Fossil Group, Inc. Reports First Quarter 2023 Financial Results – Fossil Group (… – Press Release

RICHARDSON, Texas, May 10, 2023 (GLOBE NEWSWIRE) — Fossil Group, Inc. FOSL today announced financial results for the first quarter ended April 1, 2023.

First Quarter Summary

• First quarter worldwide net sales decreased to $325 million, down 14% on a reported basis and 11% in constant currency, with declines in all three regions.
• Direct to consumer net sales up 8% in constant currency, with comparable retail sales growth of 13% and growth in all three regions. Net sales in our wholesale channels were down 20%.
• Operating loss of $37 million compared to $14 million a year ago. Adjusted operating loss of $25 million compared to adjusted operating loss of $11 million last year.
• Inventory totaled $337 million, a decrease of 13% versus a year ago; cash and cash equivalents of $127 million at quarter end.
• During the first quarter, the company extended its licensing agreements with Diesel S.p.A through 2027 for watches and jewelry. Subsequent to the end of the first quarter, the Company extended its global licensing agreement with Giorgio Armani S.p.A. through 2026.
  

“We made continued progress on the initiatives under our Transform and Grow (TAG) Plan during the first quarter,” said Kosta Kartsotis, Chairman and CEO. “Our top line results were in line with our expectations and reflect continued strength in our direct-to-consumer channels, offset by ongoing pressure in the wholesale channel globally. Our digital and marketing initiatives are helping us build brand heat and drive momentum in our e-commerce business, as well as our owned retail stores, which delivered comparable retail sales growth of 13% in the first quarter.”

“Looking at the balance of 2023, we remain focused on our three major pillars designed to drive top line growth: revitalizing the FOSSIL brand, growing our core licensed brands in watches and jewelry and expanding our premium brands and offerings. Most recently, we successfully renewed our worldwide license agreement for the Emporio Armani and Armani…

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