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Dec 28, 2019
Fossil Q4 2019 Earnings Report
Fossil Group reported a challenging fourth quarter, impacted by lower performance in older generation connected products and softness in the department store channel, partially offset by strong performance in Gen 5 and Hybrid HR products, double-digit growth in Asia, and solid growth in third-party e-commerce.
Key Takeaways
Fossil Group's Q4 2019 results were impacted by lower than expected performance in older generation connected products and ongoing softness in the department store channel. Worldwide net sales decreased by 10% to $711.6 million. The company reported a net loss of $6.9 million, or ($0.14) per diluted share.
Worldwide net sales decreased by 10% to $711.6 million, or 9% in constant currency.
Gross profit totaled $307.9 million, with gross margin decreasing to 43.3%, impacted by inventory valuation charges.
Operating loss was $0.9 million, compared to operating income of $67.3 million in Q4 2018.
Net loss totaled $6.9 million, or ($0.14) per diluted share, compared to net income of $47.6 million, or $0.94 per diluted share, in Q4 2018.
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