Core Points - Fossil Group, Inc. announced the granting of equity awards as a material inducement for the employment of newly-hired executives [1] - The appointed executives include Chief Digital Information Officer Antonio Carriero, Chief Commercial Officer Joe Martin, and Chief Financial Officer Randy Greben [2] - The equity awards consist of time-based restricted stock units (RSUs) with specific quantities for each executive [2][3] - The RSUs will vest over three years, contingent on the executives' continuous employment [3] - The awards were approved by the Company's Compensation and Talent Management Committee and granted outside the Company's equity incentive plan [4] Company Overview - Fossil Group, Inc. specializes in design, marketing, distribution, and innovation of lifestyle accessories [5] - The company offers a diverse portfolio of owned and licensed brands, including watches, jewelry, handbags, and more [5] - Fossil Group is committed to delivering high-quality design and innovation across its brands through an extensive distribution network [5]

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Core Viewpoint - Fossil Group, Inc. reported a mixed performance in its fourth-quarter earnings, with a narrower net loss compared to the previous year, but significant declines in net sales driven by weak consumer demand and strategic exits from certain product categories [2][3][15]. Financial Performance - The company incurred a fourth-quarter net loss of $0.14 per share, an improvement from a loss of $0.54 per share in the prior year [2]. - Net sales totaled $342.3 million, an 18.8% decline from $421.3 million in the prior-year period [3]. - For the full year 2024, net sales were $1.1 billion, down 18.9% from $1.4 billion in 2023 [15]. Gross Margin and Operating Income - Despite the sales decline, gross margin expanded by 630 basis points year over year to 53.9% [4]. - The company reported an operating loss of $16.3 million, improved from a $24 million loss in the prior-year quarter [5]. Regional and Segment Performance - Sales declined by 21% in Europe, 18% in the Americas, and 13% in Asia on a constant currency basis [6]. - Direct-to-consumer sales fell 27%, driven by a 20% drop in comparable retail sales [6]. Product Category Performance - Traditional watch sales declined 10% in constant currency, while leather goods and jewelry sales dropped 37% and 19%, respectively [7]. Cost Management and Efficiency - Operating expenses decreased 10.5% year over year to $200.9 million, with SG&A expenses falling 17% to $172.1 million [8]. - The company aims to achieve $100 million in SG&A savings through various restructuring initiatives [17]. Turnaround Strategy - CEO Franco Fogliato outlined a three-pronged turnaround strategy focusing on core business refocusing, cost reduction, and balance sheet strengthening [10]. - The plan includes closing approximately 50 retail stores in 2025 and transitioning select international markets to a distributor model [11]. Leadership Changes - Fossil announced the hiring of Randy Greben as CFO, effective March 17, 2025, as part of its efforts to return to profitable growth [12]. Future Outlook - The company provided a cautious outlook for fiscal 2025, expecting net sales to decline in the mid-to-high teens and anticipating a $45 million revenue impact from store closures [16].

Use these links to rapidly review the document TABLE OF CONTENTS PART IV Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K For the Fiscal Year Ended December 28, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41040 FOSSIL GROUP, INC. (Exact name of registrant as specified in its charter) | Delaware | | 75-2018505 | | --- | --- | --- | | (State or ...

Exhibit 99.1 FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS Outlines Turnaround Plan and Long-Term Financial Targets Provides 2025 Financial Guidance Richardson, TX, March 12, 2025 (GLOBE NEWSWIRE) - Fossil Group, Inc. (NASDAQ: FOSL) today announced financial results for the fourth quarter and fiscal year ended December 28, 2024. In a separate press release today, the Company also announced the appointment of Randy Greben as Chief Financial Officer, effective March 17, 2025. Fourth Qua ...

Core Insights - Fossil Group, Inc. reported better-than-expected fourth quarter results, achieving an adjusted operating profit of $20 million, indicating that business performance improvement initiatives are gaining traction [4] - The company has introduced a comprehensive turnaround plan focusing on refocusing on core initiatives, rightsizing the cost structure, and strengthening the balance sheet [5] - For 2025, the company expects to achieve SG&A savings of approximately $100 million compared to 2024, alongside a strategic review of its business model and capital structure [5][6] Financial Performance - Fourth quarter worldwide net sales were $342 million, down 19% on a reported basis and 18% in constant currency, with declines across all regions and channels [6][10] - The fourth quarter gross margin expanded by 630 basis points to 53.9%, primarily due to improved product margins and the exit from the smartwatch category [6][10] - Fourth quarter SG&A expenses were $172.1 million, down 17% compared to the same quarter in 2023, reflecting efficiencies from the TAG Plan [6][10] - The company reported a fourth quarter operating loss of $16.3 million, with an adjusted operating income of $20.1 million, translating to an adjusted operating margin of 5.9% [6][10] Long-Term Financial Targets - For the full year 2027, the company aims for worldwide net sales exceeding $800 million and an adjusted operating income margin in the mid-single-digit range [9][18] - The company anticipates a continued decline in worldwide net sales in the mid to high teens for 2025, with an adjusted operating income margin expected to be in the negative low single digits [18] Balance Sheet and Liquidity - As of December 28, 2024, the company had total liquidity of $177 million, including cash and cash equivalents of $124 million [6][14] - Year-end inventory was $178.6 million, representing a decrease of 29.4% compared to the previous year [6][14] Strategic Initiatives - The turnaround plan includes launching a new FOSSIL brand platform, optimizing the global wholesale footprint, and closing approximately 50 retail stores [5] - The company is concluding its TAG Plan, which generated annualized operating income benefits of $280 million over two years [5]

RICHARDSON, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Fossil Group, Inc. (NASDAQ: FOSL) announced today that it will report fourth quarter and full year 2024 financial results after market close on Wednesday, March 12, 2025, followed by a conference call to discuss the results at 5:00 p.m. ET the same day. The call can be accessed live on the Company’s investor relations website at www.fossilgroup.com/investors and will also be archived for replay. About Fossil Group, Inc. