Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, posted 48 per cent sales decline to $259.0 million in its second quarter (Q2) FY20 ended on July 4, 2020 compared to sales of $501.4 million in the same period prior year. Net loss attributable to Fossil Group was $22.5 million (Q2 FY19: $7.3 million).
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, posted 48 per cent sales decline to $259.0 million in its second quarter (Q2) FY20 ended on July 4, 2020 compared to sales of $501.4 million in the same period prior year. Net loss attributable to Fossil Group was $22.5 million (Q2 FY19: $7.3 million).#
“Our second quarter results were impacted by broad-based global store closures due to Covid-19 throughout much of the quarter,” Kosta Kartsotis, chairman and CEO, said in a press release. “In navigating this challenging environment, we have taken aggressive actions to increase liquidity and reduce costs, and further engaged with our consumers through digital initiatives and product innovation.”
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, posted 48 per cent sales decline to $259.0 million in its second quarter (Q2) FY20 ended on July 4, 2020 compared to sales of $501.4 million in the same period prior year. Net loss attributable to Fossil Group was $22.5 million (Q2 FY19: $7.3 million).#
Gross profit for the quarter came down to $140.6 million ($265.1 million). Selling, general and administrative expenses decreased to $166.9 million ($256.1 million). Company’s operating loss was $36.8 million compared to operating income of $1.7 million.
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, posted 48 per cent sales decline to $259.0 million in its second quarter (Q2) FY20 ended on July 4, 2020 compared to sales of $501.4 million in the same period prior year. Net loss attributable to Fossil Group was $22.5 million (Q2 FY19: $7.3 million).#
Sales of all the product categories were down: watches $209.5 million ($413.3 million), leathers $26.6 million ($52.6 million), and jewellery $15.2 million ($20.8 million).
Fossil Group, a global design, marketing and innovation company specialising in lifestyle accessories, posted 48 per cent sales decline to $259.0 million in its second quarter (Q2) FY20 ended on July 4, 2020 compared to sales of $501.4 million in the same period prior year. Net loss attributable to Fossil Group was $22.5 million (Q2 FY19: $7.3 million).#
Sales in Americas dropped to $105.8 million ($223.1 million). In Europe sales plunged to $79.5 million ($147.1 million). While, in Asia sales decreased to $69.2 million ($126.3 million).
Fibre2Fashion News Desk (JL)
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