Fossil Group, Inc. Updates Guidance for the Full Year 2023
November 08, 2023 at 04:15 pm EST
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Fossil Group, Inc. is updating its guidance for the full year 2023 to reflect results from the third quarter, as well as ongoing declines in the wholesale channel in the Americas and Europe, a more gradual than expected recovery of sales trends in China and current trends in retail stores. For full year 2023, the Company expects worldwide net sales declines of approximately 14% to 17% versus prior guidance of negative 5% to negative 10%. The expected year-over-year decline reflects an estimated fourth quarter net sales decline of 8% to 19% and assumes prevailing currency rates which are projected to positively impact sales by 70 basis points.
Fossil Group, Inc. is a design, marketing and distribution company that specializes in consumer fashion accessories. The Companyâs principal offerings include a line of men's and women's fashion traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. Its segments include Americas, Europe and Asia. The Americas is comprised of sales from its operations in the United States, Canada and Latin America. Europe segment is comprised of sales to customers based in European countries, the Middle East and Africa. Asia segment is comprised of sales to customers based in Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. The Company's owned brands include FOSSIL, SKAGEN, MICHELE, RELIC and ZODIAC and licensed brands ARMANI EXCHANGE, DIESEL, DKNY, EMPORIO ARMANI, KATE SPADE NEW YORK, MICHAEL KORS, and TORY BURCH. Its products are distributed through wholesale, retail stores, commercial Website, and others.
FOSSIL GROUP, INC. 
