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.
Fossil Group, Inc. (NASDAQ: FOSL) is a global design, marketing, distribution, and innovation company specializing in lifestyle accessories. With a diverse portfolio of owned and licensed brands, Fossil Group offers an extensive range of products including fashion watches, jewelry, handbags, small leather goods, and wearables. The company's owned brands include Fossil, Michele, Misfit, Relic, Skagen, and Zodiac, while its licensed brands feature renowned names such as Adidas, Armani Exchange, Burberry, Chaps, Diesel, DKNY, Emporio Armani, Karl Lagerfeld, Kate Spade New York, Marc Jacobs, Michael Kors, and Tory Burch.
Fossil Group has a robust presence across the globe, reaching consumers in over 150 countries through an extensive wholesale distribution network and more than 600 retail locations. The company's operations are segmented into three main geographical areas: the Americas, Europe, and Asia, each contributing to the sales through wholesale, distributor customers, company-owned retail stores, and e-commerce activities.
Recently, Fossil Group has made significant strides in enhancing the digital shopping experience by adopting the NewStore omnichannel cloud platform. This transition to a mobile point-of-sale (mPOS) system is aimed at reimagining the shopping experience across Fossil, Fossil Outlet, and Watch Station stores. The new system allows store associates to assist and check out customers anywhere on the store floor using mobile devices, thus improving customer engagement and checkout efficiency.
On the financial front, Fossil Group has been implementing its Transform and Grow (TAG) Plan. As of the end of 2023, the company reported achieving $125 million in annualized cost savings by exiting the smartwatch category, closing underperforming stores, and managing down inventories. With a leaner cost structure and healthier inventory levels, Fossil Group remains focused on achieving $300 million in annualized operating income benefits by the end of 2025.
Furthermore, the company is conducting a strategic review of its business model and capital structure, exploring additional changes to operations and further structural cost reductions. This strategic review may include debt and equity financing options and asset monetization to strengthen the balance sheet. Evercore has been retained as the financial advisor for this review.
The company's commitment to innovation, design excellence, and a seamless customer experience positions it well for future growth and success in the highly competitive lifestyle accessory market.
Fossil Group, Inc. (NASDAQ: FOSL) announced the appointment of Andrew Skobe as Interim CFO following Sunil Doshi's departure. Doshi will stay until July 19, 2024, to ensure a smooth transition. Skobe joins with over 30 years of experience in finance and operations across various sectors. The company has engaged Ankura Consulting for interim-CFO services and has begun searching for a permanent replacement. Fossil reaffirmed its 2024 financial outlook, projecting worldwide net sales of $1.2 billion, an adjusted operating margin between -3% and -5%, and positive free cash flow, including $57 million in tax refunds received in Q2 2024. Quarterly earnings are expected on August 8, 2024.
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%.
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