Fossil Group, Inc. (NASDAQ: FOSL) today announced financial results
for the first quarter ended April 1, 2023.
First Quarter Summary
- First quarter worldwide net sales
decreased to $325 million, down 14% on a reported basis and 11% in
constant currency, with declines in all three regions.
- Direct to consumer net sales up 8%
in constant currency, with comparable retail sales growth of 13%
and growth in all three regions. Net sales in our wholesale
channels were down 20%.
- Operating loss of $37 million
compared to $14 million a year ago. Adjusted operating loss of $25
million compared to adjusted operating loss of $11 million last
year.
- Inventory totaled $337 million, a
decrease of 13% versus a year ago; cash and cash equivalents of
$127 million at quarter end.
- During the first quarter, the
company extended its licensing agreements with Diesel S.p.A through
2027 for watches and jewelry. Subsequent to the end of the first
quarter, the Company extended its global licensing agreement with
Giorgio Armani S.p.A. through 2026.
“We made continued progress on the initiatives
under our Transform and Grow (TAG) Plan during the first quarter,”
said Kosta Kartsotis, Chairman and CEO. “Our top line results were
in line with our expectations and reflect continued strength in our
direct-to-consumer channels, offset by ongoing pressure in the
wholesale channel globally. Our digital and marketing initiatives
are helping us build brand heat and drive momentum in our
e-commerce business, as well as our owned retail stores, which
delivered comparable retail sales growth of 13% in the first
quarter.”
“Looking at the balance of 2023, we remain
focused on our three major pillars designed to drive top line
growth: revitalizing the FOSSIL brand, growing our core licensed
brands in watches and jewelry and expanding our premium brands and
offerings. Most recently, we successfully renewed our worldwide
license agreement for the Emporio Armani and Armani Exchange brands
for watches and jewelry through 2026, continuing a long-term
partnership of more than 25 years. We believe the strategies under
our TAG Plan will advance our goal to return to top line growth,
maximize profitability and create long-term shareholder value.”
First Quarter 2023 Operating
Results
Amounts referred to as “adjusted” as well as
“constant currency” are non-GAAP financial measures.
Reconciliations of these non-GAAP financial measures to their
closest reported GAAP measures are included at the end of this
press release.
- Net sales totaled
$325.0 million, a decrease of 14% on a reported basis and 11% in
constant currency compared to $375.9 million in the first quarter
of fiscal 2022. Net sales, in constant currency, declined 15% in
the Americas, 11% in Europe and 2% in Asia. Wholesale sales
declined 20%, partially offset by 8% growth in our direct to
consumer channels on a constant currency basis. Within our direct
to consumer channels, comparable retail sales grew 13%. Traditional
watch sales declined 11% in constant currency in the first quarter
compared to the prior year period. Net sales in smartwatches
decreased 34% in constant currency, reflecting lower consumer
demand across geographies and channels as compared to the prior
year period. The leathers category grew 21% and jewelry sales
decreased 13% in constant currency during the first quarter. From a
brand lens, MICHAEL KORS and EMPORIO ARMANI decreased in the first
quarter. FOSSIL branded sales increased 1% in constant
currency.
- Gross profit
totaled $160.7 million compared to $184.3 million in the first
quarter of 2022. Gross margin increased 40 basis points to 49.4%
versus 49.0% a year ago and primarily reflected timing of licensor
minimum royalty costs and favorable product and region mix. These
benefits were partially offset by an unfavorable currency impact,
increased promotions and a $5.3 million restructuring charge
related to product offering exits.
- Operating expenses
totaled $198.0 million compared to $198.6 million a year ago. As a
percentage of net sales, operating expenses were 60.9% in the first
quarter of 2023 compared to 52.8% in the prior year first quarter.
Operating expenses in the first quarter of 2023 included $7.1
million of restructuring costs, primarily related to employee
costs, while operating expenses in the first quarter of 2022
included $2.6 million of restructuring costs. Selling, general and
administrative (“SG&A”) expenses were $190.8 million compared
to $195.7 million in the first quarter of 2022. As a percentage of
net sales, SG&A expenses were 58.7% in the first quarter of
2023 compared to 52.1% in the prior year first quarter, largely
driven by decreased sales.
