Fossil Group: Stronger U.S. dollar negatively impacted net sales
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In the fourth quarter of fiscal 2016, the stronger U.S. dollar negatively impacted net sales by $18.3 million.
Fourth quarter fiscal 2016 net sales decreased 3% (2% on a constant currency basis) as compared to the fourth quarter of fiscal 2015.
For fiscal year 2016, the impact from the strong U.S. dollar negatively impacted net sales by $45.4 million.
Fiscal year 2016 net sales decreased 6% (4% on a constant currency basis) as compared to fiscal 2015.
The Company reported net income for the fourth quarter of fiscal 2016 of $49.7 million compared to $70.4 million for the fourth quarter of fiscal 2015.
Diluted earnings per share were $1.03, compared to $1.46 for the fourth quarter of fiscal 2015
Diluted earnings per share for the fourth quarter of fiscal 2016 of $1.03 included a restructuring charge of $0.21 per diluted share, purchase accounting costs associated with Misfit, Inc. of $0.08 per diluted share and negative impact from currency of $0.04 per diluted share.
Currencies, including both the translation impact on operating earnings and the impact of foreign currency hedging contracts, negatively affected the year-over-year EPS comparison by $0.22.
For fiscal year 2016, the Company reported net income of $78.9 million compared to $220.6 million for fiscal 2015.
Diluted earnings per share were $1.63, compared to $4.51 for fiscal 2015. Diluted earnings per share for fiscal 2016 of $1.63 included a restructuring charge of $0.43 per diluted share, purchase accounting costs associated with Misfit, Inc. of $0.37 per diluted share, negative impact from currency of $0.17 per diluted share and the benefit of real estate transactions of $0.16 per diluted share.
Currencies, including both the translation impact on operating earnings and the impact of foreign currency hedging contracts, negatively affected the year-over-year EPS comparison by $0.87. ■