 28.8% from $60.1 million in the year-earlier period.

The normalized profit margin fell to 5.8% from 7.7% in the year-earlier period.

Total revenue declined 6.6% on an annual basis to $725.1 million from $776.5 million, and total operating expenses declined on an annual basis to $655.6 million from $671.8 million.

Reported net income fell 42.9% year over year to $37.9 million, or 75 cents per share, from $66.3 million, or $1.22 per share.