Fossil Group earnings (NASDAQ:FOSL) were posted late in the day on Wednesday and the watch maker unveiled that its earnings and revenue for its last period of its fiscal 2018 were below what analysts were calling for, sending FOSL stock plummeting more than 15% after hours.
The Richardson, Texas-based fashion apparel designer announced that for its fourth quarter of its fiscal 2018, it brought in net income of $47.6 million following a loss during the same period in the year-ago quarter. This amounted to 94 cents per share, or $1.01 per share when adjusting for restructuring costs.
Analysts were calling for Fossil Group to bring in adjusted earnings of $1.27 per share, according to data compiled by Zacks Investment Research. The company’s adjusted earnings came in at 64 cents per share during its year-ago quarter when adjusting for non-recurring items.
The watch and accessories maker added that its revenue for its fourth quarter was $786.9 million, which was also below what the Wall Street consensus estimate that Zacks was calling for. For its fiscal 2018, Fossil Group reported that it brought in its loss down to $3.5 million, or 7 cents per share, while its revenue came in at $2.54 per share.
FOSL stock was down about 2.7% during regular trading hours Wednesday as the company geared up to report for its latest quarter of the last fiscal year. Following an underwhelming earnings report that saw its adjusted profit and revenue miss expectations, shares were sinking close to 16% after the bell.
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