Formal:
* Passez une excellente journée! (This is the most common and polite way to say it.)
Informal:
* Bonne journée! (This is a very common and friendly way to say it.)
* Passe une super journée! (This is a more informal and casual way to say it.)
* Aie une journée fabuleuse! (This is a literal translation of "have a fabulous day" but it might sound a bit strange to a native French speaker.)
You can also add a little extra to make your wish more personal:
* J'espère que vous aurez une excellente journée! (I hope you have a great day!)
* Profitez bien de votre journée! (Enjoy your day!)
* Amusez-vous bien! (Have fun!)
Ultimately, the best translation depends on the context and your relationship with the person you're speaking to.