UPDATE: Fossil Posts Rise In Q2 Profit, Lifts Full-Year Outlook

Fossil

reported an 18% rise in its second-quarter earnings and lifted its full-year earnings forecast. Fossil now expects full-year earnings of $6.15 to $6.35 per share, versus its May forecast of $6 to $6.26 per share. It now projects net sales to rise between 11% and 12%, versus its earlier view of 10% to 11% growth. Fossil's quarterly profit surged to $67.7 million, or $1.15 per share, from $57.3 million, or $0.92 per share, in the year-ago period. Its sales rose 11% to $706.2 million. The company in May expected earnings of $0.89 to $0.94 per share on 8% to 9% sales growth. Fossil's gross margin rose to 57.9% from 56%. Fossil shares surged 9.38% to $117.50 in pre-market trading.