Fossil misses by $0.08, misses on revs; guides Q3 EPS below consensus; lowers guidance (11.84 +0.64)
- Reports Q2 (Jun) loss of $0.48 per share, excluding $6.50/share impairment and $.13/share in non-recurring items, vs. the Capital IQ Consensus of ($0.40); revenues fell 12.9% year/year to $596.8 mln vs the $617.89 mln Capital IQ Consensus, growth in connected watches was more than offset by declines in traditional watches. Declines in leathers and jewelry and changes in foreign currency also negatively impacted net sales.
- Co issues downside guidance for Q3, sees EPS of ($0.38)-(0.05), excluding non-recurring items, vs. $0.04 Capital IQ Consensus Estimate; net sales down 8-14%.
- Co issues guidance for FY17, lowers EPS of ($0.32)-0.48, excluding non-recurring items, from ($0.50)-0.20 vs. ($0.19) Capital IQ Consensus Estimate; net sales down 4.5-8.5% from down 1.5-6.0%