First Quarter Net Sales of $582 Million;
Diluted EPS (Loss) of $(1.00), Including a Restructuring Charge of
$0.35 per Diluted Share
Fossil Group, Inc. (NASDAQ:FOSL) (the “Company”) today reported its
financial results for the fiscal quarter ended April 1,
2017. In the first quarter of fiscal 2017, the stronger U.S.
dollar negatively impacted net sales by $8.5 million. First
quarter fiscal 2017 net sales decreased 12% (11% on a constant
currency basis) as compared to the first quarter of fiscal 2016.
First Quarter Fiscal Year 2017 Revenue
SummaryIn the first quarter of fiscal 2017, reported
worldwide net sales decreased 12% or $78.0 million as growth in
connected watches was more than offset by declines in traditional
watches. Declines in leathers and jewelry and changes in
foreign currency also negatively impacted net sales. The following
table provides a summary of net sales performance for the first
quarter of fiscal 2017 compared to the first quarter of fiscal year
2016.
|
|
|
First Quarter 2017 |
|
|
|
Reported Results (1) |
|
|
Constant Currency (2) |
|
|
|
|
|
|
|
Total
Company |
|
|
(12 |
)% |
|
|
(11 |
)% |
Americas. |
|
|
(17 |
)% |
|
|
(17 |
)% |
Europe |
|
|
(7 |
)% |
|
|
(3 |
)% |
Asia |
|
|
(5 |
)% |
|
|
(5 |
)% |
|
|
|
|
|
|
|
Watches |
|
|
(9 |
)% |
|
|
(8 |
)% |
Leathers |
|
|
(21 |
)% |
|
|
(21 |
)% |
Jewelry |
|
|
(12 |
)% |
|
|
(10 |
)% |
(1) Includes impacts from currency.(2) Eliminates the effect of
the stronger U.S. dollar in fiscal 2017 to give investors a better
understanding of the underlying trends within the business.
See constant currency financial information at the end of this
release for more information.
The Company reported net income (loss) for the
first quarter of fiscal 2017 of $(48.2) million compared to $5.8
million for the first quarter of fiscal 2016. Diluted
earnings (loss) per share were $(1.00) compared to $0.12 for the
first quarter of fiscal 2016. Diluted earnings (loss) per
share for the first quarter of fiscal 2017 included a restructuring
charge of $0.35 per diluted share and a positive impact from
changes in foreign currency of $0.11 per diluted share due to
non-operating hedging gains.
Kosta Kartsotis, Chief Executive Officer,
commented on the results. “Our results for the first quarter,
while largely in line with our expectations, continue to reflect a
challenging retail environment and a watch category undergoing
significant change. The strategies we are pursuing in the
midst of these headwinds enable us to better compete in the
environment and capitalize on the growing importance of technology
to the watch category. The newness and innovation we are
infusing into our fashion accessories is gaining traction with our
retail partners and consumers alike, demonstrating that technology
can be the catalyst needed to drive growth in the watch
category. We are very excited about the next generation of
products we are developing and launching throughout the year.
Our design, technology and engineering expertise were on display at
Baselworld, the premier watch trade show in Switzerland, earlier
this year and, given the positive response to our assortment and
improved functionality, we believe we are in a position to further
expand our leadership position in the fashion accessories space,
expand our addressable market, and improve our financial
performance.”
Mr. Kartsotis concluded, “Our focus for the
year continues to be on executing against our New World Fossil
restructuring initiative, driving growth in our core watch business
and advancing our wearable products with an expanded offering
across additional brands. As we continue to reimagine the
watch and its capabilities, we are on track to launch over 300 skus
this year with enhanced engineering that will enable slimmer cases,
more functionality and brighter screens and easier charging for
display watches. Our New World Fossil initiative will create
a leaner and more nimble operating platform capable of better
serving our customer and competing in the new retail
environment. Strategically prioritizing initiatives that
generate the best returns on our capital investments, we expect to
drive operating improvements across our supply chain and be better
positioned to improve profitability in a very leverageable business
model going forward."
