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By
Reuters
Published
May 10, 2011
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Fossil Q1 tops Street; sees Q2 profit below estimates

By
Reuters
Published
May 10, 2011

May 10 - Watch maker Fossil Inc posted quarterly results that beat market estimates as its domestic market and direct-to-consumer sales rose, but forecast a second-quarter profit below expectation.

Fossil
Fossil watches

Fossil, which also sells jewelry, leather goods, belts, sunglasses and apparel, expects earnings of 70-73 cents per share in the second quarter.

Analysts on average were estimating earnings of 76 cents, on revenue of $512.47 million, according to Thomson Reuters I/B/E/S.

For the first quarter, the company, which sells private-label products at mass-market stores like Wal-Mart Stores Inc and Target Corp, earned $55.8 million, or 86 cents a share, compared with $35.9 million, or 53 cents a share, a year earlier.

The company, whose watches sell from $7 to upwards of $2,000, said revenue rose 37 percent to $537.0 million.

Revenues from wholesale in North America rose 34 percent to $206.8 million and direct-to-consumer sales rose 30 percent to $114.2 million.

Analysts had expected the company to earn 66 cents a share, on revenue of $512 million.

Richardson, Texas-based Fossil's shares closed at $94 on Monday on Nasdaq.

(Reporting by Arpita Mukherjee in Bangalore; Editing by Don Sebastian)

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