Fossil watch sales decline

First published: 12-05-2009

Fashion label Fossil has reported a 9.3 per cent fall in net sales to $323 million (£211 million), with sales of Fossil watches having contributed to the drop across Europe.

The brand's sales across the continent were buoyed by growth of Burberry watches and DKNYjewellery that were launched during the third quarter of 2008.

A general decline in the sale of Fossil watch brands was also offset by a growth in sales volume for Michael Kors watches.

Mike Kovar, executive vice-president and chief financial officer of Fossil, explained that he was pleased with the results due to the challenging financial environment.

He said: "We believe our performance reflects the ongoing strength of our owned global distribution model, our compelling brand portfolio and value positioning."

Mr Kovar added that brands "continue to remain vibrant" and are "positioned for market share gains".

Meanwhile, sportswear and watch brand Adidas has reported a 97 per cent fall in profits over the first three months of the year.

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