Fossil Q1 FY20: sales $391 mn; operating loss $134 mn
Fashion
Fossil Q1 FY20: sales $391 mn; operating loss $134 mn
23 Jun `20
2 min read
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, has reported 16 per cent sales decline to $391 million in first quarter (Q1) FY20 ended on April 4, 2020 compared to sales of $465 million in same period last year. Company reported operating loss of $134.3 million (Q1 FY19: $19.9 million).
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, has reported 16 per cent sales decline to $391 million in first quarter (Q1) FY20 ended on April 4, 2020 compared to sales of $465 million in same period last year. Company reported operating loss of $134.3 million (Q1 FY19: $19.9 million).#
Gross profit for the quarter were $140.4 million ($248.0 million). Net loss during Q1 FY20 were $85.6 million ($12.2 million).
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, has reported 16 per cent sales decline to $391 million in first quarter (Q1) FY20 ended on April 4, 2020 compared to sales of $465 million in same period last year. Company reported operating loss of $134.3 million (Q1 FY19: $19.9 million).#
The company’s New World Fossil 2.0 (NWF 2.0) transform to grow programme was expanded during the quarter to address additional challenges posed by Covid-19. NWF 2.0 is designed to deliver gross margin benefits and operating expense reductions totalling $200 million over the three-year period from 2019 to 2021.
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, has reported 16 per cent sales decline to $391 million in first quarter (Q1) FY20 ended on April 4, 2020 compared to sales of $465 million in same period last year. Company reported operating loss of $134.3 million (Q1 FY19: $19.9 million).#
“As people around the globe continue to face the many challenges presented by Covid-19, we are taking actions to mitigate the headwinds and chart our path forward amid a new operating environment,” Kosta Kartsotis, chairman and CEO at Fossil Group, said in a press release.
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, has reported 16 per cent sales decline to $391 million in first quarter (Q1) FY20 ended on April 4, 2020 compared to sales of $465 million in same period last year. Company reported operating loss of $134.3 million (Q1 FY19: $19.9 million).#
Geographically sales were impacted in all the regions during Q1 FY20: Americas $153 million ($190 million), Europe $128 million ($153 million) and Asia $106 million ($117 million).
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, has reported 16 per cent sales decline to $391 million in first quarter (Q1) FY20 ended on April 4, 2020 compared to sales of $465 million in same period last year. Company reported operating loss of $134.3 million (Q1 FY19: $19.9 million).#
Sales of all the segments were down as well with Watches $310 million ($366 million), Leathers $47 million($54 million), Jewellery $23 million ($31 million) and Others $11 million ($14 million).
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