Fossil’s sales’ 13 percent dip tanks stock’s price by almost 4 percent

Fossil Group Cmn Stk (NASDAQ:FOSL) got the market talking Tuesday after noting a value decrease of -3.78 percent in the last trading session. The stock’s closing price of 11.2 dollars triggered an unusual volume of shares changing hands.

A total of 2.27 million shares exchanged hands during the intra-day trade compared with its average trading volume of 2.53 million shares according to Nasdaq.com. The company’s relative volume stands at 0.9.

Based on latest trading range, Fossil Group Cmn Stk (NASDAQ:FOSL) has a market cap of 520.02 million dollars and the number of outstanding shares have been calculated at 46.43 million.

The accessories brand posted a large second-quarter loss after it lowered the value of the company following a sustained decline in traditional watch sales. Meanwhile, total company sales fell 13 percent to 596.8 million dollars. Watch sales declined 9 percent. Leather accessories and jewelry sales both fell more than 20 percent. The company said sales could decline as much as 8.5 percent this year and

confirmed as well that it would be closing 50 stores this year. "We're in an unprecedented disruption and decline in the watch business," said CEO Kosta Kartsotis in a recent call with analysts.

The stock closed 6 percent higher on Tuesday to 11.84 dollars a share, but it's down more than 50 percent so far this year, recalled ‘Expert Gazette’.