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Fossil, Inc. Reports Record First Quarter 2013 Results

Stocks in this article: FOSL

Mr. Kartsotis concluded, "Our consistent performance continues to demonstrate the power of our global operating platform, our compelling portfolio of brands, design innovation and the outstanding execution by our team. We remain confident in our near and long term outlook and intently focused on our goal to build a diversified, predictable and scalable business model that generates outstanding cash flows and returns for our shareholders."

Operating Results

The translation impact of a stronger U.S. dollar decreased the Company's reported net sales by approximately $1.4 million during the first quarter of fiscal 2013. The following discussion of the Company's net sales is based on constant dollar performance.

First quarter fiscal 2013 worldwide net sales rose 15.7% or $92.8 million, reflecting sales growth across each segment compared to the prior fiscal year's first quarter. The sales increase was driven by double-digit growth of the multi-brand global watch portfolio as well as the expansion of the global FOSSIL brand. Sales of the Company's jewelry products increased, while sales of leathers and eyewear declined.

Net sales from the North America wholesale segment increased 13.3%, or $29.8 million, as compared to the first quarter of fiscal 2012. Solid growth in the watch portfolio led the North American sales increase, including a $10 million contribution from the addition of the SKAGEN brand. These improvements were partially offset by lower shipments of leathers and eyewear. Wholesale shipments increased in the U.S., Canada and Mexico.

Europe wholesale net sales rose 13.5%, or $20.5 million, compared to the first quarter of fiscal 2012. The sales growth was driven by increases in the watch category. This growth was partially offset by reduced shipments of eyewear and leathers. The addition of SKAGEN contributed $13 million to first quarter of fiscal 2013 revenues. Growth in Europe was strongest in the Company's distributor markets and the UK, while Italy experienced a sales decline during the quarter.

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