Alive and ticking
Shares in Fossil Group nearly doubled in value Wednesday after the company’s latest quarterly results exceeded Wall Street's expectations.
The watch and accessories maker has been working to cut costs and revamp its business in a bid to revive a deep sales slump that pulled the company into the red in 2017.
Fossil’s sales in the final quarter of last year didn’t improve from a year earlier, even with help from a weaker U.S. dollar.
Still, the company slashed its operating expenses, which helped deliver its first adjusted profit in a year.
While Fossil forecast another sales decline in 2018, it said that it expects its cost-cutting initiatives to reap big savings this year.
Shares in Richardson, Texas-based Fossil Group gained 88 percent Wednesday to $16.97, their highest price in about nine months.