Operating ResultsCompared to
the first quarter of fiscal 2016, the impact of a stronger U.S.
dollar decreased the Company’s fiscal 2017 reported net sales by
$8.5 million and operating income by $3.8 million. The following
discussion of the Company’s net sales is presented on a GAAP basis
and in constant dollars and reflects regional performance based on
sales in all channels within the geographic location.
First quarter fiscal 2017 worldwide net sales
decreased $78.0 million or 12% and $69.5 million in constant
currency (an 11% decline) compared to the first quarter of fiscal
2016. Across product categories, watches declined with growth
in connected watches more than offset by a decline in traditional
watches, and leathers and jewelry also declined compared to last
fiscal year.
Net sales in the Americas decreased $58.3
million or 17% and $57.4 million in constant currency (also a 17%
decline) compared to the first quarter of fiscal 2016. Across
product categories, watches declined with growth in connected
watches offset by a decline in traditional watches. Leathers
and jewelry also declined compared to last fiscal year. A
sales decline in the U.S. drove the decrease in the region.
Net sales in Europe decreased $14.3 million or
7% and $6.0 million in constant currency (a 3% decline) compared to
the first quarter of fiscal 2016. Across product categories,
jewelry and watches were roughly flat in constant currency with
growth in connected watches offset by a decline in traditional
watches. Leathers declined compared to last fiscal
year. Within the region, modest growth in Spain was more than
offset by a decline in the U.K. and Middle East.
Net sales in Asia decreased $5.4 million or 5%
and $6.1 million in constant currency (also a 5% decline) compared
to the first quarter of fiscal 2016. Across product
categories, leathers and watches declined with growth in connected
watches offset by a decline in traditional watches. Jewelry
was flat compared to last fiscal year. Within the region, an
increase in India and China was more than offset by a decline in
Japan and Australia.
Global retail comps, including e-commerce sales,
for the first quarter of fiscal 2017 decreased 11% compared to the
first quarter of fiscal 2016 with declines in all product
categories and all regions.
During the first quarter of fiscal 2017, gross
margin decreased 300 basis points to 49.8%. The decrease in
gross margin was primarily driven by lower retail margins due to
increased promotional activity in outlets and the e-commerce
channel, as well as an increased mix toward lower margin connected
product. The negative impact of changes in foreign currencies
and an increase in the relative mix of off-price sales also
contributed to the decline. Those headwinds were partially
offset by margin improvement initiatives and a higher mix of
international sales.
The Company’s operating expenses were $334.8
million, including $26.3 million of restructuring costs associated
with realigning and optimizing the organizational structure as well
as costs associated with store closures, primarily in the
Americas. Excluding those items, expenses were lower compared
to the first quarter of fiscal 2016 driven by lower infrastructure
costs, a reduction in store expenses and lower marketing
expenses. As a percentage of net sales, operating expense
increased to 57.5%.
Operating income (loss) for the first quarter of
fiscal 2017 decreased to $(45.3) million, driven by lower sales and
gross margin while expenses, which included restructuring charges,
were roughly flat compared to the prior fiscal year.
Operating margin (loss) decreased to (7.8)% compared to 2.2% in the
prior fiscal year.
During the fiscal 2017 first quarter, interest
expense increased $2.4 million to $8.4 million and other income
increased $3.4 million to $5.6 million due to favorable foreign
currency activity compared to the prior fiscal year.
The Company’s effective income tax rate in the
first quarter of fiscal 2017 was 2.5% compared to 30.7% for the
first quarter of fiscal 2016 due to changes in tax accounting rules
and jurisdictional earnings.
Sales and Earnings GuidanceThe Company is
providing guidance on a GAAP basis. For comparison purposes,
the Company has also provided a table at the end of this release
which quantifies the estimated impact on its operating income
margin and its diluted earnings per share related to unusual items
impacting the operational results for fiscal 2017 as compared to
fiscal 2016.
The Company also estimates that the negative
impact of the relatively stronger U.S. dollar on net sales, based
on prevailing exchange rates, would be about 150 basis points for
the full year of fiscal 2017 and 220 basis points for the second
quarter of fiscal 2017.
