FOSSIL GROUP Reports Q2 Earnings Results for FY2023 Ending June 30 2023
August 11, 2023
🌥️Earnings Overview
On August 9 2023, FOSSIL GROUP ($NASDAQ:FOSL) released their financial results for Q2 of FY2023, ending June 30 2023. The total revenue for the quarter amounted to USD 322.0 million, a 13.3% decrease from the same quarter of the prior year. The net income for the period was USD -26.5 million, compared to the -19.1 million reported in Q2 of FY2022.
Stock Price
On Wednesday, FOSSIL GROUP reported its earnings results for the second quarter of fiscal year 2022 ending June 30, 2023. The stock opened at $2.5 and closed at $2.4, down by 4.0% from the previous day’s closing price of $2.5. This decrease in price was due to the company’s weaker than expected earnings. The company’s operating expenses also increased, largely due to higher spending on marketing and selling expenses.
Overall, FOSSIL GROUP reported weaker than expected results for the second quarter of fiscal year 2022 ending June 30, 2023. Going forward, FOSSIL GROUP will need to focus on controlling expenses and optimizing promotional activities to improve its profitability and stock performance. 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 | -71.37 | -3.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Fossil Group. More…
| Operations | Investing | Financing |
| -81.67 | -8.55 | 52.99 |
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 | 736.5 | 7.04 |
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 |
| -6.0% | -6.8% | -2.3% |
Analysis
At GoodWhale, we’ve conducted a thorough analysis of the financials of FOSSIL GROUP and based on our Risk Rating, we’ve determined that FOSSIL GROUP is a medium risk investment in terms of financial and business aspects. Our analysis uncovered two risk warnings in their income sheet and balance sheet, so be sure to register with us to find out more details about these warnings. We can also provide detailed information about FOSSIL GROUP’s financial performance over time, and we can provide you with tailored insights to help you make the most informed decision. We understand the importance of making the right investment decisions and our team of experts will be there to help you every step of the way. So don’t hesitate to get in touch if you have any questions or concerns. 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 its earnings results for the second quarter of 2023, ending June 30, revealing a decrease in total revenue of 13.3% year-over-year to 322.0 million USD and net income of -26.5 million USD, compared to the -19.1 million reported in the same quarter of the prior year. In response, the stock price moved down the same day. Investors should take note of the decline in revenue and the return to a net loss, signaling potential difficulties ahead for FOSSIL GROUP. It is important to review further financial statements to evaluate underlying profitability trends and assess the company’s ability to remain competitive in its market before investing in FOSSIL GROUP.
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