- Operating loss was
$37.3 million compared to $14.3 million in the first quarter of
2022. Operating margin was (11.5)% in the first quarter of 2023
compared to (3.8)% in the prior year first quarter. Adjusted
operating loss totaled $24.8 million compared to $11.4 million in
the first quarter of 2022. Adjusted operating margin was (7.7)% in
the first quarter of 2023 compared to (3.0)% in the prior year
first quarter.
- Interest expense
increased to $5.0 million compared to $4.0 million in the first
quarter of 2022, primarily driven by a higher debt balance.
- Other income
(expense) was income of $2.7 million compared to income of
$1.6 million in the first quarter of 2022.
- Income (loss) before income
taxes was $(39.6) million compared to $(16.7) million in
the first quarter of 2022.
- Adjusted EBITDA
was $(16.4) million, or (5.0)% of net sales in the first quarter of
2023 and $(1.7) million, or (0.5)% in the prior year period.
- Net loss totaled
$41.3 million with net loss per diluted share of $0.80, which
compares to a net loss of $21.5 million and net loss per diluted
share of $0.41 in the prior year period. Adjusted net loss for the
first quarter was $31.5 million with adjusted net loss per diluted
share of $0.61 compared to adjusted net loss of $19.3 million with
adjusted net loss per diluted share of $0.37 in the prior year
period. During the first quarter of 2023, currencies unfavorably
affected loss per diluted share by approximately $0.08.
Balance Sheet Summary
As of April 1, 2023, the Company had cash and
cash equivalents of $127 million. Inventories at the end of the
first quarter of 2023 totaled $337 million, a decrease of 13%
versus a year ago. Total debt was $235 million.
Outlook
For the full year 2023, the Company expects
worldwide net sales to decline approximately 5% to net sales growth
of 1%. The Company also expects full year adjusted operating
income(1) margin in the range of approximately 0% to 3%. Both full
year worldwide net sales estimates and adjusted operating income
margin estimates are unchanged from the Company’s outlook provided
on March 8, 2023.
The Company’s annual revenue guidance range
estimates the impact of foreign currency translation at prevailing
rates to be flat to favorable by approximately 40 basis points on a
full year basis with approximately 50 basis points of negative
impact in the second quarter of the fiscal year and approximately
200 basis points of benefit in the second half of the year.
(1) A reconciliation of adjusted operating
margin, a non-GAAP financial measure, to a corresponding GAAP
measure is not available on a forward-looking basis without
unreasonable efforts due to the high variability and low visibility
of certain income and expense items that are excluded in
calculating adjusted operating margin.
Safe Harbor
Certain statements contained herein that are not
historical facts, constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
and involve a number of risks and uncertainties. The actual results
of the future events described in such forward-looking statements
could differ materially from those stated in such forward-looking
statements. Among the factors that could cause actual results to
differ materially are: increased political uncertainty, the effect
of worldwide economic conditions; the effect of the COVID-19
pandemic; risks related to the success of the multi-year profit
improvement initiative; significant changes in consumer spending
patterns or preferences; interruptions or delays in the supply of
key components or products; acts of war or acts of terrorism; loss
of key facilities; data breach or information systems disruptions;
changes in foreign currency valuations in relation to the U.S.
dollar; lower levels of consumer spending resulting from a general
economic downturn or generally reduced shopping activity caused by
public safety or consumer confidence concerns; the performance of
our products within the prevailing retail environment; customer
acceptance of both new designs and newly-introduced product lines;
changes in the mix of product sales; the effects of vigorous
competition in the markets in which we operate; compliance with
debt covenants and other contractual provisions and meeting debt
service obligation; risks related to the success of our business
strategy; the termination or non-renewal of material licenses;
risks related to foreign operations and manufacturing; changes in
the costs of materials and labor; government regulation and
tariffs; our ability to secure and protect trademarks and other
intellectual property rights; levels of traffic to and management
of our retail stores; loss of key personnel and the outcome of
current and possible future litigation, as well as the risks and
uncertainties set forth in the Company’s most recent Annual Report
on Form 10-K filed with the Securities and Exchange Commission (the
“SEC”). These forward-looking statements are based on our current
expectations and beliefs concerning future developments and their
potential effect on us. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting us will be
those that we anticipate. Readers of this release should consider
these factors in evaluating, and are cautioned not to place undue
reliance on, the forward-looking statements contained herein. The
Company assumes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
About Fossil
Group, Inc.
