After the market close, the company said earnings for the recent quarter ended April 2 came in at 12 cents a share, missing Wall Street's projections of 15 cents a share, and down from the 75 cents it earned the year prior.
Revenue of $659.8 million also fell short of estimates of $666.6 million and dropped from $725.1 million during the same quarter last year.
Overall, results were adversely impacted by foreign currency and the ongoing challenges weighing down on the company's traditional watch category.
"We are disappointed that those headwinds have intensified, which will impact this year's expectations, despite our further expense management," CEO Kosta Kartsotis said. "We are working hard to drive future growth with our focus on wearables, our commitment to brand building and our strength in innovation."
Separately, TheStreet Ratings currently has a "Hold" Rating on the stock with a letter grade of C.
The company's strengths can be seen in multiple areas, such as its attractive valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.