Fossil is getting rocked in after-hours trading after reporting miserable earnings Tuesday. The company reported earnings of $0.12 per share against analyst expectations of $0.14 per share. Comparable sales dropped by 3% against analyst expectations of only a 0.4% drop. Fossil's sales missed, with only $659.8 million in sales during the first quarter against estimates of $667 million. The big drop, however, was in guidance. The accessory-maker, best known for its watches, cut its earnings forecast for the full year 2016 to $1.80 to $2.80 per share versus its previous projection of $2.80 ti $3.60 per share. Additionally the firm projects sales to fall between 1.5% to 5% for the full year. After the news, the stock plummeted in after-hours trading. As of 4:16 p.m. ET, shares were down a little more than 23% at $30.70. [Screen Shot 2016 05 10 at 4.16.56 PM] SEE ALSO: SOLARCITY NOSEDIVED MORE THAN 20% AFTER EARNINGS MISS Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
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