NEW YORK (TheStreet) -- Shares of Fossil Group (FOSL) - Get Report are down by 26.52% to $37.48 in early morning trading on Friday, following the release of the company's third quarter earnings results Thursday.

The Richardson, TX-based fashion accessories manufacturer reported a third quarter profit of $57.5 million, or $1.19 per share, almost half of the $103.7 million, or $1.96 per share, the company reported a year ago.

Revenue for the period fell by 14% year over year to $771.3 million, from $872.3 million.

For the current quarter, the company expects to earn between $1.05 and $1.65 per share versus analysts' $2.12 per share consensus expectations.

Fossil Group forecast net sales during the current quarter to fall between 7% and 16%. Analysts are expecting a fall of just 4%. 

Separately, TheStreet Ratings team rates FOSSIL GROUP INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate FOSSIL GROUP INC (FOSL) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

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