Fossil Q4 2023 Earnings Report
Key Takeaways
Fossil Group, Inc. reported Q4 2023 results, highlighting progress under the Transform and Grow (TAG) Plan, including exiting the smartwatch category, closing underperforming retail stores, managing down inventories, and capturing $125 million of annualized cost savings. The company is conducting a strategic review to improve financial performance and maximize shareholder value.
Made solid progress under the Transform and Grow (TAG) Plan.
Exited the smartwatch category and closed underperforming retail stores.
Managed down inventories and captured $125 million of annualized cost savings.
Announced a strategic review of current business model and capital structure to maximize shareholder value.
Fossil
Fossil
Fossil Revenue by Segment
Fossil Revenue by Geographic Location
Forward Guidance
The Company expects 2024 worldwide net sales to be approximately $1.2 billion, reflecting approximately $100 million of negative impact related to the exit of its smartwatch business, the closure of stores and prevailing currency rates, as well as expected category, consumer and channel softness. Fiscal year adjusted operating margin is expected to be in the range of -3% to -5%. The Company expects to generate positive free cash flow, inclusive of an anticipated tax refund of approximately $56 million, which is expected to be received in the second quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income