Fossil Group, a global design and innovation firm specialising in lifestyle accessories, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.
Fossil Group, a global lifestyle accessories firm, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.#
“Top line growth, solid gross margins and ongoing expense management drove adjusted operating margins of 11 per cent in the third quarter. A continuing focus on our four strategic priorities is fuelling broad-based sales growth, led by digital channels,” Kosta Kartsotis, chairman and CEO at Fossil Group, said in a press release.
Fossil Group, a global lifestyle accessories firm, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.#
Gross profit during Q3 rose to $259.5 million ($229.8 million), while operating expenses remained stagnant at $211.7 million ($212.3 million). Net income nearly doubled during the quarter to $31.4 million ($16.0 million).
Fossil Group, a global lifestyle accessories firm, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.#
By region, Americas emerged as the largest market with sales of $193.7 million ($175.1 million), while Europe registered a sharp increase in sales to $165.9 million ($135.3 million). Moreover, sales from Asia surged to $129.5 million ($119.7 million).
Fossil Group, a global lifestyle accessories firm, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.#
As for product categories, Fossil said its leathers business slipped to $36.4 million ($37.7 million). Watches sales accelerated in the third quarter to $393.7 million ($356.6 million).
Fossil Group, a global lifestyle accessories firm, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.#
“We are entering the holiday season with a healthy inventory position and strong consumer demand within our largest markets and core categories. As we look ahead to 2022, we feel confident that the business is well-positioned from both an operational and financial perspective. We have the talent, tools and financial flexibility to continue to drive growth and build shareholder value over the long-term,” Kartsotis concluded.
Fossil Group, a global lifestyle accessories firm, has reported a 13 per cent sales increase to $491.8 million in the third quarter (Q3) of FY21 ended on October 2, 2021, compared to the sales of $435.5 million in the same period of prior fiscal. Digital sales for the three-month period expanded 28 per cent, representing 40 per cent of the total sales.#
Additionally, the American company raised its outlook and now expects FY21 sales to grow approximately 17-19 per cent (previous outlook: 14-17 per cent).
Fibre2Fashion News Desk (JL)
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