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Fossil Group profit beats consensus by 31.3% in fiscal Q2


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Fossil Group profit beats consensus by 31.3% in fiscal Q2

Fossil Group Inc. said its normalized net income for the fiscal second quarter ended July 2 amounted to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

EPS declined 89.9% year over year from $1.06.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.2 million, a decline of 90.0% from $51.7 million in the prior-year period.

The normalized profit margin dropped to 0.8% from 7.0% in the year-earlier period.

Total revenue declined 7.4% year over year to $685.4 million from $740.0 million, and total operating expenses climbed on an annual basis to $669.9 million from $663.1 million.

Reported net income fell 89.4% year over year to $5.8 million, or 12 cents per share, from $54.6 million, or $1.12 per share.