Why Fossil Group Stock Plunged Today

Shares of Fossil Group (NASDAQ: FOSL) plummeted more than 20% on Wednesday, following the release of the watchmaker's fourth-quarter results and guidance.

Net sales fell 10% year over year, to $712 million, as declines in its Americas and Europe segments more than offset growth in its Asia division. This sales shortfall, combined with inventory writedowns, resulted in a net loss of $6.9 million, or $0.14 per share.

Fossil's wholesale business remains under pressure from the struggles of department stores. The impact of retail store closures and bankruptcies more than offset growth in Fossil's e-commerce business.

Source Fool.com