Fossil Group expects FY2022 sales ~$1.7B (-10% YoY); adj. operating margin ~0.4% vs prior 2-3% guidance

Fossil Group, Inc.

2022-FY EPS reported -$0.85 revenue$1,682,439,000

FY2022 net sales expected ~$1.7B, down ~10% reported (-5% constant currency) from prior year; prior guidance was 7-10% decline.
Full year adjusted operating margin expected ~0.4%, sharply below prior guidance of 2-3%.
Company launches 'Transform and Grow' restructuring plan to achieve at least $100M in annualized benefits by end of 2024.
Workforce to be reduced ~8% in 2023; estimated $25-30M in charges for fiscal 2023, ~$10M in Q1.
Q4 and full year results to be reported after market close on March 8, 2023, with conference call at 5:00 pm ET.

item 2.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Fossil Group, Inc. reported fiscal 2022 results: revenue approximately $1.7 billion. Guidance lowered.

Period: fiscal 2022
Revenue: approximately $1.7 billion
Guidance: lowered
Result: preliminary results

Exact text from the filing

Fossil Group, Inc. (the “Company”) reports that 2022 worldwide net sales are expected to be approximately $1.7 billion, representing a decrease of approximately 10% on a reported basis and 5% on a constant currency basis compared to full year 2021. The previous guidance range was a sales decline of 7% to 10% on a reported basis. Full year adjusted operating margin is expected to be approximately 0.4% compared to previous guidance of 2% to 3%.

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Source: SEC EDGAR

accession 0000883569-23-000003

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