The word Fossil (NASDAQ:FOSL) may bring to mind dusty antiquity, but investors apparently thought the stock sounded pretty spry after the watch and accessories maker reported second-quarter earnings today. Is today really the day to fawn over Fossil?

The company reported net earnings up 52% to $15.8 million, or $0.21 per share, with sales increasing 29% to $206.1 million. The numbers easily beat the Wall Street consensus estimate, which called for earnings of $0.17 per share, and Fossil increased its fiscal 2004 earnings estimate to $1.21 to $1.24 per share.

Fossil indicated success with its newly acquired Michele brand, as well as a hot climate in Asia and double-digit same-store sales gains in its retail stores. It also announced an alliance with Marc Jacobs.

As has been the case with many retail-oriented brands recently, consumer trends may be on Fossil's side, even though signs pointed to a shopping cooldown in recent months. Comparisons to last year weren't too tough. In addition, it's likely the accessories equivalent to an upgrade cycle is in effect, with lots of new, hot looks on the market this season.

Fossil's gross profit margin increased by 160 basis points to 52.9%, with currency benefits making up a good part of that boost. However, the company said that growth was offset by an increase in reserves for excess and obsolete inventories related to Fossil's tech watch division. (This made me wonder whether Fossil's Wrist Net -- a techno-watch/wearable technology project with Microsoft (NASDAQ:MSFT) that Fool contributor Matt Thurmond mentioned in January -- hasn't been a stunning success, or whether that's just part of the normal upgrade cycle risk common in technology products.)

Fossil shares jumped by more than 10% in recent trading; this lends the stock a forward P/E of 19. Although there was a lot to like about today's earnings report, Fossil didn't include what Fools consider a vital piece of information -- a statement of cash flows. So, more scrutinizing investors may want to wait out today's euphoria and take the time to dig deeper later, when there's more information available in Fossil's 10-Q.

Get some more historical perspective on Fossil by reading the following Foolish Takes:

Do you love to chat about the latest in fashion and the hottest accessories? Talk to Fools about fashion on the What to Wear? board.

Alyce Lomax does not own shares of any of the companies mentioned, though she did recently buy a new Fossil watch, and does she dig it. (It is not, however, a Wrist Net.)