Third Quarter Net Sales of $689 Million
and GAAP Diluted EPS (Loss) of $(0.11);
Fossil Group, Inc. (Nasdaq:FOSL) (the “Company”) today reported its
financial results for the fiscal quarter ended September 30,
2017.
The Company reported net income (loss) for the
third quarter of fiscal 2017 of $(5.4) million compared to $17.4
million for the third quarter of fiscal 2016. Diluted
earnings (loss) per share were $(0.11) compared to $0.36 for the
third quarter of fiscal 2016. Diluted earnings (loss) per
share for the third quarter of fiscal 2017 included a restructuring
charge of $0.08 per diluted share and a favorable impact from
changes in foreign currency of $0.02 per diluted share. Third
quarter of fiscal 2016 diluted earnings (loss) per share included a
$0.22 impact from restructuring charges.
Kosta Kartsotis, Chief Executive Officer, commented.
“We’re pleased to deliver third quarter sales and earnings that
aligned with our expectations for the quarter. While our
business and the retail environment remain challenging, we are
continuing to make progress against key strategic initiatives that
tell us we’re on the right track. So far this year, we have
tripled our wearables business and continue to see these amazing
new products materially improve the trajectory of our watch
business. We and our partners are investing heavily in these
products, and we are prepared for the important holiday
season. With New World Fossil, we’re becoming leaner and more
efficient, with nearly a 10% reduction in operating expenses in the
quarter.”
Mr. Kartsotis concluded. “Our performance reflects the
focus and solid execution of our team as we transition our
business, bring innovative new products to the market and drive
operational efficiencies that can ultimately enhance our
profitability. While there remains significant work ahead of
us, we continue to make substantial progress against our three key
operational objectives – to advance our wearable technology agenda,
leverage our scale to drive costs down and transform our business
through our New World Fossil initiative. These efforts,
coupled with our goal to diversify and strengthen our capital
structure, all support our objective to create long-term value for
our shareholders.”
Operating ResultsCompared to
the third quarter of fiscal 2016, the impact of a weaker U.S.
dollar increased the Company’s fiscal 2017 reported net sales by
$10.1 million and decreased operating income by $3.1 million. The
discussion of the Company’s net sales is presented on a GAAP basis
and in constant dollars and reflects regional performance based on
sales in all channels within the geographic location.
The following table provides a summary of net
sales performance, on both a reported and constant currency
basis, for the third quarter of fiscal 2017 compared to the
third quarter of fiscal year 2016.
| |
Third Quarter 2017 |
| |
Reported Results (1) |
|
Constant Currency (2) |
| |
|
|
|
| Total
Company |
(7 |
)% |
|
(8 |
)% |
| Americas |
(15 |
)% |
|
(15 |
)% |
| Europe |
2 |
% |
|
(2 |
)% |
| Asia |
0 |
% |
|
0 |
% |
| |
|
|
|
|
|
| Watches |
(3 |
)% |
|
(4 |
)% |
| Leathers |
(19 |
)% |
|
(20 |
)% |
| Jewelry |
(21 |
)% |
|
(23 |
)% |
|
|
|
|
|
(1) Includes impacts from currency. (2) Eliminates the effect of
the weaker U.S. dollar in fiscal 2017 to give investors a better
understanding of the underlying trends within the business.
See constant currency financial information at the end of this
release for more information.
Third quarter fiscal 2017 worldwide net sales
decreased $49.3 million or 7% and $59.4 million in constant
currency (an 8% decline) compared to the third quarter of fiscal
2016. Across product categories, watches declined with growth
in connected watches more than offset by a decline in traditional
watches. Leathers and jewelry also declined compared to last
fiscal year.
Net sales in the Americas decreased $53.1
million or 15% and $54.7 million in constant currency (also a 15%
decline) compared to the third quarter of fiscal 2016. Across
product categories, watches declined with growth in connected
watches more than offset by a decline in traditional watches.
Leathers and jewelry also declined compared to last fiscal
year. A sales decline in the U.S. drove the decrease in the
region.
