Fossil Q2 net sales $260M (-19% YoY); gross margin expands 390 bps to 52.6%

Fossil Group, Inc.

2024-Q2 EPS reported -$1.20 revenue$514,874,000

Operating loss of $34M vs. $35M a year ago; adjusted operating loss narrowed to $17M from $28M.
SG&A expenses down 18% to $154M on lower compensation from TAG Plan efficiencies.
Inventory down 38% YoY to $202M; total liquidity of $156M including $105M cash.
TAG Plan drives gross margin improvement and cost reduction; full-year 2024 outlook maintained.
Company conducting strategic review of business model and capital structure.

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