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. (FOSL) delivers innovative lifestyle accessories through its global design and distribution network. This page aggregates official company announcements and verified financial updates for investors tracking this fashion-forward enterprise.
Access timely reports on quarterly earnings, product innovations, and strategic partnerships. Our curated feed eliminates search fragmentation by centralizing press releases about watch collections, licensed brand expansions, and operational milestones.
Key updates include material financial disclosures, leadership changes, retail network developments, and technology integrations. Bookmark this page for efficient tracking of Fossil Group's market position and design initiatives across traditional watches, smartwear, and leather goods.
Fossil Group, Inc. (NASDAQ: FOSL) has announced that it will release its second quarter 2024 financial results after the market closes on Thursday, August 8, 2024. The company will host a conference call to discuss these results at 5:00 p.m. ET on the same day. Investors and interested parties can access the live call through Fossil Group's investor relations website at www.fossilgroup.com/investors. For those unable to attend the live event, an archived version of the call will be made available on the same website for future reference.
The Buxton Helmsley Group (BHG), a significant shareholder of Assertio Holdings (NASDAQ: ASRT), has issued a letter to the company's Board of Directors expressing grave concerns about its composition and performance. BHG calls for the immediate resignation of four directors, including Chairman Peter Staple, and criticizes the Board's failure to explain and recover damages from the value-destructive Spectrum Pharmaceuticals acquisition. The letter highlights issues such as the 75% write-down of Spectrum's value within three months of acquisition, inadequate due diligence, and a lack of specific expertise on the Board. BHG threatens a proxy contest and potential derivative litigation if no progress is made, intending to nominate independent, qualified directors at the next shareholder meeting.
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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