Net sales in Europe increased $4.0 million or 2%
and decreased $5.2 million in constant currency (a 2% decline)
compared to the third quarter of fiscal 2016. Across product
categories, watches increased with growth in connected watches
largely offset by a decline in traditional watches. Jewelry
and leathers declined compared to last fiscal year. Third
quarter sales in Europe benefited from early deliveries planned for
the fourth quarter of fiscal 2017. Within the region, modest
growth in the U.K. and Poland was more than offset by declines in
the Middle East.
Net sales in Asia decreased $0.2 million, flat
as a percentage of sales, and increased $0.6 million in constant
currency (also flat as a percentage of sales) compared to the third
quarter of fiscal 2016. Across product categories, watches
increased with growth in connected watches partially offset by a
decline in traditional watches. Leathers and jewelry declined
compared to last fiscal year. Within the region, an increase
in India and China was offset by a decline in nearly all other
countries.
Global retail comps, including e-commerce sales,
for the third quarter of fiscal 2017 decreased 6% compared to the
third quarter of fiscal 2016, with declines in all product
categories and all regions.
During the third quarter of fiscal 2017, gross
margin decreased 580 basis points to 46.4%. The decrease in
gross margin was primarily driven by the impact of connected
products, due to both lower connected margins as well as additional
product valuation charges, and lower retail margins due to
increased promotional activity in outlets and the e-commerce
channel. The negative impact of changes in foreign currencies
and a higher level of off-price sales also contributed to the
decline. These headwinds were partially offset by the
Company's New World Fossil margin improvement
initiatives.
The Company’s operating expenses were $320.4
million, including $5.8 million of restructuring costs associated
with realigning and optimizing the organizational structure as well
as costs associated with store closures. Operating expenses
in the third quarter of fiscal 2016 included $14.5 million in
restructuring costs as well as a $10 million benefit resulting from
real estate gains. Excluding those items, expenses were lower
compared to the third quarter of fiscal 2016 driven by corporate
and regional overhead reductions and lower retail store expenses,
given the significant number of store closures since the prior year
quarter.
Operating income for the third quarter of fiscal
2017 decreased to $(0.5) million, driven by lower sales and gross
margin.
During the fiscal 2017 third quarter, interest
expense increased $5.1 million to $12.1 million and other income
increased $2.3 million to $3.9 million compared to the prior fiscal
year.
The Company’s effective income tax rate in the
third quarter of fiscal 2017 was 37.1% compared to 25.0% for the
third quarter of fiscal 2016 due to the effect of changes in
jurisdictional earnings.
Sales and Earnings GuidanceThe
Company is providing guidance on a GAAP basis. For comparison
purposes, the Company has also provided a table at the end of this
release which quantifies the estimated impact on its operating
income margin and its diluted earnings per share related to unusual
items impacting the operational results for fiscal 2017 as compared
to fiscal 2016.
GAAP GuidanceFor fiscal 2017, the
Company now expects the following:
- Net sales to decline in the range of 10.5% to 8.5%
- Operating margin in a range of (17.0)% to (15.2)%
- Diluted earnings (loss) per share in a range of $(8.30) to
$(7.75), including $6.50 of non-cash intangible asset impairment
charges and $0.60 of restructuring charges
For the fourth quarter of fiscal 2017, the Company
expects the following:
- Net sales to decline in the range of 11.0% to 3.5%
- Operating margin in a range of 1.9% to 5.7%
- Diluted earnings (loss) per share in a range of $(0.08) to
$0.47, including $0.04 of restructuring charges
Safe HarborCertain statements
contained herein that are not historical facts, including
multi-year profit improvement estimates, the success of our
connected accessories, future financial guidance as well as
estimated impacts from foreign currency translation, amortization
expense, foreign tax credits, non-cash impairments and
restructuring charges, 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: changes
in economic trends and financial performance, changes in consumer
demands, tastes and fashion trends, lower levels of consumer
spending resulting from a general economic downturn, shifts in
market demand resulting in inventory risks, changes in foreign
currency exchange rates, risks related to the success of the
multi-year profit improvement initiative, risks related to the
success of our connected accessories and the outcome of current and
possible future litigation, as well as the risks and uncertainties
set forth in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2016 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 fashion watches, jewelry, handbags, small leather
goods and wearables. With our newest owned brand, Misfit,
we’re bringing style and technology to the high-growth connected
space. We’re committed to delivering the best in design and
innovation across our owned brands, Fossil, Michele, Misfit, Relic,
Skagen and Zodiac, and licensed brands, Armani Exchange, Burberry,
Chaps, Diesel, DKNY, Emporio Armani, Karl Lagerfeld, kate spade new
york, Marc Jacobs, Michael Kors and Tory Burch. We bring each
brand story to life through an extensive wholesale distribution
network across approximately 150 countries and over 550 retail
locations. Certain press release and SEC filing information
concerning the Company is also available at
www.fossilgroup.com.
