Alive and tick­ing

The Oklahoman - - MONEY & MARKETS -

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.

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