GAAP GuidanceFor fiscal 2017, the
Company now expects the following:
- Net sales to decline in the range of a 6.0% to 1.5%
- Operating margin in a range of 0.5% to 2.2%
- Diluted earnings (loss) per share in a range of ($0.40) to
$0.30, including $0.60 of restructuring charges
For the second quarter of fiscal 2017, the Company
expects the following:
- Net sales to decline in the range of 11.5% to 8.0%
- Operating margin in a range of (5.5)% to (3.5)%
- Diluted earnings (loss) per share in a range of ($1.00) to
($0.83), including $0.15 of restructuring charges
Safe HarborCertain statements
contained herein that are not historical facts, including
multi-year profit improvement estimates, future financial guidance
as well as estimated impacts from foreign currency translation,
amortization expense, foreign tax credits, non-cash impairments and
restructuring charges, constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 and involve a number of risks and uncertainties. The
actual results of the future events described in such
forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors
that could cause actual results to differ materially are: changes
in economic trends and financial performance, changes in consumer
demands, tastes and fashion trends, lower levels of consumer
spending resulting from a general economic downturn, shifts in
market demand resulting in inventory risks, changes in foreign
currency exchange rates, risks related to the success of the
multi-year profit improvement initiative, risks related to the
success of our connected accessories and the outcome of current and
possible future litigation, as well as the risks and uncertainties
set forth in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2016 filed with the Securities and
Exchange Commission (the “SEC”). These forward-looking
statements are based on our current expectations and beliefs
concerning future developments and their potential effect on us.
While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate.
Readers of this release should consider these factors in
evaluating, and are cautioned not to place undue reliance on, the
forward-looking statements contained herein. The Company
assumes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
About Fossil Group, Inc.Fossil
Group, Inc. is a global design, marketing, distribution and
innovation company specializing in lifestyle accessories.
Under a diverse portfolio of owned and licensed brands, our
offerings include fashion watches, jewelry, handbags, small leather
goods and wearables. With our newest owned brand, Misfit,
we’re bringing style and technology to the high-growth connected
space. We’re committed to delivering the best in design and
innovation across our owned brands, Fossil, Michele, Misfit, Relic,
Skagen and Zodiac, and licensed brands, adidas, Armani Exchange,
Burberry, Chaps, Diesel, DKNY, Emporio Armani, Karl Lagerfeld, kate
spade new york, Marc Jacobs, Michael Kors and Tory Burch. We
bring each brand story to life through an extensive wholesale
distribution network across approximately 150 countries and over
550 retail locations. Certain press release and SEC filing
information concerning the Company is also available at
www.fossilgroup.com.
|
|
|
|
|
|
|
Consolidated
Income Statement Data |
|
For the 13Weeks EndedApril 1,
2017 |
|
|
|
For the 13Weeks EndedApril 2,
2016 |
($ in millions,
except per share data): |
|
|
|
|
Net sales |
|
$ |
581.8 |
|
|
|
|
$ |
659.8 |
|
Cost of sales |
|
292.3 |
|
|
|
|
311.5 |
|
Gross
profit |
|
289.5 |
|
|
|
|
348.3 |
|
Gross margin |
|
49.8 |
% |
|
|
|
52.8 |
% |
Operating
expenses: |
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
308.5 |
|
|
|
|
333.9 |
|
Restructuring charges |
|
26.3 |
|
|
|
|
0.0 |
|
Total operating
expenses |
|