Investor Relations:Allison MalkinICR, Inc.(203) 682-8225
| Consolidated
Income Statement Data |
For the 13 Weeks Ended September 30,
2017 |
|
For the 13 Weeks Ended October 1,
2016 |
|
For the 39 Weeks Ended September 30,
2017 |
|
For the 39 Weeks Ended October 1,
2016 |
| ($ in millions,
except per share data): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
$ |
688.7 |
|
|
$ |
738.0 |
|
|
$ |
1,867.4 |
|
|
$ |
2,083.2 |
|
| Cost of sales |
368.8 |
|
|
352.9 |
|
|
956.6 |
|
|
994.1 |
|
| Gross
profit |
319.9 |
|
|
385.1 |
|
|
910.8 |
|
|
1,089.1 |
|
| Gross margin |
46.4 |
% |
|
52.2 |
% |
|
48.8 |
% |
|
52.3 |
% |
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling,
general and administrative expenses |
314.6 |
|
|
339.4 |
|
|
937.4 |
|
|
1,013.6 |
|
| Goodwill
and trade name impairment |
— |
|
|
— |
|
|
407.1 |
|
|
— |
|
|
Restructuring charges |
5.8 |
|
|
14.5 |
|
|
41.8 |
|
|
14.5 |
|
| Total operating
expenses |
320.4 |
|
|
353.9 |
|
|
1,386.3 |
|
|
1,028.1 |
|
| Total operating
expenses (% of net sales) |
46.5 |
% |
|
48.0 |
% |
|
74.2 |
% |
|
49.4 |
% |
| Operating income
(loss) |
(0.5 |
) |
|
31.2 |
|
|
(475.5 |
) |
|
61.0 |
|
| Operating margin |
(0.1 |
)% |
|
4.2 |
% |
|
(25.5 |
)% |
|
2.9 |
% |
| Interest expense |
12.1 |
|
|
7.0 |
|
|
32.1 |
|
|
19.4 |
|
| Other income (expense)
- net |
3.9 |
|
|
1.6 |
|
|
11.5 |
|
|
6.4 |
|
| Income (loss) before
income taxes |
(8.7 |
) |
|
25.8 |
|
|
(496.1 |
) |
|
48.0 |
|
| Provision for income
taxes |
(3.2 |
) |
|
6.4 |
|
|
(100.7 |
) |
|
13.2 |
|
| Less: Net
income attributable to noncontrolling interest |
(0.1 |
) |
|
2.0 |
|
|
3.0 |
|
|
5.6 |
|
| Net income (loss)
attributable to Fossil Group, Inc. |
$ |
(5.4 |
) |
|
$ |
17.4 |
|
|
$ |
(398.3 |
) |
|
$ |
29.2 |
|
| Earnings (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.11 |
) |
|
$ |
0.36 |
|
|
$ |
(8.22 |
) |
|
$ |
0.61 |
|
|
Diluted |
$ |
(0.11 |
) |
|
$ |
0.36 |
|
|
$ |
(8.22 |
) |
|
$ |
0.60 |
|
| Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
48.5 |
|
|
48.1 |
|
|
48.4 |
|
|
48.1 |
|
|
Diluted |
48.5 |
|
|
48.3 |
|
|
48.4 |
|
|
48.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheet Data ($ in
millions): |
September 30, 2017 |
|
October 1, 2016 |
|
Assets: |
|
|
|
| Cash
and cash equivalents |
$ |
166.9 |
|
|
$ |
236.0 |
|
|
Accounts receivable - net |
310.9 |
|
|
321.3 |
|
|
Inventories |
683.0 |
|
|
699.6 |
|
| Other
current assets |
125.6 |
|
|
132.7 |
|
|
Total current assets |
1,286.4 |
|
|
1,389.6 |
|
|
Property, plant and equipment - net |
243.4 |
|
|
290.8 |
|
|
Goodwill |
0.0 |
|
|
364.6 |
|
|
Intangible and other assets - net |
220.6 |
|
|
212.6 |
|
|
