Fossil Group Q1 net sales $255M, down 22%; operating loss narrows to $29M

Fossil Group, Inc.

2024-Q1 EPS reported -$0.46 revenue$254,884,000

Net sales $255M, down 22% reported (21% constant currency); 5 pts impact from smartwatch exit and store optimization.
Gross margin expanded 300 bps to 52.4%; SG&A down 20% to $152M.
Operating loss $29M vs $37M YoY; adjusted operating loss $19M vs $25M.
Inventory down 33% to $224M; cash $113M; $57M US tax refund received post-quarter.
Maintains full year 2024 outlook; TAG Plan driving margin gains; strategic review ongoing.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Fossil Group, Inc. reported first quarter ended March 30, 2024 results: revenue decreased to $255 million.

Period: first quarter ended March 30, 2024
Revenue: decreased to $255 million
Result: reported results

Exact text from the filing

Fossil Group, Inc. (NASDAQ: FOSL) today announced financial results for the first quarter ended March 30, 2024. First Quarter Summary • First quarter worldwide net sales decreased to $255 million, down 22% on a reported basis and 21% in constant currency, reflecting five points of impact related to the Company’s strategic actions to exit the smartwatch category and optimize its retail store portfolio.

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Source: SEC EDGAR

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