$FOSL Fossil Group Surges on Earnings Beat

Fossil (NASDAQ:FOSL) soars after reporting a revenue drop of 19% in Q3, which its says was better than expected, due to continued strength in both owned and third party e-commerce, strong growth in Mainland China and modest improvement within the wholesale channel globally.
Sales from the company's owned e-commerce websites increased 66% and third party marketplace e-commerce sales increased 44% compared to a year ago.
"We are making good progress on our strategic priorities, with accelerated initiatives around our digital expansion programs and structural cost reduction efforts. Given the uncertain environment, we are remaining agile and continuing to closely manage liquidity, expenses and inventory as we position the business for future growth," notes CEO Kosta Kartsotis.