8-K filed March 13, 2024, 7:59 PM ET ticker FOSL CIK 0000883569

earnings confidence high sentiment negative materiality 0.80

Fossil Group reports FY2023 operating loss $143M, sales down 16%; CEO Kartsotis steps down

Fossil Group, Inc.

Q4 net sales $421M, down 16% reported; full year net sales $1,412M, down 16% on reported and constant currency.
Full year operating loss $143M vs prior year loss $1M; adjusted operating loss $92M (6.5% of sales). Diluted loss per share $3.00, adjusted $2.24.
Achieved $125M annualized cost savings under TAG Plan; targeting $300M annualized operating income benefits by end of 2025.
CEO Kartsotis stepped down; Jeffrey Boyer appointed Interim CEO and director; Kevin Mansell becomes Chairman. Search for permanent CEO.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Jeffrey N. Boyer

Member of the Board of Directors

FOSL · Fossil Group, Inc.

Effective: 2024-03-13
Filed: March 13, 2024, 7:59 PM ET

and as a member of the Board

Appointed (interim)

Jeffrey N. Boyer

Interim Chief Executive Officer

FOSL · Fossil Group, Inc.

Effective: 2024-03-13
Filed: March 13, 2024, 7:59 PM ET

the Board has appointed Jeffrey N. Boyer as interim Chief Executive Officer

Departed

Kosta N. Kartsotis

Chief Executive Officer

FOSL · Fossil Group, Inc.

Effective: 2024-03-13
Successor: Jeffrey N. Boyer
Filed: March 13, 2024, 7:59 PM ET

Kosta N. Kartsotis is stepping down from his position as Chief Executive Officer and a member of the Board of Directors

Role change

Kevin Mansell

Chairman of the Board

FOSL · Fossil Group, Inc.

Effective: 2024-03-13
Filed: March 13, 2024, 7:59 PM ET

appointed Kevin Mansell as Chairman of the Board

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 fourth quarter and fiscal year ended December 30, 2023 results: revenue Fourth quarter worldwide net sales decreased to $421 million; Full year worldwide net sales decreased to $1,412 million, EPS Full year diluted loss per share was $3.00 and adjusted loss per share was $2.24.

Period: fourth quarter and fiscal year ended December 30, 2023
Revenue: Fourth quarter worldwide net sales decreased to $421 million; Full year worldwide net sales decreased to $1,412 million
EPS: Full year diluted loss per share was $3.00 and adjusted loss per share was $2.24
Result: reported results

Exact text from the filing

business model and capital structure with the goal of maximizing shareholder value.” Fourth Quarter and Full Year Summary · Fourth quarter worldwide net sales decreased to $421 million, down 16% on a reported basis and 17% in constant currency, with sales declines across all regions and all channels. · Full year worldwide net sales decreased to $1,412 million,

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Jeffrey N. Boyer was appointed as Member of the Board of Directors at Fossil Group, Inc..

Action: appointed
Role: Member of the Board of Directors

Exact text from the filing

and as a member of the Board

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Jeffrey N. Boyer was appointed as Interim Chief Executive Officer at Fossil Group, Inc..

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

the Board has appointed Jeffrey N. Boyer as interim Chief Executive Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Kosta N. Kartsotis departed as Chief Executive Officer at Fossil Group, Inc..

Action: stepping down
Role: Chief Executive Officer

Exact text from the filing

Kosta N. Kartsotis is stepping down from his position as Chief Executive Officer and a member of the Board of Directors

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Kevin Mansell was appointed as Chairman of the Board at Fossil Group, Inc..

Action: appointed
Role: Chairman of the Board

Exact text from the filing

appointed Kevin Mansell as Chairman of the Board

View on SEC.gov

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Fossil Group, Inc. filing history →

Source: SEC EDGAR

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