While the S&P 500 (SPY) has started off the new year strong with a 3% return in January, Fossil (FOSL) investors continue to get the short end of the stick. The stock is down 16% year-to-date, adding to its massive decline of 50% last year. This dismal performance shouldn't be surprising to shareholders after a quarter where we saw gross margin contraction, revenue down double digits year-over-year, and earnings estimates slashed across the board. Unfortunately, despite this year-to-date decline of 16%, the stock remains expensive at a forward earnings multiple of 38, suggesting