Fashion accessories and watch retailer Fossil, Inc. (FOSL) reported a rise in first-quarter net income attributable to the company to $72.2 million, or $1.21 per share, from $58.1 million, or $0.93 per share in the prior-year quarter. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.97 for the quarter. Analysts' estimates typically exclude one-time items.
The recent quarter results included a $6.4 million non-cash, non-operating gain, which benefitted earnings per share by $0.11, related to the company's future acquisition of the final 50% of its Spanish joint venture. The company said the quarterly results were also negatively affected by an anticipated $10 million shift of shipments, due to the current year's misalignment between the company's and many of its customers' fiscal calendars. Separately, the current quarter results also benefitted from about $15 million in March 2013 shipments, which the company had anticipated delivering in April 2013.
The firm clocked net sales of $680.9 million for the quarter, up from the prior year's $589.5 million. Analysts estimated revenues of $650.99 million for the quarter.
For the second quarter of fiscal 2013, Fossil expects earnings per share in a range of $0.89 to $0.94, and net sales to increase around 8% to 9%.
For fiscal 2013, the company now sees earnings per share in a range of $6.00 to $6.26, and net sales to increase between 10% and 11%, while analysts project annual earnings of $6.11 per share.
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