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 (NASDAQ: FOSL) reported a strong fiscal year 2021 with worldwide net sales of $1.9 billion, up 16%. The fourth quarter sales reached $604 million, a 14% increase year-over-year. Adjusted diluted earnings per share improved to $1.12 from a loss of $0.79. Operating income surged to $93 million, marking a significant recovery from a loss of $135 million last year. The balance sheet strengthened with $451 million in liquidity. Looking ahead, Fossil expects 2022 net sales growth of 2% to 6%, impacted by foreign currency challenges.
Fossil Group, Inc. (NASDAQ: FOSL) announced it will disclose its financial results for the fourth quarter and full year 2021 on March 9, 2022, after market close. A conference call is scheduled for 5:00 p.m. ET on the same day to discuss these results, which will be accessible via the Company's investor relations website. Fossil specializes in lifestyle accessories, including watches and smartwatches, and operates with a range of owned and licensed brands.
Fossil Group, Inc. (NASDAQ: FOSL) announced the appointment of Melissa Lowenkron as Senior Vice President and General Manager of the Fossil Brand. With over 20 years at Neiman Marcus, she brings extensive experience in building omnichannel businesses. Lowenkron aims to enhance brand strategy, product design, and marketing. CEO Kosta Kartsotis expressed confidence in her ability to drive growth and capitalize on the brand's momentum. Concurrently, Steve Evans will now focus on other owned and licensed brands within the company.
Fossil Group (NASDAQ: FOSL) reported strong Q3 2021 results with worldwide net sales of $492 million, a 13% increase from the prior year. Digital sales surged 28%, accounting for 40% of total sales. Operating income rose to $48 million with an adjusted operating margin of 11%. Net income reached $31.4 million, or $0.60 per diluted share. The company enjoys total liquidity of $305 million and reduced debt to $139 million. For FY 2021, Fossil expects net sales growth of 17% to 19% and Q4 sales to increase by 18% to 25%.
Fossil Group, Inc. (NASDAQ: FOSL) has successfully closed its public offering of $150 million in 7.00% Senior Notes due 2026, including an additional $10 million from underwriters’ options. The offering generated net proceeds of approximately $145.1 million, which will be used to repay borrowings under its Term Credit Agreement and for general corporate purposes. The Notes will trade on Nasdaq under the symbol 'FOSLL'. The offering was conducted under the company's SEC shelf registration effective September 30, 2021.
Fossil Group, Inc. (NASDAQ: FOSL) will release its financial results for Q3 2021 on November 10, 2021, after market close. The subsequent conference call is scheduled for 5:00 p.m. ET on the same day, accessible via the company’s investor relations website. Fossil specializes in lifestyle accessories, offering a diverse portfolio of watches, smartwatches, and other fashion items. The company is committed to innovation and design across multiple owned and licensed brands.
Fossil Group has priced a public offering of $140 million of 7.00% Senior Notes due 2026, up from an initially announced $125 million. The offering includes a $10 million over-allotment option for underwriters. The closing is expected on November 8, 2021. Proceeds will be used to repay existing borrowings under the Term Credit Agreement. The Notes will be listed on Nasdaq under the symbol FOSLL, with trading anticipated to start within 30 business days of closure.
Fossil Group, Inc. (NASDAQ: FOSL) has launched an underwritten public offering of $125 million in senior notes due 2026. A 30-day option for underwriters to purchase an additional $5 million is included. The company plans to utilize net proceeds to repay existing borrowings under its Term Credit Agreement. The offering is conducted under an effective registration statement with the SEC. The book-running managers for this offering are B. Riley Securities, Inc. and others. This announcement is significant for management of debt and financial stability.
Fossil Group, Inc. (NASDAQ: FOSL) reported a strong second quarter for fiscal 2021, achieving worldwide net sales of $411 million, a 59% increase compared to the same period last year. The Americas led this growth with a 64% rise, while digital sales constituted 41% of total sales. Operating income turned positive at $14 million, up from a loss of $37 million a year ago. The company has raised its 2021 outlook, anticipating a 14% to 17% growth in net sales. Total liquidity stands at $294 million, with cash and cash equivalents of $252 million.
Fossil Group, Inc. (NASDAQ: FOSL) will announce its financial results for Q2 2021 after market close on August 11, 2021. A conference call is set for 5:00 p.m. ET the same day to discuss these results, accessible via the company’s investor relations website. Fossil Group specializes in lifestyle accessories, offering products across various categories, including watches and handbags, through a wide distribution network.
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