Tue, Aug. 23, 8:47 AM
- Swiss watch exports fell 14.2% Y/Y in July by Swiss francs and 16% by volume.
- The dismal performance for the Swiss watch sector prompted Jefferies to back its Underweight rating on Fossil (NASDAQ:FOSL) and $25 price target vs. yesterday's $31.41 close.
- Full report from the Federation of the Swiss watch industry (.pdf)
Wed, Aug. 10, 9:58 AM
- Results from Fossil (FOSL +5.3%) and Ralph Lauren (RL +8.2%) that came in ahead of some beat-down expectations are helping to provide a lift to other names in the apparel sector. The rally is focused primarily on higher-end sellers.
- Cost streamlining helped to cut into weak tourism and F/X trends.
- Notable gainers include Hanesbrands (HBI +3.6%), PVH Corp (PVH +1%), Luxottica (LUX +1.9%), Kohl's (KSS +2.3%), VF Corp (VFC +1.2%), Guess (GES +1.2%), G-III Apparel (GIII +1.7%), Gildan Activewear (GIL +0.8%), and Vera Bradley (VRA +1.5%).
Wed, Aug. 10, 9:17 AM| Wed, Aug. 10, 9:17 AM | 4 Comments
Tue, Aug. 9, 4:15 PM
- Fossil (NASDAQ:FOSL) sales in the America fell 11% in Q2 (-10% in constant currency).
- Sales in Europe were down 5%, while sales in Asia fell off 1%.
- The company's watch business saw a 10% drop in revenue which was offset by gains for leathers and jewelry.
- The loss of sales and a higher mix of promotions impacted Fossil's margin rates. Gross margin as a percentage of sales fell 340 bps to 51.9%. Operating margin rate plunged to 2.3%. from 9.5% a year ago.
- Guidance: Fossil sees FQ3 sales falling 6% to 2% and operating margin landing in a range of 2.5% to 4.5%. EPS of $0.15 to $0.40 is anticipated.
- Previously: Fossil beats by $0.03, beats on revenue (Aug. 9)
- FOSL +0.82% AH to $30.61.
Tue, Aug. 9, 4:05 PM
Mon, Aug. 8, 5:35 PM
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Wed, Aug. 3, 9:47 AM
- Kate Spade's (KATE -19.2%) weak results posted earlier this morning have created some broad anxiety across the spectrum of retailers that sell handbags luxury apparel, and accessories.
- The report from Kate Spade threw a bright spotlight on the uphill battle the sector faces in replacing sales from the reduced level of tourists pouring into the U.S.
- Coach (COH -1%), Vera Bradley (VRA -2.5%), Michael Kors (KORS -4%), Movado (MOV -0.3%), and Fossil (FOSL -2.9%) are all notably lower.
- Previously: Weak tourism cuts into results at Kate Spade (Aug. 3)
Fri, Jul. 15, 12:00 PM
Mon, Jun. 20, 12:00 PM
Wed, Jun. 15, 12:00 PM
Thu, Jun. 2, 7:29 AM
- Fossil Group (NASDAQ:FOSL) announced that Eric Anderson has joined its leadership team as Executive Vice President of Portfolio Brands. He will assume oversight and responsibility for Fossil Group’s portfolio of licensed brands which includes Michael Kors, kate spade new york, Armani, Diesel, Tory Burch, Marc Jacobs and others.
- Eric brings over 25 years of brand management experience to Fossil Group, including 18 years in positions of increasing responsibility at Luxottica Group, where he most recently served as President and General Manager of LensCrafters North America.
- Kosta Kartsotis, Chief Executive Officer, commented on the addition. “We are very excited to add Eric to our leadership team and look forward to leveraging his experience managing a portfolio of diverse brands to drive Fossil Group's growth. Specifically, his experience with retail, developing omni-channel strategies and his ability to implement digital initiatives that enhance customer engagement align perfectly with our strategic objectives. We are very glad Eric joined us at Fossil Group and anticipate his contributions will strengthen our leadership position in our core business while also delivering long-term growth.”
- Source: Press Release
Fri, May 13, 9:19 AM
- Fossil (NASDAQ:FOSL) is downgraded to junk status by Standard & Poor’s, which cites the steep decline in earnings over the past five quarters in cutting the retailer's credit rating to BB+ from BBB-.
- S&P says its move also reflects weak operating trends that likely will continue through the most of 2016 because of the difficult retail environment, intensified competitive pressures from wearable technology devices and slowing economic growth in its key markets.
- S&P says FOSL has a stable outlook and expects financials to improve after it debuts its own wearables at the end of the year, although profits could be volatile going forward.
- Now read Fossil crushed after sales and margins shrink
Wed, May 11, 12:49 PM
Wed, May 11, 10:04 AM
- A devastating F/X-ravaged report turned in by Fossil (FOSL -31.3%) and a general sense that U.S. consumer spending on apparel is weak (L Brands, Gap, Macy's) is taking a toll on some high-end retailers.
- Michael Kors (KORS -10.8%), Movado (MOV -7.6%), G-III Apparel (GIII -9.9%), Kate Spade (KATE -2.9%), PVH (PVH -5.6%), Ralph Lauren (RL -5.8%), Coach (COH -3.8%), and Luxottica (LUX -1.9%) are all spinning lower with anxiety over sales trends rising.
- Previously: Fossil crushed after sales and margins shrink (May 10)
- Previously: Specialty retail not looking so special to investors (May 11)
Wed, May 11, 9:12 AM
Tue, May 10, 5:37 PM