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Fossil (NASDAQ:FOSL) stock is taking off on Thursday as investors in the fashion company celebrate positive news today.
Source: Faiz Zaki / Shutterstock.com
Let’s take a look at what has holders of FOSL stock smiling today below!
The jump in price for FOSL stock comes alongside the release of its Q3 2021 earnings report.
Fossil starts off its earnings report with diluted earnings per share of 60 cents.
That’s a significant jump over the company’s diluted EPS of 31 cents from the same time last year.
It also includes revenue of $491.8 million in its most recent earnings report.
That’s a boon to FOSL stock when compared to Wall Street’s revenue estimate of $435.5 million.
This also represents a 13% increase in revenue compared to the third quarter of 2020.
To go along with the strong earnings report is an update to the company’s guidance.
Fossil now expects Q4 2021 net sales growth of 18% to 25%.
It’s also looking for net sales growth between 17% and 19% full the full year of 2021.
Kosta Kartsotis, chairman and CEO of Fossile, said the following in the earnings report boosting FOSL stock.
“We are entering the holiday season with a healthy inventory position and strong consumer demand within our largest markets and core categories. As we look ahead to 2022, we feel confident that the business is well-positioned from both an operational and financial perspective. We have the talent, tools and financial flexibility to continue to drive growth and build shareholder value over the long-term.”
FOSL stock was up 28.3% as of Thursday morning and is up 107.8% since the start of the year.
Investors seeking more stock market news from today will want to stick around!
InvestorPlace has all the latest stock coverage that traders need to know about. That includes Lucid Group (NASDAQ:LCID) price predictions, experts weighing in on inflation, as well as why Babylon Holdings (NYSE:BBLN) is rising higher. You can get all that info from the links below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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