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) announced the appointment of Holly Briedis as Executive Vice President and Chief Digital Officer. With over 15 years of experience, including her tenure at McKinsey & Company, Holly will spearhead Fossil's digital initiatives to enhance its transformation into a digital-first retailer. CEO Kosta Kartsotis emphasized the importance of digital growth in modern retail, asserting that Holly's expertise will benefit the company significantly. Briedis expressed enthusiasm for the potential to drive meaningful growth and collaborate with the talented team at Fossil.
Fossil Group announced its participation in the Baird Global Consumer, Technology & Services Virtual Conference on June 9, 2021. The management team will engage in a fireside chat at 12:50 p.m. Eastern Time and conduct one-on-one meetings throughout the day. Investors can access the live webcast and an archived replay via the Fossil Group investor relations website.
Fossil Group specializes in lifestyle accessories, including watches, smartwatches, and jewelry, through its owned and licensed brands.
Fossil Group, Inc. (NASDAQ: FOSL) reported Q1 2021 net sales of $363 million, a 7% decline on a reported basis and 10% in constant currency. The company noted improved consumer demand and a 40% surge in digital sales, making up 41% of total sales. Gross margin reached 50.3%, a significant increase from 35.9% last year, aided by reduced inventory costs. While the operating loss shrank to $17 million from $134 million, a net loss of $24.4 million was reported. For 2021, Fossil anticipates net sales growth of 12% to 16% with projected sales increases of 50% to 55% for Q2.
Fossil Group, Inc. (NASDAQ: FOSL) will release its Q1 2021 financial results on May 12, 2021, after the market closes. A conference call will follow at 5:00 p.m. ET for discussion of the financial outcomes. Investors can access the call live on the company’s investor relations website, with an option for replay. Fossil specializes in lifestyle accessories and operates under various owned and licensed brands, with a strong commitment to innovation and design.
Fossil Group, Inc. (NASDAQ: FOSL) announced the promotion of Sunil Doshi to Chief Financial Officer and Treasurer, effective March 29, 2021. Doshi, with over 20 years of finance experience, takes over from Jeffrey Boyer, who remains Chief Operating Officer. Chairman Kosta Kartsotis expressed confidence in Doshi's leadership to drive sustainable sales growth and profitability. This organizational change aims to strengthen Fossil's executive team and support the company's transformation into a digital-first organization, enhancing operational efficiencies across various domains.
Fossil Group (NASDAQ: FOSL) reported Q4 and fiscal year 2020 results, revealing net sales of $528 million, down 26%. However, digital sales surged 25% with a notable 50% increase in the owned e-commerce channel, comprising 43% of total sales. Gross margin improved to 49.2%, and operating income reached $18 million, contrasting with a loss last year. The company reduced operating expenses by 22% and ended the year with $316 million in cash and $227 million in debt. Looking forward, Fossil aims for 10-15% sales growth in 2021, emphasizing digital expansion and innovation.
Fossil Group, Inc. (NASDAQ: FOSL) will report its fourth-quarter financial results on March 10, 2021, after market close. A conference call will follow at 5:00 p.m. ET, accessible via the company's investor relations website. Fossil specializes in lifestyle accessories, including watches, smartwatches, jewelry, and more, under various owned and licensed brands. The company aims to showcase its design and innovation across its diverse product offerings and global distribution network.
Fossil Group, Inc. (NASDAQ: FOSL) reaffirms its long-standing partnership with the Armani Group, established in 1997, focusing on innovative design and product distribution under the Emporio Armani, Armani Exchange, and Emporio Armani Swiss brands. CEO Kosta Kartsotis highlighted the potential for brand equity growth as Giorgio Armani collaborates with Parmigiani Fleurier in the luxury watch sector. Armani's Deputy Managing Director, Giuseppe Marsocci, expressed confidence in Fossil's design capabilities, ensuring future growth in their partnership.
Fossil Group (NASDAQ: FOSL) reported third-quarter 2020 financial results, revealing a 19% decline in worldwide net sales to $435 million, affected by COVID-19. However, e-commerce sales saw significant growth, with owned websites increasing 66% and third-party sales up 44%. Gross margin improved to 52.8%, while operating income rose to $18 million. The company reduced operating expenses by 26% year-over-year, achieving a net income of $16 million or $0.31 per diluted share. Despite challenges, Fossil expects e-commerce strength to continue, although overall sales may decline 30% to 40% in Q4.
Fossil Group (NASDAQ: FOSL) will report its third-quarter financial results for the period ending on October 3, 2020, after market close on November 11, 2020. Following the report, a conference call is scheduled for 5:00 p.m. ET the same day, available live on the company's investor relations website. Fossil Group specializes in design, marketing, and distribution of lifestyle accessories including fashion watches, jewelry, and wearables.
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