Shares of Fossil Group (NASDAQ: FOSL) , which makes lifestyle accessories like watches, rose 44.5% at one point on Nov. 11. That's a massive gain that didn't hold as the stock was "only" up by around 23% by roughly 1 p.m. EST. Still, it's pretty clear that investors liked what they saw when the company reported earnings after the close on Nov. 10.
Fossil Group reported revenues of $492 million in the third quarter of 2021. That was up 13% over the same quarter in 2020. Digital sales, which increased 28% year over year, were nearly double what they were in Q3 2019 and now make up about 40% of the company's top line. Adjusted operating margin improved to 10.9% from 6.4% in Q3 2020. And net income per share was $0.60 compared to $0.31 last year, a huge increase and well above the $0.31 per share Wall Street analysts had been expecting. No wonder investors got excited.
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Why Fossil Group Stock Rocketed as Much as 44% Today