334.8 |
|
|
|
|
333.9 |
|
Total operating
expenses (% of net sales) |
|
57.5 |
% |
|
|
|
50.6 |
% |
Operating income
(loss) |
|
(45.3 |
) |
|
|
|
14.4 |
|
Operating margin |
|
(7.8 |
)% |
|
|
|
2.2 |
% |
Interest expense |
|
8.4 |
|
|
|
|
6.0 |
|
Other income (expense)
- net |
|
5.6 |
|
|
|
|
2.3 |
|
Income (loss) before
income taxes |
|
(48.0 |
) |
|
|
|
10.7 |
|
Provision for income
taxes |
|
(1.2 |
) |
|
|
|
3.3 |
|
Less: Net
income attributable to noncontrolling interest |
|
1.4 |
|
|
|
|
1.6 |
|
Net income (loss)
attributable to Fossil Group, Inc. |
|
$ |
(48.2 |
) |
|
|
|
$ |
5.8 |
|
Earnings (loss) per
share: |
|
|
|
|
|
|
Basic |
|
$ |
(1.00 |
) |
|
|
|
$ |
0.12 |
|
Diluted |
|
$ |
(1.00 |
) |
|
|
|
$ |
0.12 |
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
Basic |
|
48.3 |
|
|
|
|
48.1 |
|
Diluted |
|
48.3 |
|
|
|
|
48.3 |
|
Consolidated Balance Sheet Data ($ in
millions): |
|
|
April 1, 2017 |
|
|
|
April 2, 2016 |
Assets: |
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
|
$ |
320.7 |
|
|
|
|
$ |
306.8 |
|
Accounts receivable - net |
|
|
245.3 |
|
|
|
|
236.8 |
|
Inventories |
|
|
571.5 |
|
|
|
|
630.0 |
|
Other
current assets |
|
|
142.8 |
|
|
|
|
166.9 |
|
Total current assets |
|
|
1,280.3 |
|
|
|
|
1,340.5 |
|
Property, plant and equipment - net |
|
|
260.4 |
|
|
|
|
332.4 |
|
Goodwill |
|
|
356.4 |
|
|
|
|
362.7 |
|
Intangible and other assets - net |
|
|
204.6 |
|
|
|
|
224.7 |
|
Total long-term assets |
|
|
821.4 |
|
|
|
|
919.8 |
|
Total
assets |
|
|
$ |
2,101.7 |
|
|
|
|
$ |
2,260.3 |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
|
$ |
360.3 |
|
|
|
|
$ |
349.6 |
|
Short-term debt |
|
|
26.4 |
|
|
|
|
23.3 |
|
Total current liabilities |
|
|
386.7 |
|
|
|
|
372.9 |
|
Long-term debt |
|
|
589.7 |
|
|
|
|
799.9 |
|
Other
long-term liabilities |
|
|
143.0 |
|
|
|
|
143.0 |
|
Total long-term liabilities |
|
|
732.7 |
|
|
|
|
942.9 |
|
Stockholders’ equity |
|
|
982.3 |
|
|
|
|
944.5 |
|
Total
liabilities and stockholders’ equity |
|
|
$ |
2,101.7 |
|
|
|
|
$ |
2,260.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by Segment and Product Category
Information
|
|
|
For the 13
Weeks Ended |
($ in
millions): |
|
|
April 1, 2017 |
|
|
April 2, 2016 |
Segment: |
|
|
|
|
|
|
Americas |
|
|
$ |
277.5 |
|
|
|
$ |
335.8 |
|
Europe |
|
|
195.7 |
|
|
|
210.0 |
|
Asia |
|
|
108.6 |
|
|
|
114.0 |
|
Total
net sales |
|
|
$ |
581.8 |
|
|
|
$ |
659.8 |
|
|
|
|
|
|
|
|
Product
Categories: |
|
|
|
|
|
|
Watches |
|
|
$ |
449.8 |
|
|
|
$ |
496.5 |
|
Leathers |
|
|
72.7 |
|
|
|
92.5 |
|
Jewelry |
|
|
47.9 |
|
|
|
54.7 |
|
Other |
|
|
11.4 |
|
|
|
16.1 |
|
Total net sales |
|
|
$ |
581.8 |
|
|
|
$ |
659.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Store Count Information
|
|
|
April 1, 2017 |
|
|
April 2, 2016 |
|
|
|
Americas |
|
|
Europe |
|
|
Asia |
|
|
Total |
|
|
Americas |
|
|
Europe |
|
|
Asia |
|
|
Total |
Full price
accessory |
|
|
117 |
|
|
|
116 |
|
|
|
63 |
|
|
|
296 |
|
|
|
126 |
|
|
|
124 |
|
|
|
69 |
|
|
|
319 |
|
Outlets |
|
|
138 |
|
|
|
73 |
|
|
|
45 |
|
|
|
256 |
|
|
|
153 |
|
|
|
71 |
|
|
|
45 |
|
|
|
269 |
|
Full priced
multi-brand |
|
|
— |
|
|
|
8 |
|
|
|
11 |
|
|
|
19 |
|
|
|
— |
|
|
|
7 |
|
|
|
17 |
|
|
|
24 |
|
Total stores |
|
|
255 |
|
|
|
197 |
|
|
|
119 |
|
|
|
571 |
|
|
|
279 |
|
|
|
202 |
|
|
|
131 |
|
|
|
612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Currency Financial InformationThe
following table presents the Company’s business segment and product
net sales on a constant currency basis. To calculate net
sales on a constant currency basis, net sales for the current
fiscal year period for entities reporting in currencies other than
the U.S. dollar are translated into U.S. dollars at the average
rates during the comparable period of the prior fiscal year.
