Fossil profit doubles on surging sales, beats Street

New York City Watch and fashion accessories retailer Fossil reported Tuesday that it earned $35.9 million in the first quarter, up from $17.3 million a year earlier.

Revenue for the quarter jumped 22% to $393.2 million. Analysts had most recently forecast $363 million in revenue.

Fossil has been experiencing a recent surge, having beaten Wall Street forecasts for the past five quarters. The company has benefited from strong wholesale shipments in the United States and better-than-expected same-store sales, which increased 19% on a constant-dollar basis in the first quarter.

Wholesale sales climbed 19%.