Fossil Group, Inc. Reiterates Earnings Guidance for the Full Year 2024
May 08, 2024 at 04:15 pm EDT
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Fossil Group, Inc. reiterated earnings guidance for the full year 2024. For the period, the company's worldwide net sales are expected to be approximately $1.2 billion, reflecting consumer and channel softness, as well as approximately $100 million of negative impact related to the exit of its smartwatch business, and the closure of Fossil retail stores.
Fossil Group, Inc. is a design, marketing and distribution company that specializes in consumer fashion accessories. The Companyâs principal offerings include a line of men's and women's fashion traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. Its segments include Americas, Europe and Asia. The Americas is comprised of sales from its operations in the United States, Canada and Latin America. Europe segment is comprised of sales to customers based in European countries, the Middle East and Africa. Asia segment is comprised of sales to customers based in Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. The Company's owned brands include FOSSIL, SKAGEN, MICHELE, RELIC and ZODIAC and licensed brands ARMANI EXCHANGE, DIESEL, DKNY, EMPORIO ARMANI, KATE SPADE NEW YORK, MICHAEL KORS, and TORY BURCH. Its products are distributed through wholesale, retail stores, commercial Website, and others.