Total long-term assets |
464.0 |
|
|
868.0 |
|
| Total
assets |
$ |
1,750.4 |
|
|
$ |
2,257.6 |
|
| |
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
$ |
513.3 |
|
|
$ |
397.7 |
|
|
Short-term debt |
40.2 |
|
|
26.4 |
|
|
Total current liabilities |
553.5 |
|
|
424.1 |
|
|
Long-term debt |
444.3 |
|
|
697.4 |
|
| Other
long-term liabilities |
99.6 |
|
|
151.2 |
|
|
Total long-term liabilities |
543.9 |
|
|
848.6 |
|
|
Stockholders’ equity |
653.0 |
|
|
984.9 |
|
| Total
liabilities and stockholders’ equity |
$ |
1,750.4 |
|
|
$ |
2,257.6 |
|
| |
Net Sales by Segment and Product Category
Information
| |
|
For the 13
Weeks Ended |
|
|
For the 39
Weeks Ended |
| ($ in
millions): |
|
September 30, 2017 |
|
|
October 1, 2016 |
|
|
September 30, 2017 |
|
|
October 1, 2016 |
|
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
308.1 |
|
|
|
$ |
361.2 |
|
|
|
$ |
874.5 |
|
|
|
$ |
1,042.2 |
|
|
Europe |
|
247.2 |
|
|
|
243.2 |
|
|
|
637.6 |
|
|
|
669.1 |
|
|
Asia |
|
133.4 |
|
|
|
133.6 |
|
|
|
355.3 |
|
|
|
371.9 |
|
| Total
net sales |
|
$ |
688.7 |
|
|
|
$ |
738.0 |
|
|
|
$ |
1,867.4 |
|
|
|
$ |
2,083.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Product
Categories: |
|
|
|
|
|
|
|
|
|
|
|
|
Watches |
|
$ |
551.9 |
|
|
|
$ |
567.2 |
|
|
|
$ |
1,471.1 |
|
|
|
$ |
1,581.2 |
|
|
Leathers |
|
75.7 |
|
|
|
93.3 |
|
|
|
218.0 |
|
|
|
279.0 |
|
|
Jewelry |
|
47.7 |
|
|
|
60.2 |
|
|
|
139.9 |
|
|
|
171.7 |
|
|
Other |
|
13.4 |
|
|
|
17.3 |
|
|
|
38.4 |
|
|
|
51.3 |
|
| Total net sales |
|
$ |
688.7 |
|
|
|
$ |
738.0 |
|
|
|
$ |
1,867.4 |
|
|
|
$ |
2,083.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count Information
| |
September 30, 2017 |
|
October 1, 2016 |
| |
Americas |
|
Europe |
|
Asia |
|
Total |
|
Americas |
|
Europe |
|
Asia |
|
Total |
| Full price
accessory |
112 |
|
|
109 |
|
|
61 |
|
|
282 |
|
|
128 |
|
|
122 |
|
|
66 |
|
|
316 |
|
| Outlets |
136 |
|
|
74 |
|
|
46 |
|
|
256 |
|
|
156 |
|
|
73 |
|
|
46 |
|
|
275 |
|
| Full priced
multi-brand |
— |
|
|
8 |
|
|
10 |
|
|
18 |
|
|
— |
|
|
7 |
|
|
12 |
|
|
19 |
|
| Total stores |
248 |
|
|
191 |
|
|
117 |
|
|
556 |
|
|
284 |
|
|
202 |
|
|
124 |
|
|
610 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Currency Financial
InformationThe following table presents the Company’s
business segment and product net sales on a constant currency
basis. 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 |
|
Net Sales |
|
|
For the 13 Weeks Ended |
|
For the 39 Weeks Ended |
|
|
September 30, 2017 |
|
September 30, 2017 |
|
($ in millions) |
As Reported |
|
Impact of Foreign Currency Exchange
Rates |
|
Constant Currency |
|
As Reported |
|
