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Fossil Group, Inc.

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Fossil missed earnings and revenue estimates in the first quarter of fiscal 2016 and slashed its fiscal 2016 outlook due to economic, competitive and consumer headwinds. Earnings of $0.12 per share also plunged 84% from the prior-year figure due to a decline in sales and operating income, which offset the favorable impact of lower taxes. Sales also declined 9% from the year-ago quarter, primarily due to a decline in the company's multi-brand licensed watch portfolio and challenging environment for traditional watch category. Currency fluctuations continued to hurt both the top and the bottom line in the quarter. The Watches category continued to remain sluggish due to general weakness in the category. Though we are encouraged by the company’s expanding presence in the wearable space, Fossil expects several challenges going ahead in 2016.

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