Fossil Group, Inc. is a global design,
marketing, distribution and innovation company specializing in
lifestyle accessories. Under a diverse portfolio of owned and
licensed brands, our offerings include traditional watches,
smartwatches, jewelry, handbags, small leather goods, belts and
sunglasses. We are committed to delivering the best in design and
innovation across our owned brands, Fossil, Michele, Relic, Skagen
and Zodiac, and licensed brands, Armani Exchange, Diesel, DKNY,
Emporio Armani, kate spade new york, Michael Kors and Tory Burch.
We bring each brand story to life through an extensive distribution
network across numerous geographies, categories and channels.
Certain press release and SEC filing information concerning the
Company is also available at www.fossilgroup.com.
Investor Relations: |
Christine Greany |
|
The Blueshirt Group |
|
(858) 722-7815 |
|
christine@blueshirtgroup.com |
Consolidated Income
Statement Data |
For the 13Weeks Ended |
|
For the 13Weeks Ended |
($ in millions, except
per share data): |
April 1, 2023 |
|
April 2, 2022 |
Net sales |
$ |
325.0 |
|
|
$ |
375.9 |
|
Cost of sales |
|
164.3 |
|
|
|
191.6 |
|
Gross profit |
|
160.7 |
|
|
|
184.3 |
|
Gross margin |
|
49.4 |
% |
|
|
49.0 |
% |
Operating expenses: |
|
|
|
Selling, general and administrative expenses |
|
190.8 |
|
|
|
195.7 |
|
Other long-lived asset impairments |
|
0.1 |
|
|
|
0.3 |
|
Restructuring charges |
|
7.1 |
|
|
|
2.6 |
|
Total operating expenses |
$ |
198.0 |
|
|
$ |
198.6 |
|
Total operating expenses (% of net sales) |
|
60.9 |
% |
|
|
52.8 |
% |
Operating income (loss) |
|
(37.3 |
) |
|
|
(14.3 |
) |
Operating margin |
(11.5)% |
|
(3.8)% |
Interest expense |
|
5.0 |
|
|
|
4.0 |
|
Other income (expense) - net |
|
2.7 |
|
|
|
1.6 |
|
Income (loss) before income taxes |
|
(39.6 |
) |
|
|
(16.7 |
) |
Provision for income taxes |
|
1.6 |
|
|
|
4.7 |
|
Less: Net income attributable to noncontrolling interest |
|
0.1 |
|
|
|
0.1 |
|
Net income (loss) attributable to Fossil Group, Inc. |
$ |
(41.3 |
) |
|
$ |
(21.5 |
) |
Earnings per share: |
|
|
|
Basic |
$ |
(0.80 |
) |
|
$ |
(0.41 |
) |
Diluted |
$ |
(0.80 |
) |
|
$ |
(0.41 |
) |
Weighted average common shares outstanding: |
|
|
|
Basic |
|
51.8 |
|
|
|
52.0 |
|
Diluted |
|
51.8 |
|
|
|
52.0 |
|
Consolidated Balance Sheet Data ($ in
millions): |
April 1, 2023 |
|
April 2, 2022 |
Assets: |
|
|
|
Cash and cash equivalents |
$ |
127.1 |
|
$ |
162.6 |
Accounts receivable - net |
|
168.9 |
|
|
201.1 |
Inventories |
|
336.5 |
|
|
385.8 |
Other current assets |
|
172.0 |
|
|
187.7 |
Total current assets |
$ |
804.5 |
|
$ |
937.2 |
Property, plant and equipment - net |
$ |
78.5 |
|
$ |
85.6 |
Operating lease right-of-use assets |
|
147.2 |
|
|
166.2 |
Intangible and other assets - net |
|
55.8 |
|
|
76.3 |
Total long-term assets |
$ |
281.5 |
|
$ |
328.1 |
Total assets |
$ |
1,086.0 |
|
$ |
1,265.3 |
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
$ |
304.6 |
|
$ |
432.0 |
Short-term debt |
|
0.5 |
|
|
0.6 |
Total current liabilities |
$ |
305.1 |
|
$ |
432.6 |
Long-term debt |
$ |
234.6 |
|
$ |
183.9 |
Long-term operating lease liabilities |
|
140.8 |
|
|
164.6 |
Other long-term liabilities |
|
39.2 |
|
|
54.7 |
Total long-term liabilities |
$ |
414.6 |
|
$ |
403.2 |
Stockholders’ equity |
|
366.3 |
|
$ |
429.5 |
Total liabilities and stockholders’ equity |
$ |
1,086.0 |
|
$ |
1,265.3 |
Constant Currency Financial
Information
The following table presents the Company’s
business segment and product net sales on a constant currency basis
which are non-GAAP financial measures. To calculate net sales on a
constant currency basis, net sales for the current fiscal year
period for entities reporting in currencies other than the U.S.
