Fossil Plunge Triggers Fashion Sell-Off, For A Time
Posted on May 08, 2012 at 14:03 PM EDT
Fossil's (FOSL) profit warning sparked a broader market sell off of high end apparel and accessories retailers. But many of those related stocks rallied off intraday lows. The watch and handbag maker's shares dived 38.4% to 77.50 after reporting first-quarter sales below Wall Street estimates. Fossil said earnings per share rose 8% to 93 cents, beating forecasts by a penny. Sales rose 10% to $589.5 million, under
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