Fossil Q3 net sales $288M (-16% YoY); operating loss narrows to $24M

Fossil Group, Inc.

2024-Q3 EPS reported -$1.80 revenue$802,693,000

Q3 net sales $288M, down 16% reported and constant currency; six points of negative impact from smartwatch exit and store optimization.
Gross margin expanded 240 bps to 49.4%; SG&A down 16% to $161M reflecting TAG Plan efficiencies.
Operating loss improved to $24M from $46M last year; adjusted operating loss $19M vs $31M.
Inventory down 31% to $226M; total liquidity $130M ($106M cash + $24M revolver).
On track for at least $100M annualized savings in 2024 under TAG Plan; full year outlook updated (no specific guidance provided).

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