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Fossil Shares Drop on Weak Outlook Despite Quarterly Earnings Beat

Fossil says its latest quarterly results were driven by robust sales around the world but doesn’t expect it to continue and that’s weighing on shares. Sales grew in all of their business segments and the company beat estimates by posting earnings that were $0.05 cents a share higher than what analysts had expected. Sales came in at $771 million. Fossil's CEO noted their diversified business model which is helping the company gain a competitive advantage. He said, "we continued our initiative to refine and optimize our operating structure to create fuel to drive our growth." Fossil's stock was down due to a weak forecast almost 5 percent after the close on Tuesday.