dollar are translated into U.S. dollars at the average rates during
the comparable period of the prior fiscal year. The Company
presents constant currency information to provide investors with a
basis to evaluate how its underlying business performed excluding
the effects of foreign currency exchange rate fluctuations. The
constant currency financial information presented herein should not
be considered a substitute for, or superior to, the measures of
financial performance prepared in accordance with GAAP.
|
Net Sales |
|
For the 13 weeks ended April 1, 2023 |
|
For the 13 weeks ended April 2, 2022 |
($ in millions) |
As Reported |
|
Impact of Foreign Currency Exchange Rates |
|
Constant Currency |
|
As Reported |
Segment: |
|
|
|
|
|
|
|
Americas |
$ |
137.9 |
|
$ |
0.3 |
|
$ |
138.2 |
|
$ |
161.9 |
Europe |
|
105.7 |
|
|
5.0 |
|
|
110.7 |
|
|
124.6 |
Asia |
|
80.1 |
|
|
5.3 |
|
|
85.4 |
|
|
86.8 |
Corporate |
|
1.3 |
|
|
— |
|
|
1.3 |
|
|
2.6 |
Total net sales |
$ |
325.0 |
|
$ |
10.6 |
|
$ |
335.6 |
|
$ |
375.9 |
|
|
|
|
|
|
|
|
Product Categories: |
|
|
|
|
|
|
|
Watches: |
|
|
|
|
|
|
|
Traditional watches |
$ |
225.4 |
|
$ |
7.3 |
|
$ |
232.7 |
|
$ |
261.4 |
Smartwatches |
|
24.4 |
|
|
0.8 |
|
|
25.2 |
|
|
38.0 |
Total watches |
$ |
249.8 |
|
$ |
8.1 |
|
$ |
257.9 |
|
$ |
299.4 |
Leathers |
|
40.3 |
|
|
0.9 |
|
|
41.2 |
|
|
34.2 |
Jewelry |
|
29.0 |
|
|
1.3 |
|
|
30.3 |
|
|
34.7 |
Other |
|
5.9 |
|
|
0.3 |
|
|
6.2 |
|
|
7.6 |
Total net sales |
$ |
325.0 |
|
$ |
10.6 |
|
$ |
335.6 |
|
$ |
375.9 |
Adjusted EBITDA, Adjusted operating
income (loss), Adjusted net income (loss) and Adjusted earnings
(loss) per share
Adjusted EBITDA, Adjusted operating income
(loss), Adjusted net income (loss) and Adjusted earnings (loss) per
share are non-GAAP financial measures. We define Adjusted EBITDA as
our net income (loss) before the impact of income tax expense
(benefit), plus interest expense, amortization and depreciation,
impairment expense, other non-cash charges, stock-based
compensation expense, restructuring expense and unamortized debt
issuance costs included in loss on extinguishment of debt minus
interest income. We define Adjusted operating income (loss) as
operating income (loss) before impairment expense and restructuring
expense. We define Adjusted net income (loss) and Adjusted earnings
(loss) per share as net income (loss) attributable to Fossil Group,
Inc. and diluted earnings (loss) per share, respectively, before
impairment expense, restructuring expense and unamortized debt
issuance costs included in loss on extinguishment of debt. We have
included Adjusted EBITDA, Adjusted operating income (loss),
Adjusted net income (loss) and Adjusted earnings (loss) per share
herein because they are widely used by investors for valuation and
for comparing our financial performance with the performance of our
competitors. We also use both non-GAAP financial measures to
monitor and compare the financial performance of our operations.
