Welcome to our dedicated page for Fossil Group news (Ticker: $FOSL), a resource for investors and traders seeking the latest updates and insights on Fossil Group stock.
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Fossil Group, Inc. reported a first-quarter net sales decrease of 22% to $255 million, with gross margins up 300 basis points to 52.4%. The company's operating loss was $29 million, and adjusted operating loss was $19 million. Inventory decreased by 33% to $224 million, with cash and cash equivalents at $113 million. The company received a $57 million US tax refund post-quarter. Fossil stresses progress under its Transform and Grow Plan, restructuring costs and a strategic review. The company's operating expenses decreased by 18%, while gross profit fell to $133.5 million. Operating loss was $29.2 million, and adjusted operating loss was $18.9 million. Net loss was $24.3 million with a net loss per diluted share of $0.46. Fossil reiterates its full-year 2024 outlook, expecting net sales of $1.2 billion and a adjusted operating margin range of -3% to -5%.