The Company presents constant currency information to provide
investors with a basis to evaluate how its underlying business
performed excluding the effects of foreign currency exchange rate
fluctuations. The constant currency financial information
presented herein should not be considered a substitute for, or
superior to, the measures of financial performance prepared in
accordance with GAAP.
|
|
Net Sales |
|
For the 13 Weeks Ended |
|
April 1, 2017 |
($ in
millions) |
|
AsReported |
|
|
Impact
ofForeignCurrencyExchangeRates |
|
|
ConstantCurrency |
Segment: |
|
|
|
|
|
|
|
|
Americas |
|
$ |
277.5 |
|
|
|
$ |
(0.9 |
) |
|
|
$ |
278.4 |
|
Europe |
|
195.7 |
|
|
|
(8.3 |
) |
|
|
204.0 |
|
Asia |
|
108.6 |
|
|
|
0.7 |
|
|
|
107.9 |
|
Total net sales |
|
$ |
581.8 |
|
|
|
$ |
(8.5 |
) |
|
|
$ |
590.3 |
|
|
|
|
|
|
|
|
|
|
Product
Categories: |
|
|
|
|
|
|
|
|
Watches |
|
$ |
449.8 |
|
|
|
$ |
(6.2 |
) |
|
|
$ |
456.0 |
|
Leathers |
|
72.7 |
|
|
|
(0.7 |
) |
|
|
73.4 |
|
Jewelry |
|
47.9 |
|
|
|
(1.3 |
) |
|
|
49.2 |
|
Other |
|
11.4 |
|
|
|
(0.3 |
) |
|
|
11.7 |
|
Total net sales |
|
$ |
581.8 |
|
|
|
$ |
(8.5 |
) |
|
|
$ |
590.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items Impacting Comparison of Fiscal 2017 Operations to
Fiscal 2016 OperationsThe following table quantifies the
estimated impact on the Company's operating margin and its diluted
earnings (loss) per share related to non-operating currency gains
and losses, operating currency changes and restructuring charges
for fiscal 2017 as compared to fiscal 2016. The table also
includes the impact of higher interest expense in 2017 and reflects
an adjusted tax rate to normalize for quarter to quarter
fluctuations due to mix in jurisdictional earnings and / or losses
and discrete items generated from changes in accounting
rules. Numbers may not add due to rounding.
