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Fossil Group profit misses consensus by 36.3% in fiscal Q1

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Fossil Group profit misses consensus by 36.3% in fiscal Q1

Fossil Group Inc. said its normalized net income for the fiscal first quarter ended April 2 was 11 cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

EPS declined 87.4% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.1 million, a decrease of 87.9% from $42.0 million in the year-earlier period.

The normalized profit margin fell to 0.8% from 5.8% in the year-earlier period.

Total revenue declined 9.0% on an annual basis to $659.8 million from $725.1 million, and total operating expenses fell year over year to $645.4 million from $656.8 million.

Reported net income declined 84.7% on an annual basis to $5.8 million, or 12 cents per share, from $37.9 million, or 75 cents per share.