By Sam Boughedda
Investing.com — Consumer fashion accessories company Fossil Group Inc (NASDAQ:FOSL) shares rose 24% after its third quarter earnings report.
The Texas-based company reported an EPS of 60 cents on revenue of $491.8 million.
Worldwide net sales were reported at $492 million, an increase of 13%, while net income totaled $31.4 million, compared to $16 million in the same quarter of 2020.
“Top line growth, solid gross margins and ongoing expense management drove adjusted operating margins of 11% in the third quarter. A continuing focus on our four strategic priorities is fueling broad-based sales growth, led by digital channels," said Kosta Kartsotis, chairman and CEO of Fossil.
For the full year, Fossil raised its outlook for worldwide net sales growth to approximately 17% to 19%, while for the fourth quarter, worldwide net sales are expected to increase between 18% and 25%.
“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,” added Kartsotis.
Fossil shares are trading around $17.18 after hitting a high of $20 earlier in the session, its highest level since January.