The Company believes that the fiscal 2016 and
2017 operating margin and diluted EPS measures are useful to
investors in comparing the Company's projected financial
performance year-over-year without the impact of non-operating
currency gains and losses in both fiscal 2016 and 2017, operating
currency headwinds between fiscal 2016 and 2017, restructuring
charges in both fiscal 2016 and 2017 and higher anticipated 2017
interest expenses as well as the fiscal 2016 real estate
gain. The Company uses the fiscal 2016 and 2017 non-GAAP
operating margin and diluted EPS measures to evaluate its operating
performance year-over-year. The non-GAAP financial measures
presented herein should not be considered a substitute for, or
superior to, guidance or financial measures prepared in accordance
with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
High |
|
|
Low |
|
|
|
|
|
|
OpMargin |
|
|
DilutedEPS |
|
|
OpMargin |
|
|
DilutedEPS |
|
|
OpMargin |
|
|
DilutedEPS |
GAAP |
|
|
|
2.2 |
% |
|
|
$ |
0.30 |
|
|
|
0.5 |
% |
|
|
$ |
(0.40 |
) |
|
|
4.2 |
% |
|
|
$ |
1.63 |
|
Restructuring
Charges |
|
|
|
1.5 |
|
|
|
|
0.60 |
|
|
|
1.6 |
|
|
|
|
0.60 |
|
|
|
0.9 |
|
|
|
|
0.37 |
|
Fiscal 2016 Real Estate
Gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
|
(0.09 |
) |
Currency Impact |
|
|
|
0.9 |
|
|
|
|
0.19 |
|
|
|
0.9 |
|
|
|
|
0.19 |
|
|
|
— |
|
|
|
|
(0.11 |
) |
Incremental Interest
Expense |
|
|
|
— |
|
|
|
|
0.28 |
|
|
|
— |
|
|
|
|
0.28 |
|
|
|
— |
|
|
|
|
— |
|
Tax - Neutralized for
Normalized Rate |
|
|
|
— |
|
|
|
|
0.13 |
|
|
|
— |
|
|
|
|
0.13 |
|
|
|
— |
|
|
|
|
— |
|
Non-GAAP |
|
|
|
4.5 |
% |
|
|
$ |
1.50 |
|
|
|
3.0 |
% |
|
|
$ |
0.80 |
|
|
|
4.9 |
% |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Fiscal 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
High |
|
|
Low |
|
|
|
|
|
|
OpMargin |
|
|
DilutedEPS |
|
|
OpMargin |
|
|
DilutedEPS |
|
|
OpMargin |
|
|
DilutedEPS |
GAAP |
|
|
|
(3.5 |
)% |
|
|
$ |
(0.83 |
) |
|
|
(5.5 |
)% |
|
|
$ |
(1.00 |
) |
|
|
2.3 |
% |
|
|
$ |
0.12 |
|
Restructuring
Charges |
|
|
|
1.8 |
|
|
|
|
0.15 |
|
|
|
1.9 |
|
|
|
|
0.15 |
|
|
|
— |
|
|
|
|
— |
|
Currency Impact |
|
|
|
0.6 |
|
|
|
|
0.01 |
|
|
|
0.6 |
|
|
|
|
0.01 |
|
|
|
— |
|
|
|
|
(0.03 |
) |
Incremental Interest
Expense |
|
|
|
— |
|
|
|
|
0.11 |
|
|
|
— |
|
|
|
|
0.11 |
|
|
|
— |
|
|
|
|
— |
|
Tax - Neutralized for
Normalized Rate |
|
|
|
— |
|
|
|
|
0.33 |
|
|
|
— |
|
|
|
|
0.33 |
|
|
|
— |
|
|
|
|
— |
|
Non-GAAP |
|
|
|
(1.0 |
)% |
|
|
$ |
(0.23 |
) |
|
|
(3.0 |
)% |
|
|
$ |
(0.40 |
) |
|
|
2.3 |
% |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter Fiscal 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
Q1 2017 Actual |
|
|
Q1 2016 Actual |
|
|
|
|
|
|
OpMargin |
|
|
DilutedEPS |
|
|
OpMargin |
|
|
DilutedEPS |
|
|
|
|
|
|
GAAP |
|
|
|
(7.8 |
)% |
|
|
$ |
(1.00 |
) |
|
|
2.2 |
% |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
Restructuring
Charges |
|
|
|
4.5 |
|
|
|
|
0.35 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
Currency Impact |
|
|
|
0.6 |
|
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
Incremental Interest
Expense |
|
|
|
— |
|
|
|
|
0.02 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
Tax - Neutralized for
Normalized Rate |
|
|
|
— |
|
|
|
|
0.30 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
(2.6 |
%) |
|
|
$ |
(0.35 |
) |
|
|
2.2 |
% |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
Investor Relations:
Eric M. Cerny
FOSSIL GROUP, Inc
(855) 336-7745
Allison Malkin
ICR, Inc.
(203) 682-8225
Fossil (NASDAQ:FOSL)
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