Fossil Group Inc Stock Price, News & Analysis

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.

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.