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Fossil Shares Are Crashing, Hard

The maker of mid-range-priced watches and accessories that were once trendy, Fossil Group Inc.'s (FOSL) shares were plunging Wednesday, Aug. 9, after the company reported wide losses and the departure of its CFO.

For the quarter ending July 1, Fossil reported a loss of 61 cents per share, well below analysts' projected loss of 33 cents per share, according to FactSet data. Sales of $596.8 million also trailed the consensus estimates of $617.9 million. The stronger U.S. dollar weighed on net sales of $8.3 million, down 13% compared to last year's Q2, and operating income decreased $4.5 million.

In the next quarter, Fossil expects to report a net loss of 11 cents to 44 cents per share, with sales declining 8% to 14%. For the full year, Fossil's net loss should hit $6.62 to $7.42 per share, including the charges for $6.50 of noncash intangible asset impairment...


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