American luxury firm Fossil Group's Q4 FY20 sales fall 26% to $528 mn

Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company’s net loss lessened to $3.9 million (Q4 FY19: $6.9 million).

 

Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company's net loss lessened to $3.9 million (Q4 FY19: $6.9 million).#

Digital sales for the quarter grew 50 per cent which represented 43 per cent of worldwide net sales.

 

Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company's net loss lessened to $3.9 million (Q4 FY19: $6.9 million).#

“In a difficult retail climate, we concluded 2020 with solid fourth quarter results, which reflect improved performance across our brands, channels and geographies. Looking ahead, we expect to expand our digital business, deliver product innovation, drive growth in Mainland China and India and streamline our operations, positioning the company to return to sustainable top line growth and improved profitability,” 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, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company's net loss lessened to $3.9 million (Q4 FY19: $6.9 million).#

Gross profit for the quarter came down to $259.6 million ($307.9 million), while selling, general and administrative expenses were $230.4 million ($303.6 million). The company’s total operating expenses were $241.3 million ($308.8 million).

 

Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company's net loss lessened to $3.9 million (Q4 FY19: $6.9 million).#

For the fourth quarter, sales in Americas' region dropped to $208.4 million ($316.5 million). In Europe sales slipped to $179.3 million ($241.3 million), and in Asia sales decreased to $139.2 million ($148.7 million).

 

Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company's net loss lessened to $3.9 million (Q4 FY19: $6.9 million).#

Sales of watches in product categories were down to $423.9 million ($577.5 million), while leathers sales $62.0 million ($77.6 million).

 

Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, reported 26 per cent sales decline to $528 .1 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $711.6 million in the same period prior fiscal. The company's net loss lessened to $3.9 million (Q4 FY19: $6.9 million).#

“For full year 2021, we plan to achieve sales growth of approximately 10 to 15 per cent, and Adjusted EBITDA margin of approximately 4 to 6 per cent,” Kartsotis said.