$FOSL reports sales decline and digital advancements, plans for $100M investment.
Mar 8th 2023, 9:20 pm
Analyst Summary: Fossil Group, Inc. (NASDAQ: FOSL) reported financial results for Q4 and full year 2022, with sales declines across all regions. Despite global headwinds and inflationary pressures, Chairman and CEO Kosta Kartsotis noted the company's progress in advancing its digital roadmap and improving brand heat. Soft topline trends in the wholesale channel impacted the company's overall performance, but Fossil Group remains committed to its Transform and Grow Plan, aimed at improving financial performance and reducing operating expenses. The company also provided a 2023 outlook, estimating flat revenue on a full year basis with negative impacts in the first half of the fiscal year and beneficial effects in the second half. Backed by a strong commitment to profitable growth, Fossil Group plans to invest $100 million by the end of 2024.