secwatch.observer — SEC 8-K summary
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Issuer:     Fossil Group, Inc. (FOSL)
CIK:        0000883569
Form:       8-K
Filed at:   2024-03-13T23:59:59+00:00
Accession:  0001104659-24-033924
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/883569/000110465924033924/0001104659-24-033924-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/883569/000110465924033924/tm248665d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-033924

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer