Reuters: Hot Stocks: UPDATE 1-Fossil profit beats estimates as demand picks up in Asia, Europe

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UPDATE 1-Fossil profit beats estimates as demand picks up in Asia, Europe Aug 6th 2013, 12:02 Tue Aug 6, 2013 8:02am EDT * Second-quarter earnings per share $1.15 vs est $0.93 * Revenue $706 mln vs est $691.2 mln * Sees FY earnings per share at $6.15 to $6.35 vs est $6.17 * Shares up 8 pct before the bell (Adds details from statement, share movement) Aug 6 (Reuters) - Fashion accessory maker and retailer Fossil Group Inc reported a better-than-expected quarterly profit as it sold more watches and jewelry in Europe and Asia. Fossil raised its full-year profit outlook to between $6.15 and $6.35 per share from between $6.00 and $6.26 per share. The stock rose 9 percent in premarket trade to $116.80. Analysts on average expect a full-year profit of $6.17 per share, according to Thomson Reuters I/B/E/S. Fossil sells watches ranging from $7 to upwards of $2,000 under brands such as Michael Kors, Armani Exchange, and Marc by Marc Jacobs. In the second quarter, sales to wholesale customers in Europe rose 16 percent to $170.7 million, helping overall revenue rise by 11.4 percent to $706.2 million. Analysts were looking for second-quarter revenue of $691.2 million. Europe and Asia wholesale contributed about 38 percent of Fossil's total sales in the quarter. Second-quarter earnings rose to $67.7 million, or $1.15 per share, from $57.3 million, or 92 cents per share, a year earlier. Analysts expected a profit of $0.93 per share. Fossil shares closed at $107.42 on Monday on the Nasdaq. (Reporting by Aditi Shrivastava in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

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