Impact of Foreign Currency Exchange
Rates |
|
Constant Currency |
| Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
308.1 |
|
|
$ |
1.6 |
|
|
$ |
306.5 |
|
|
$ |
874.5 |
|
|
$ |
(0.6 |
) |
|
$ |
875.1 |
|
|
Europe |
247.2 |
|
|
9.2 |
|
|
238.0 |
|
|
637.6 |
|
|
(5.5 |
) |
|
643.1 |
|
|
Asia |
133.4 |
|
|
(0.7 |
) |
|
134.1 |
|
|
355.3 |
|
|
(0.5 |
) |
|
355.8 |
|
| Total net sales |
$ |
688.7 |
|
|
$ |
10.1 |
|
|
$ |
678.6 |
|
|
$ |
1,867.4 |
|
|
$ |
(6.6 |
) |
|
$ |
1,874.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Product
Categories: |
|
|
|
|
|
|
|
|
|
|
|
|
Watches |
$ |
551.9 |
|
|
$ |
7.8 |
|
|
$ |
544.1 |
|
|
$ |
1,471.1 |
|
|
$ |
(4.6 |
) |
|
$ |
1,475.7 |
|
|
Leathers |
75.7 |
|
|
1.0 |
|
|
74.7 |
|
|
218.0 |
|
|
(0.7 |
) |
|
218.7 |
|
|
Jewelry |
$ |
47.7 |
|
|
$ |
1.2 |
|
|
$ |
46.5 |
|
|
$ |
139.9 |
|
|
$ |
(1.2 |
) |
|
$ |
141.1 |
|
|
Other |
13.4 |
|
|
0.1 |
|
|
13.3 |
|
|
38.4 |
|
|
(0.1 |
) |
|
38.5 |
|
| Total net sales |
$ |
688.7 |
|
|
$ |
10.1 |
|
|
$ |
678.6 |
|
|
$ |
1,867.4 |
|
|
$ |
(6.6 |
) |
|
$ |
1,874.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items Impacting Comparison of Fiscal
2017 Operations to Fiscal 2016 OperationsThe following
table quantifies the estimated impact on the Company's operating
margin and its diluted earnings (loss) per share related to
non-operating currency gains and losses, operating currency changes
and restructuring and non-cash intangible asset impairment charges
for fiscal 2017 as compared to fiscal 2016. The table also
includes the impact of higher interest expense in 2017 and reflects
an adjusted tax rate to normalize for quarter-to-quarter
fluctuations due to mix in jurisdictional earnings and / or losses
and discrete items generated from changes in accounting
rules. Numbers may not add due to rounding.
The Company believes that the fiscal 2016 and
2017 operating margin and diluted EPS measures are useful to
investors in comparing the Company's projected financial
performance year-over-year without the impact of non-operating
currency gains and losses in both fiscal 2016 and 2017, operating
currency changes between fiscal 2016 and 2017, restructuring
charges in both fiscal 2016 and 2017, intangible asset impairment
charges in 2017 and higher anticipated 2017 interest expenses as
well as a fiscal 2016 real estate gain. The Company uses the
fiscal 2016 and 2017 non-GAAP operating margin and diluted EPS
measures to evaluate its operating performance
year-over-year. The non-GAAP financial measures presented
herein should not be considered a substitute for, or superior to,
guidance or financial measures prepared in accordance with
GAAP.
