Fossil watches continues to weather storm

First published: 10-11-2009

Fossil watches are standing up well against the recession, reporting third-quarter profits above market expectations today.

The company's own forecast shows that the organisation was aided by stronger sales at its own-brand stores as well as its domestic wholesale watch business, resulting in a raised fourth-quarter outlook.

Third-quarter net income fell by 3.3 per cent to $35.3 million (£21.1 million), marking a contraction much smaller than expected.

Chief financial officer Mike Kovar told Reuters in a statement: "New store growth and a 6.4 per cent constant dollar increase in comparable store sales resulted in a 22.4 per cent constant dollar sales increase from our direct to consumer segment in the third quarter."

The official believes that global market shares in the watch market have been gained by Fossil, putting it in a stronger position for later in the year, particularly Christmas trading.

This week, the Style Blog, part of the Shade Station online magazine, explained that Fossil creates great examples of moving beyond conventional trends and processes and is always willing to try new and innovative things.

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