NEW YORK (TheStreet) -- Fossil Group Inc. (FOSL) reported a drop in net income for the 2014 second quarter to $52.2 million, or 98 cents per diluted share, compared to $67.7 million, or $1.15 per diluted share, for the 2013 second quarter.
The consensus estimate forecast earnings of 96 cents per share for the most recent quarter.
Fossil, a company that designs, markets and distributed watches and other accessories, said revenue for the 2014 second quarter grew 10% to $774 million versus $706 million for the year ago period.
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Additionally, Fossil announced this afternoon that it has extended its partnership with Giorgio Armani, signing a 10-year global licensing agreement for timepieces.
Shares of fossil are flat in after-hours trading today.
Separately, TheStreet Ratings team rates FOSSIL GROUP INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FOSSIL GROUP INC (FOSL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: FOSL Ratings Report