Fossil whiffed on earnings and the stock is down more than 28%

Fossil is getting rocked in after-hours trading after reporting miserable earnings on 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 ea