Fossil Group Inc. (FOSL - Free Report) released its third quarter fiscal 2016 financial results, posting earnings of 42 cents per share and revenues of $738 million. FOSL is a #3 (Hold), and is down 7.32% to $22.90 per share in after-hours trading after its earnings report was released.

Beat earnings estimates. The company reported earnings of 42 cents per share, topping the Zacks Consensus Estimate of 30 cents per share. This number excludes 6 cents from non-recurring items.

Missed revenue estimates. The company saw revenue figures of $738 million, lagging behind the Zacks estimate of $740 million and declining 4.3% year-over-year.

Fossil reported that global retail comps for Q3 decreased 3% compared to the year-ago period, with declines in all product categories. Positive comps in Asia were more than offset by flat comps in Europe and a decline in the Americas.

For fiscal 2016, the company expects revenues to decrease in the range of 5% to 3%, and diluted EPS to be in the range of roughly $1.30 to $1.80. For Q4, revenues are forecasted in the range of a 2% decrease to a 4% increase, and diluted EPS to be in the range of 69 cents to $1.19

Kosta Kartsotis, Chief Executive Officer, said “With our third quarter behind us and our results in line with our expectations, we’ve entered the fourth quarter well positioned with our new wearables in the marketplace and by all measures, they’re off to a great start.” 

Here’s a graph that looks at Fossil’s price, consensus, and EPS surprise:

FOSSIL GRP INC Price, Consensus and EPS Surprise

FOSSIL GRP INC Price, Consensus and EPS Surprise | FOSSIL GRP INC Quote

Fossil Group is involved in designing, marketing and distribution of consumer fashion accessories. The Company's product portfolio include men's and women's watches, handbags, belts, small leather goods, jewelry, sunglasses, hats, gloves and scarves, jeans, outerwear, fashion tops and bottoms, tee shirts as well as optical frames. Its brands include MICHELE, Zodiac, Relic, Emporio Armani, DKNY, Armani Exchange, Michael Kors, Diesel, Burberry, Marc by Marc Jacobs, Adidas, Skagen Denmark, and Karl Lagerfeld. The Company operates in four different segments: North America Wholesale, Europe Wholesale, Asia Pacific Wholesale, and Direct to Consumer.