“Fossil Group’s latest financials show the watchmaker is clearly hurting from Apple’s encroachment into the traditional hardware sector,” Lauren Thomas reports for CNBC. “Shares of Fossil were trading down more than 24 percent Wednesday morning, following the company’s dismal first-quarter earnings report.”
“‘Our results for the first quarter … continue to reflect a challenging retail environment and a watch category undergoing significant change,’ Fossil CEO Kosta Kartsotis said on the earnings conference call,” Thomas reports. “After the bell on Tuesday, Fossil reported a loss of 65 cents per share on sales of $581.8 million, while Wall Street had forecast losses of 34 cents a share on revenue of $591 million, according to Thomson Reuters’ analysts.”
“Meanwhile, Apple Watch sales are gaining momentum, as Tim Cook’s company continues to disrupt the traditional hardware space,” Thomas reports. “In its latest earnings report, Apple said its sales from “other products” — Apple Watch, Apple TV and Beats products — grew 31 percent year-over-year.”
Read more in the full article here.
MacDailyNews Take: Pebblized Fossil.
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