Fossil Group Reports 2024 Results and Turnaround Plan

Fossil Group, Inc. ( (FOSL) ) has released its Q4 earnings. Here is a breakdown of the information Fossil Group, Inc. presented to its investors.

Fossil Group, Inc. is a global design and innovation company specializing in lifestyle accessories, including watches, jewelry, and leather goods, with a diverse portfolio of owned and licensed brands. The company recently reported its financial results for the fourth quarter and full year 2024, highlighting a challenging year marked by significant sales declines across all regions and channels. Despite these challenges, Fossil Group achieved a gross margin expansion and reduced operating expenses, thanks to strategic initiatives under its Transform and Grow plan. Key financial metrics included a 19% decrease in fourth-quarter net sales and a 17% reduction in SG&A expenses, resulting in an adjusted operating income of $20.1 million. The company also announced a comprehensive turnaround plan focusing on refocusing its core business, rightsizing its cost structure, and strengthening its balance sheet. Looking ahead, Fossil Group aims to achieve long-term financial targets, including worldwide net sales of over $800 million by 2027, as it continues to implement its strategic initiatives to drive profitable growth.