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Article: Watch Maker Fossil Inc. Posts Higher Profits, Sales.
- Article from:
- The Dallas Morning News (Dallas, TX)
- Article date:
- November 13, 2002
CopyrightCOPYRIGHT 2002 The Dallas Morning News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Maria Halkias
Nov. 13--Fossil Inc. reported higher third-quarter profits and sales Tuesday and said it plans to increase spending on new niches including jewelry and Swiss-made watches.
The Richardson-based watch and accessories maker said net income rose to $14.1 million, or 29 cents a share, in the quarter ended Oct. 5, compared with net income of $10.7 million, or 23 cents a share, last year.
But the quarter included an asset write-down of 1 cent a share that caused it to miss its own profit estimate of 30 cents.
The write-down was related to the closing of a couple of stores next year.
Fossil stock fell $2.53, or ...