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Fossil cuts outlook, profit falls 45%

Fossil Group Inc. cut its 2015 guidance as the watch and fashion-accessories company reported third-quarter earnings fell 45% on weaker sales, especially of its watches.

The Richardson, Texas, company's shares fell 13% to $44.50 as its outlook for the current quarter missed Wall Street views.

Fossil also agreed to acquire wearable technology company Misfit Inc. for $260 million, in a deal that will expand its presence in the smartwatch sector.

Chief Executive Kosta Kartsotis said the acquisition, expected to close by year's end, provides Fossil with "a significant opportunity to add technology and connectivity across our platform of watches and accessories."

Misfit founder Sonny Vu will serve...