Fossil raises full-year outlook, beats first-quarter estimates

Fossil Inc. beat first-quarter earnings estimates. raised its outlook for the year and said Tuesday that its retail customers are feeling “incrementally better.”

The Richardson-based maker of watches. handbags. sunglasses Handbags. jewelry and other accessories said its first-quarter profit fell 43 percent as the recession and strong U.S. dollar hurt its results.

Chief executive officer Kosta Kartsotis said the company expects the second quarter to remain challenging but said Replica . “We are seeing signs of stabilization. with several of our retail customers in the U.S. feeling incrementally better.”

Aggressive “destocking” efforts by retailers trying to lower inventories have passed. Kartsotis said in a conference call with analysts. Retailers also are responding as consumers trade down. he said

Weakness in Fossil handbags during the quarter was offset by orders for the company’s lower-priced Relic brand. Fossil has returned to Nordstrom after being absent for several years from the upscale department stores. he said. Fossil makes watches and accessories under several brands that include Michele Designer Bags. Burberry Handbags. Michael Kors. DKNY. Adidas and Armani.

The company raised its full-year earnings estimate to a range of $1.50 to $1.70 a share. Analysts polled by Thomson Reuters expect profit of $1.45 per share in 2009.

In the first quarter(Chanel Replica). Fossil’s stores performed better in Europe than in the U.S. Designer Bags. where same-store sales fell 4.3 percent. Outlet mall stores performed better than the group overall with an 8.7 percent increase.

Fossil reported net income of $17.3 million. or 26 cents a share(Prada HandBags Replica). in the period ended April 4. compared with net income of $30.2 million. or 43 cents. a year ago. Revenue fell 9 percent to $323 million. Analysts had expected profit of 16 cents.

Shares gained $1.81. or 9 percent(Hermes HandBags Replica). to close at $21.55.

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