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Fossil watches sees rise in full-year earnings

First published: 18-08-2009

Fossil watches are causing the company, which deals in timepieces and high-end accessories, to forecast another rise in its end-of-year profits in light of its recent takings.

The organisation believes that its popular watch trade will allow its shares move to between $1.63 and $1.73 (£0.99 to £1.05) per share by the end of the year, raising it from its original prediction of $1.50 to $1.70 (£0.91 to £1.03).

It follows Fossil's first prediction of a rise from a base of $1.40 to $1.60 (£0.85 to £0.97).

Thomson Reuters believes the firm will finish on £1.61 (£0.98) when excluding the results of its one-time items.

It is expected that by doing business overseas, the conversion of local sales revenue into dollars will drag profits down due to the strength of the dollar, restricting the growth the company may have gained in other conditions.

Fossil operates over a dozen stores in the UK in locations such as York, Manchester and London.

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