Fossil’s Europe worry ignites domino effect

Shares of watch maker Fossil Inc. slumped as much as 40% in their biggest drop ever after the company reported disappointing first-quarter sales and cut its outlook following unexpected weakness in some markets in Europe and Asia.

Among the most disconcerting to investors, sales in Germany and Korea, its two top markets in Europe and Asia respectively, both slowed, analysts said. Sales in Italy and Spain, markets that were already enthralled in the European debt crisis, dropped.

Concerns about Europe after Greece failed to reach an agreement to form a coalition government also sent the broader markets lower on Tuesday.

Fossil lowered its previous growth projections for Europe from the mid-teens rate to low-to-mid-single digit rate.

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- Posted: 2012-05-08 11:56:49

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