Fossil raises full-year outlook, beats first-quarter estimates

Fossil Inc. beat first-quarter earnings estimates, raised its outlook for the year and said Tuesday that its retail customers are feeling "incrementally better."

The Richardson-based maker of Fossil watches, handbags, sunglasses, jewelry and other accessories said its first-quarter profit fell 43 percent as the recession and strong U.S. dollar hurt its results.

Chief executive officer Kosta Kartsotis said the company expects the second quarter to remain challenging but said, "We are seeing signs of stabilization, with several of our retail customers in the U.S. feeling incrementally better."

Weakness in Fossil handbags during the quarter was offset by orders for the company's lower-priced Relic brand. Fossil has returned to Nordstrom after being absent for several years from the upscale department stores, he said. Fossil makes watches and accessories under several brands that include Michele, Burberry, Michael Kors, DKNY, Adidas and Armani.

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