Fossil Group shares slump 17.7% in Thursday trading

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Fossil stock down 16% after retailer’s earnings, sales miss

Shares of Fossil Group Inc. tanked in the extended session Wednesday after the retailer missed Wall Street expectations and said it expects its sales to continue to fall. Fossil said it earned $47.6 million, or 94 cents a share, in the quarter, versus a loss of $79.9 million, or $1.65 a share, in the fourth quarter of fiscal 2017. Sales fell to $787 million, from $921 million a year ago. Analysts polled by FactSet had expected earnings of $1.21 a share on sales of $805 million. The company pinned the sales decline on reduced promotional discounting and price matching, particularly in the U.S., continued weakness in Europe, and supplier delays. Fossil last month said it had agreed to sell its smartwatch technology business to Alphabet Inc.’s Google.

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