Our presentation of Adjusted EBITDA, Adjusted operating income
(loss), Adjusted net income (loss) and Adjusted earnings (loss) per
share may not be comparable to similarly titled measures other
companies report. Adjusted EBITDA, Adjusted operating income
(loss), Adjusted net income (loss) and Adjusted earnings (loss) per
share are not intended to be used as alternatives to any measure of
our performance in accordance with GAAP.
The following tables reconcile Adjusted EBITDA
to the most directly comparable GAAP financial measure, which is
income (loss) before income taxes. Certain line items presented in
the tables below, when aggregated, may not foot due to
rounding.
|
|
|
Fiscal 2022 |
|
Fiscal 2023 |
|
|
($ in
millions): |
|
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Total |
Income (loss) before income taxes |
|
|
$ |
(16.9 |
) |
|
$ |
15.5 |
|
|
$ |
(4.0 |
) |
|
$ |
(39.6 |
) |
|
$ |
(45.0 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
4.3 |
|
|
|
5.1 |
|
|
|
5.8 |
|
|
|
5.0 |
|
|
|
20.2 |
|
Amortization and depreciation |
|
|
|
5.8 |
|
|
|
5.6 |
|
|
|
5.7 |
|
|
|
5.1 |
|
|
|
22.3 |
|
Impairment expense |
|
|
|
0.2 |
|
|
|
0.6 |
|
|
|
1.2 |
|
|
|
0.1 |
|
|
|
2.1 |
|
Other non-cash charges |
|
|
|
(0.2 |
) |
|
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(1.2 |
) |
Stock-based compensation |
|
|
|
3.8 |
|
|
|
(0.3 |
) |
|
|
2.3 |
|
|
|
1.4 |
|
|
|
7.2 |
|
Restructuring expense |
|
|
|
2.9 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
7.1 |
|
|
|
10.7 |
|
Restructuring cost of sales |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.3 |
|
|
|
5.3 |
|
Unamortized debt issuance costs included in loss on extinguishment
of debt |
|
|
|
— |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
1.3 |
|
Adjusted EBITDA |
|
|
$ |
(0.3 |
) |
|
$ |
26.0 |
|
|
$ |
12.1 |
|
|
$ |
(16.4 |
) |
|
$ |
21.4 |
|
|
|
|
Fiscal 2021 |
|
Fiscal 2022 |
|
|
($ in
millions): |
|
|
Q2 |
|
Q3(1) |
|
Q4 |
|
Q1 |
|
Total |
Income (loss) before income taxes |
|
|
$ |
7.3 |
|
|
$ |
40.9 |
|
$ |
27.1 |
|
|
$ |
(16.7 |
) |
|
$ |
58.6 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
6.5 |
|
|
|
6.4 |
|
|
4.8 |
|
|
|
4.0 |
|
|
|
21.7 |
|
Amortization and depreciation |
|
|
|
7.5 |
|
|
|
7.0 |
|
|
6.2 |
|
|
|
6.2 |
|
|
|
26.9 |
|
Impairment expense |
|
|
|
1.3 |
|
|
|
0.6 |
|
|
2.9 |
|
|
|
0.3 |
|
|
|
5.1 |
|
Other non-cash charges |
|
|
|
(0.4 |
) |
|
|
1.1 |
|
|
(0.6 |
) |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
Stock-based compensation |
|
|
|
2.5 |
|
|
|
2.9 |
|
|
2.4 |
|
|
|
2.2 |
|
|
|
10.0 |
|
Restructuring expense |
|
|
|
5.7 |
|
|
|
5.4 |
|
|
3.2 |
|
|
|
2.6 |
|
|
|
16.9 |
|
Unamortized debt issuance costs included in loss on extinguishment
of debt |
|
|
|
— |
|
|
|
— |
|
|
11.7 |
|
|
|
— |
|
|
|
11.7 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.4 |
|
Adjusted EBITDA |
|
|
$ |
30.3 |
|
|
$ |
64.2 |
|
$ |
57.6 |
|
|
$ |
(1.7 |
) |
|
$ |
150.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior period amounts have been adjusted to
conform to the current period presentation.
