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Fossil Group, Inc. reports developments in its global lifestyle accessories business, including watches, jewelry, handbags, small leather goods, belts and sunglasses. The company markets owned brands such as Fossil, Michele, Relic, Skagen and Zodiac, alongside licensed brands including Armani Exchange, Diesel, Emporio Armani, Michael Kors, Skechers and Tory Burch across wholesale, retail and e-commerce channels.
Recurring updates include quarterly and annual results, gross-margin and product-margin commentary, turnaround-plan actions, brand campaigns, executive and organizational changes, and financing matters tied to senior notes, asset-based lending and equity-capital activity.
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.
Fossil Group, Inc. (NASDAQ: FOSL) reported Q2 2020 results with net sales of $259 million, a decline of 48% year-over-year due to COVID-19 impacts. E-commerce sales rose significantly, with owned websites increasing by 138%. Gross margin improved to 54.3%, up 140 basis points from the previous year. Operating loss was $37 million compared to a $2 million profit last year. The company successfully reduced operating expenses by $86 million, achieving total liquidity of $311 million. Future guidance indicates a further sales decline of 35% to 45% in Q3.
Fossil Group has announced its second quarter 2020 earnings release date, set for August 12, 2020, after market close. This will be followed by a conference call at 5:00 p.m. ET to discuss the financial results. Interested parties can access the call live on the company's investor relations website. Fossil Group specializes in lifestyle accessories, offering a diverse range of products under both owned and licensed brands, including watches, jewelry, and wearables.
Fossil Group reported a 16% decrease in worldwide net sales for Q1 2020, totaling $391 million, largely due to COVID-19 impacts on retail operations. The operating loss rose to $134 million compared to $20 million a year ago. Gross profit fell to $140.4 million, reflecting a 35.9% gross margin, down from 53.3%. The company has expanded its New World Fossil 2.0 program, aiming to achieve $100 million in cost savings this year. Despite proactive measures, sales are expected to decline by 60%-70% in Q2 2020.
Fossil Group (NASDAQ: FOSL) will release its Q1 financial results for the period ending April 4, 2020, on June 3, 2020, after market close. A conference call to discuss these results will follow at 5:00 p.m. ET, accessible on the Company's investor relations website. Fossil is a global company specializing in lifestyle accessories, offering a diverse range of products under several owned and licensed brands.
On May 5, 2020, Fossil Group (NASDAQ: FOSL) announced a virtual format for its Annual Meeting of Stockholders, scheduled for May 20, 2020, at 9:00 a.m. CST, due to the COVID-19 pandemic. Stockholders recorded on March 25, 2020, can participate by registering online by May 17, 2020. Proxy materials previously distributed remain valid for voting. For attendance, registered holders will need a control number, provided via email upon registration. Fossil specializes in lifestyle accessories, operating under a diverse portfolio that includes fashion watches, jewelry, and wearables.