Fossil posts higher sales and profits
US-based luxury leathergoods producer Fossil has reported higher sales and earnings for the quarter and half-year ended periods ended July 3.
Second-quarter net sales increased by 30.6% to $412.6 million compared with $315.9 million during the prior-year period. Gross profit rose 41.7% to $236.9 million, accounting for 57.4% of net sales. This compares to $167.2 million and a 52.9% share last year. Net income grew 227.8% to $54.5 million compared with $16.6 million.
Net sales for the six-month period increased by 26.1% to $805.8 million compared with $638.9 million, while gross profit rose 35.6% to $456.3 million, accounting for 56.6% of net sales. This compares to $336.6 million and 52.7% of net sales a year earlier. Net income grew 166.3% to $90.4 million compared with $33.9 million.
