UPDATE: Fossil Posts 24% Rise In Q1 Profit, Lifts Full-Year Forecast

Fossil

reported a 24% rise in its first-quarter earnings and lifted its full-year earnings forecast. Fossil now expects full-year earnings of $6 to $6.26 per share, versus its February view of $5.85 to $6.15 per share. Fossil also projects current-quarter earnings of $0.89 to $0.94 per share on sales growth of 8% to 9%. However, analysts project current-quarter earnings of $1.05 per share on revenue growth of 10%. Fossil's quarterly profit surged to $72.2 million, or $1.21 per share, from $58.1 million, or $0.93 per share, in the year-ago period. Its revenue climbed 16% to $680.9 million. The company in February expected earnings of $0.93 to $0.98 per share on sales growth of 10%. Its gross margin narrowed to 55.6% from 55.8%. Fossil shares gained 4.08% to $103.00 in pre-market trading.