| Fiscal
Year |
|
|
|
|
|
|
|
|
|
|
|
| |
2017 |
|
|
2016 |
| |
High |
|
Low |
|
|
|
|
|
|
|
| |
Op Margin |
|
Diluted EPS |
|
Op Margin |
|
Diluted EPS |
|
Op Margin |
|
Diluted EPS |
| GAAP |
(15.2 |
)% |
|
$ |
(7.75 |
) |
|
(17.0 |
)% |
|
$ |
(8.30 |
) |
|
4.2 |
% |
|
$ |
1.63 |
|
| Restructuring
Charges |
1.6 |
|
|
|
0.60 |
|
|
1.7 |
|
|
|
0.60 |
|
|
0.9 |
|
|
|
0.37 |
|
| Fiscal 2016 Real Estate
Gain |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
(0.2 |
) |
|
|
(0.09 |
) |
| Currency
Impact |
0.3 |
|
|
|
0.03 |
|
|
0.3 |
|
|
|
0.03 |
|
|
— |
|
|
|
(0.11 |
) |
| Incremental Interest
Expense |
— |
|
|
|
0.26 |
|
|
— |
|
|
|
0.26 |
|
|
— |
|
|
|
— |
|
| Non-cash Intangible
Asset Impairment Charge |
14.6 |
|
|
|
6.50 |
|
|
15.0 |
|
|
|
6.50 |
|
|
— |
|
|
|
— |
|
| Tax - Normalized
Rate |
— |
|
|
|
0.46 |
|
|
— |
|
|
|
0.46 |
|
|
— |
|
|
|
— |
|
|
Non-GAAP |
1.3 |
% |
|
$ |
0.10 |
|
|
— |
% |
|
$ |
(0.45 |
) |
|
4.9 |
% |
|
$ |
1.80 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Fourth Fiscal
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
| |
2017 |
|
|
2016 |
| |
High |
|
Low |
|
|
|
|
|
|
|
| |
Op Margin |
|
Diluted EPS |
|
Op Margin |
|
Diluted EPS |
|
Op Margin |
|
Diluted EPS |
| GAAP |
5.7 |
% |
|
$ |
0.47 |
|
|
1.9 |
% |
|
$ |
(0.08 |
) |
|
6.9 |
% |
|
$ |
1.03 |
|
| Restructuring
Charges |
0.3 |
|
|
|
0.04 |
|
|
0.4 |
|
|
|
0.04 |
|
|
1.3 |
|
|
|
0.17 |
|
| Currency
Impact |
(0.5 |
) |
|
|
(0.02 |
) |
|
(0.5 |
) |
|
|
(0.02 |
) |
|
— |
|
|
|
(0.07 |
) |
| Incremental Interest
Expense |
— |
|
|
|
0.07 |
|
|
— |
|
|
|
0.07 |
|
|
— |
|
|
|
— |
|
| Tax - Normalized
Rate |
— |
|
|
|
0.09 |
|
|
— |
|
|
|
0.09 |
|
|
— |
|
|
|
— |
|
|
Non-GAAP |
5.5 |
% |
|
$ |
0.65 |
|
|
1.8 |
% |
|
$ |
0.10 |
|
|
8.2 |
% |
|
$ |
1.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Third Fiscal
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Q3 2017 Actual |
|
Q3 2016 Actual |
|
|
| |
Op Margin |
|
Diluted EPS |
|
Op Margin |
|
Diluted EPS |
|
|
|
|
| GAAP |
(0.1 |
)% |
|
$ |
(0.11 |
) |
|
4.2 |
% |
|
$ |
0.36 |
|
|
|
|
|
| Restructuring
Charges |
0.8 |
|
|
|
0.08 |
|
|
0.6 |
|
|
|
0.22 |
|
|
|
|
|
| Real Estate |
— |
|
|
|
— |
|
|
(0.2 |
) |
|
|
(0.09 |
) |
|
|
|
|
| Currency
Impact |
0.5 |
|
|
|
0.01 |
|
|
— |
|
|
|
(0.01 |
) |
|
|
|
|
| Incremental Interest
Expense |
— |
|
|
|
0.08 |
|
|
— |
|
|
|
— |
|
|
|
|
|
| Tax - Normalized
Rate |
— |
|
|
|
(0.02 |
) |
|
— |
|
|
|
— |
|
|
|
|
|
|
Non-GAAP |
1.2 |
% |
|
$ |
0.04 |
|
|
4.6 |
% |
|
$ |
0.48 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Fossil (NASDAQ:FOSL)
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From Aug 2024 to Sep 2024
Fossil (NASDAQ:FOSL)
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From Sep 2023 to Sep 2024
