Investors Bail on Fossil Group After Abysmal Second-Quarter Results
It hasn't been an enjoyable morning for investors of Fossil Group, Inc. (NASDAQ: FOSL), a global designer, marketer, and distributor of products that include watches, jewelry, handbags, small leather goods and other wearables. Shares plunged 25% after the company announced weak second-quarter results, dismal guidance and a departing chief financial officer -- ouch.
Starting from the top, revenue dropped from $685.4 million during the prior quarter down to $596.8 million during the second quarter, which was also well below analysts' estimates calling for $618 million. But the pain doesn't end there; the company recorded a second-quarter loss of $344.7 million, or a staggering $7.11 per share, compared to a $0.12-per-share profit during the prior year. When adjusted for one-time charges, however, that loss checked in at $0.61 per share -- which was still far worse than analysts' estimates calling for a loss of $0.33 per share.
Image source: Getty Images.
Source: Fool.com
