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Fossil Group, Inc. Reports Fourth Quarter And Fiscal Year 2013 Results; Provides First Quarter And Fiscal 2014 Guidance

Fourth Quarter Net Sales Increase 12% to $1.062 Billion; Diluted EPS increases 7% to $2.68

Fiscal Year 2013 Net Sales Increase 14% to $3.260 Billion; Diluted EPS increases 17% to $6.56

RICHARDSON, Texas, Feb. 11, 2014 (GLOBE NEWSWIRE) -- Fossil Group, Inc. (Nasdaq:FOSL) (the "Company") today reported its financial results for the fourth quarter and fiscal year ended December 28, 2013.

Fourth Quarter Highlights
Net sales grew in all business segments:
  Wholesale net sales increased 13%, with increases in all wholesale segments
  Direct to consumer net sales increased 9%
    Global retail comps declined 1.3%, with increases in Asia Pacific and Europe and a decrease in North America
Net sales of watches increased 14%
Operating income increased 7%
         
Fiscal Year 2013 Highlights
Net sales grew in all business segments:
  Wholesale net sales increased 14%, with increases in all wholesale segments
  Direct to consumer net sales increased 14%
    Global retail comps were flat, with increases in Asia Pacific and Europe and a decrease in North America
Net sales of watches increased 17%
Operating income increased 15% and operating margin expanded 10 basis points to 17.2%
Repurchased $575 million of common stock, which reduced common shares outstanding by 8%

The Company reported net income of $148.5 million for the fourth quarter of fiscal 2013, compared to $151.1 million for the fourth quarter of fiscal 2012. Diluted earnings per share grew 7% to $2.68, compared to $2.51 for the prior fiscal year's fourth quarter. The growth in diluted earnings per share resulted from operating income growth and a reduction in average shares outstanding, partially offset by increased interest expense and a higher tax rate.

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