Fossil Reports Record Fourth Quarter
Sales Increase By 14%
Fossil Inc., the parent company of Fossil Corporate Markets (asi/55145), said last week that it had record revenue results in the fourth quarter and full-year 2012. The watch company's sales increased by 14% in Q4 and by 11% in all of 2012, to reach a total of $2.9 billion for the year. Further, the company said that it improved its revenues in each of its business segments and geographies, including 15% growth in its North American wholesale business.
"We are pleased to report strong fourth quarter sales and earnings, concluding another record year of growth and significant progress toward our long-term goals," said Kosta Kartsotis, Fossil's CEO. "During the quarter, we grew sales in each of our major geographies and improved the overall profitability of our business, validating the strength of our business model."
Fossil also released positive guidance for its business in the beginning of 2013. The Richardson, TX-based company (NASDAQ: FOSL) expects to increase its revenues by 10% in the first quarter and by between 10% and 11% for full-year 2013. It also expects to deliver earnings per share in a range of $5.85 to $6.15. "Last year's accomplishments position us well for the future," Kartsotis said. "Our global distribution and supply chain, our design and management talent and our dynamic portfolio of brands afford us a significant competitive advantage. We see many markets around the world with compelling prospects to leverage that advantage and gain market share."