Shares of watch and fashion accessory maker Fossil Group (NASDAQ: FOSL) fell roughly 18% in the first hour of trading on March 11. The company reported earnings after the close on March 10. There's a connection between the two events.
First the "good" news. Fossil Group reported a fourth-quarter 2020 loss of $0.08 per share, an improvement over the loss of $0.14 per share in the final quarter of 2019. It also saw a material increase in digital sales, which were up 25% year over year in the quarter. That number, meanwhile, was driven by a 50% increase from Fossil's own e-commerce channels . And the company noted it was able to reduce costs and improve its gross margin. So far so good.
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Why Fossil Group Stock Fell 18% in the First Hour Today