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Fossil Group swings to loss in fiscal Q1


According to Market Intelligence, December 2022


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Fossil Group swings to loss in fiscal Q1

Fossil Group Inc. said its normalized net income for the fiscal first quarter ended April 1 was a loss of 30 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 26 cents per share.

The per-share result swung to a loss from the prior-year profit of 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $14.6 million, compared with income of $5.1 million in the year-earlier period.

The normalized profit margin declined to negative 2.5% from 0.8% in the year-earlier period.

Total revenue decreased 11.8% on an annual basis to $581.8 million from $659.8 million, and total operating expenses fell 7.0% year over year to $600.2 million from $645.4 million.

Reported net income totaled a loss of $48.3 million, or a loss of $1 per share, compared to income of $5.8 million, or 12 cents per share, in the year-earlier period.