The following tables reconcile Adjusted
operating income (loss), Adjusted net income (loss) and Adjusted
earnings (loss) per share to the most directly comparable GAAP
financial measures, which are operating income (loss), net income
(loss) attributable to Fossil Group, Inc. and diluted earnings
(loss) per share, respectively. Certain line items presented in the
table below, when aggregated, may not foot due to rounding.
|
For the 13 Weeks Ended April 1, 2023 |
($ in millions, except
per share data): |
As Reported |
Restructuring Costof Sales |
Other Long-LivedAsset Impairment |
RestructuringExpenses |
As Adjusted |
Operating income (loss) |
$ |
(37.3 |
) |
$ |
5.3 |
$ |
0.1 |
$ |
7.1 |
$ |
(24.8 |
) |
Operating margin (% of net sales) |
(11.5)% |
|
|
|
(7.7)% |
Interest expense |
|
5.0 |
|
|
— |
|
— |
|
— |
|
5.0 |
|
Other income (expense) - net |
|
2.7 |
|
|
— |
|
— |
|
— |
|
2.7 |
|
Income (loss) before income taxes |
|
(39.6 |
) |
|
5.3 |
|
0.1 |
|
7.1 |
|
(27.1 |
) |
Provision for income taxes |
|
1.6 |
|
|
1.1 |
|
— |
|
1.5 |
|
4.2 |
|
Less: Net income attributable to noncontrolling interest |
|
0.1 |
|
|
— |
|
— |
|
— |
|
0.1 |
|
Net income (loss) attributable to Fossil Group, Inc. |
$ |
(41.3 |
) |
$ |
4.2 |
$ |
— |
$ |
5.6 |
$ |
(31.5 |
) |
Diluted earnings (loss) per
share |
$ |
(0.80 |
) |
$ |
0.08 |
$ |
— |
$ |
0.11 |
$ |
(0.61 |
) |
|
For the 13 Weeks Ended April 2, 2022 |
($ in millions, except
per share data): |
As Reported |
Other Long-Lived Asset Impairment |
Restructuring Expenses |
As Adjusted |
Operating income (loss) |
$ |
(14.3 |
) |
$ |
0.3 |
$ |
2.6 |
$ |
(11.4 |
) |
Operating margin (% of net sales) |
(3.8)% |
|
|
(3.0)% |
Interest expense |
|
(4.0 |
) |
|
— |
|
— |
|
(4.0 |
) |
Other income (expense) - net |
|
1.6 |
|
|
— |
|
— |
|
1.6 |
|
Income (loss) before income taxes |
|
(16.7 |
) |
|
0.3 |
|
2.6 |
|
(13.8 |
) |
Provision for income taxes |
|
4.7 |
|
|
0.1 |
|
0.5 |
|
5.3 |
|
Less: Net income attributable to noncontrolling interest |
|
0.1 |
|
|
— |
|
— |
|
0.1 |
|
Net income (loss) attributable to Fossil Group, Inc. |
$ |
(21.5 |
) |
$ |
0.2 |
$ |
2.0 |
$ |
(19.3 |
) |
Diluted earnings (loss) per
share |
$ |
(0.41 |
) |
$ |
— |
$ |
0.04 |
$ |
(0.37 |
) |
Store Count Information
|
April 2, 2022 |
|
Opened |
|
Closed |
|
April 1, 2023 |
Americas |
159 |
|
0 |
|
10 |
|
149 |
Europe |
115 |
|
0 |
|
16 |
|
99 |
Asia |
78 |
|
5 |
|
4 |
|
79 |
Total stores |
352 |
|
5 |
|
30 |
|
327 |
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