Third Quarter Revenue of Fossil Group Inc. Beats Estimates
Fossil Group Inc., the retailer of fashion accessories reported sales and profit figures for the third quarter that surpassed the expectation of the analysts.
The increased profits are attributed mainly to the brawny sales of its watches and jewellery. In extended trading the company's shares were up by 18.5 percent.
The company also said that it has authorized a $1 billion share repurchase program. This programme will continue till the end of December 2018.
Fossil Group Inc. was earlier known as Fossil, Inc. It is a well known global designer brand cum marketer and distributer which specializes fashion accessories.
The jewellery sales figures for the Texas-based retailer grew 23 percent in the quarter. It also sells watches under brand names of Fossil and Skagen.
The company is also gaining from a revamp that it has planned for its jewellery line. The concept of "affordable luxury" has managed to get great results for its line of watches and handbags too.
In the third quarter which ended on October 4, the sales of watch grew 12.4 percent to $696.3 million. This amount itself has contributed to more than three- fourth to the total revenue.
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