FOSSIL GROUP Reports Q2 Earnings Results for FY2023 Ending June 30, 2023
August 29, 2023
🌥️Earnings Overview
On August 9, 2023, FOSSIL GROUP ($NASDAQ:FOSL) reported their financial results for the second quarter of their fiscal year 2023, ending June 30, 2023. Overall revenue for the quarter amounted to USD 322.0 million, a decline of 13.3% compared to Q2 of the previous fiscal year. Net income for the quarter totaled USD -26.5 million, a decrease of -19.1 million from the same quarter in the previous year.
Share Price
On Wednesday, FOSSIL GROUP reported its second quarter fiscal year 2023 earnings results for the period ending June 30, 2023. The company’s stock opened at $2.5 and closed at $2.4, representing a 4.0% drop from the previous closing price of $2.5. Analysts had expected FOSSIL GROUP to report higher-than-average profits for the period, however the company failed to meet the market’s expectations.
Despite the decline in earnings, FOSSIL GROUP reaffirmed its outlook for FY2023, stating it would remain focused on expanding its product portfolio and increasing its customer base. The company also announced plans to invest further in digital technology to better serve its customers and improve operational efficiency. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Fossil Group. More…
| Total Revenues | Net Income | Net Margin |
| 1.58k | -71.36 | -3.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Fossil Group. More…
| Operations | Investing | Financing |
| -28.12 | -9.47 | -11.89 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Fossil Group. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.07k | 736.46 | 6.47 |
Key Ratios Snapshot
Some of the financial key ratios for Fossil Group are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -5.9% | -26.9% | -2.5% |
| FCF Margin | ROE | ROA |
| -2.6% | -7.1% | -2.3% |
Analysis
At GoodWhale, we have conducted an analysis of FOSSIL GROUP‘s financials. Our star chart has revealed that FOSSIL GROUP has an intermediate health score of 6/10 with regards to its cashflows and debt. This suggests that FOSSIL GROUP may be able to safely ride out any crisis without the risk of bankruptcy. Furthermore, we have concluded that FOSSIL GROUP is classified as an ‘elephant’, a type of company that is rich in assets after deducting off liabilities. This may make FOSSIL GROUP particularly attractive to investors who are looking for companies with strong assets and medium profitability such as pension funds or hedge funds. However, investors who are interested in growth or dividend yield will likely find FOSSIL GROUP to be a weaker investment option. More…
Peers
Fossil Group Inc is an American fashion designer and manufacturer founded in 1984. The company designs, markets, and distributes consumer fashion accessories, including watches, handbags, small leather goods, belts, wallets, jewelry, and eyewear. The company’s products are sold through department stores, specialty stores, watch and jewelry stores, company-owned retail stores, and e-commerce sites. Fossil Group’s competitors include Christian Dior SE, Brunello Cucinelli SpA, Ted Baker PLC, and a host of other companies in the luxury goods space.
– Christian Dior SE ($OTCPK:CHDRF)
Dior SE is a French luxury goods company that designs, manufactures, and markets a range of products including fashion, leather goods, jewelry, and fragrances. The company has a market capitalization of 114.24 billion as of 2022 and a return on equity of 73.73%. Dior is one of the leading luxury goods companies in the world and has a strong presence in markets such as Europe, the Americas, and Asia. The company’s products are sold through a network of boutiques and department stores.
– Brunello Cucinelli SpA ($OTCPK:BCUCY)
Brunello Cucinelli SpA is an Italian luxury fashion brand that was founded in 1978. The company designs, manufactures, and sells clothing, handbags, and other accessories. As of 2022, Brunello Cucinelli SpA has a market cap of 4.05 billion and a return on equity of 23.98%. The company’s products are sold in over 50 countries worldwide.
Summary
FOSSIL GROUP reported lower than expected earnings results for their FY2023 Q2, ending June 30th, 2023. Revenue was down 13.3% from the same period last year, and net income was down 19.1 million. This news had an immediate effect on the stock price, causing it to dip the same day. For investors, this news could indicate either a potential short-term opportunity or a sign of further volatility to come.
It is important to watch the company’s performance over time and look for positive trends that may signal growth in the future. Possible indicators to look for include increases in sales and earnings and increases in market share or market value.
Related Posts
Recent Posts
