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Fossil, Inc. Reports Record First Quarter 2013 Results

About Fossil

Fossil is a global design, marketing and distribution company that specializes in consumer fashion accessories. The Company's principal offerings include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, soft accessories and clothing. In the watch and jewelry product categories, the Company's offerings include a diverse portfolio of globally recognized proprietary and licensed brand names under which its products are marketed. The Company's extensive range of accessory products, brands, distribution channels and price points allows it to target style-conscious consumers across a wide age spectrum on a global basis. The Company's products are sold to department stores, specialty retail stores and specialty watch and jewelry stores in the U.S. and in approximately 130 countries worldwide through approximately 25 Company-owned foreign sales subsidiaries and a network of over 60 independent distributors. The Company also distributes its products in over 450 Company-owned and operated retail stores and through international e-commerce websites and the Company's U.S. e-commerce website at www.fossil.com , where certain product, press release and SEC filing information concerning the Company are also available.
     
     
Consolidated Income Statement Data (in millions, except per share data):   For the 13 Weeks Ended   For the 13 Weeks Ended
    March 30, 2013   March 31, 2012
Net sales  $ 680.9  $ 589.5
Cost of sales  302.4  260.5
Gross profit  378.5  329.0
Selling and distribution expenses  203.2  181.4
General and administrative expenses  81.0  64.7
Operating income  94.3  82.9
Interest expense  1.2  0.8
Other income – net  9.8  2.5
Income before income taxes  102.9  84.6
Tax provision  28.9  23.5
Less: Net income attributable to noncontrolling interest 1.8 3.0
Net income attributable to Fossil, Inc.  $ 72.2  $ 58.1
Basic earnings per share  $ 1.22 $ 0.94
Diluted earnings per share $ 1.21 $ 0.93
Weighted average common shares outstanding:    
Basic   59.4 61.9
Diluted  59.8  62.5
     
  Consolidated Balance Sheet Data (in millions):   March 30, 2013   March 31, 2012
  Working capital  $ 833.3  $ 860.6
Cash, cash equivalents and securities available for sale 241.5 260.7
Accounts receivable, net of allowances 272.9 223.3
Inventories 520.3 512.1
Total assets 1,856.6 1,571.4
Short-term debt 1.6 12.9
Long-term debt 151.1 7.7
Deferred taxes and other long-term liabilities 145.8 134.5
Stockholders' equity 1,245.4 1,132.4
     
     
 Business Segment Sales ($ in millions) Amounts For the 13 Weeks Ended Percentage of Total  For the 13 Weeks Ended
  March 30, 2013 March 31, 2012 March 30, 2013 March 31, 2012
Wholesale:        
North America wholesale $ 255.2 $ 225.0 37.5% 38.2%
Europe   173.9  152.9 25.6% 25.9%
Asia Pacific    86.8  76.7 12.7% 13.0%
 Total wholesale   515.9   454.6   75.8%    77.1%
         
Direct to consumer 165.0 134.9 24.2% 22.9%
         
Total net sales $ 680.9 $ 589.5 100.0% 100.0%
 
 
Product Category Information  
Product Sales (in millions) Amounts For the 13 Weeks Ended
  March 30, 2013 March 31, 2012
Watches $ 513.0 $ 418.4
Leathers  102.8  104.0
Jewelry 42.3 39.2
Other 22.8 27.9
Total net sales $ 680.9 $ 589.5
 
 
Store Count Information
 
  At March 30, 2013 At March 31, 2012
  North America Outside North America   Total North America Outside North America   Total
Full price accessory  105  145  250  102   145   247
Outlets  99  61  160  75  30  105
Clothing  31  2  33  29  4  33
Full price multi-brand 4  17  21  2  11  13
SKAGEN branded  5  8   13   --     --      -- 
Total stores  244  233  477  208  190  398

Constant Currency Financial Information

The following table presents the Company's business segment sales on a constant currency basis. To calculate net sales on a constant currency basis, net sales for the current fiscal year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the actual effective rates during the comparable period of the prior fiscal year.
   
 (in millions) Net Sales For the 13 Weeks Ended March 30, 2013
    As Reported  Impact of Foreign Currency Exchange Rates   Constant Currency
Wholesale:      
 North America   $ 255.2  $ 0.3  $ 254.9
 Europe  173.9  0.4  173.5
 Asia Pacific 86.8  (1.6)  88.4
 Total wholesale  515.9  (0.9)   516.8
       
Direct to consumer  165.0  (0.5)  165.5
       
Total net sales $ 680.9 $ (1.4) $ 682.3
CONTACT: Investor Relations:
         Allison Malkin
         ICR, Inc.
         (203) 682-8225

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