Fossil Group Incorporated, a leading retailer of fashion accessories, reported higher-than-expected overall profit and sales for the year’s third quarter because of recent strong demand when it comes to company’s jewelry and watches, sending Fossil’s shares increased by 18.5% during extended trading.
Fossil Group Incorporated, a seller of watches like Skagen and Fossil, also stated that their company has already authorized a $1B program aimed to repurchase shares that will end by Dec 2018.
The retailer based in Texas, stated that overall jewelry sales increased to 23% during this year’s quarter.
Overall watch sales increased to 12.4%, amounting to $696.3M during the year’s third quarter that ended October 4, contributing above 3 quarters of Fossil’s total revenue.
Because of these developments, Fossil has narrowed down their forecast for profit this year.
Thomson Reuters I/B/E/S stated that Fossil stated that they are now expecting to earn about $7.00 to $7.30 for every share this year, falling in expectations recorded by analysts, which is $7.15 for every share.
Fossil Group Incorporated earlier forecasted values from $6.95 to $7.35 for every share, and expects current overall quarter earnings amounting to $2.91 to $3.21 for every share. Overall sales growth, meanwhile, is expected to be 3% to 6%.