Shares of Fossil Group, Inc. (FOSL), a maker of consumer fashion accessories, are rising more than 35 percent or $2.11 in Thursday’s morning trade at $8.08 after the company reported a profit for the third quarter.
Wednesday, Fossil reported that its third-quarter net income was $16.0 million or $0.31 per share, compared to net loss of $25.9 million or $0.51 per share in the prior-year quarter. Net sales decreased 19 percent to $435.5 million from $539.5 million in the year-ago period.
Investors perhaps overlooked the company’s fourth-quarter outlook that projects worldwide net sales to decline in the range of 40 percent to 30 percent.
Fossil Group has traded in a range of $2.69 to $8.81 in the past 52 weeks.
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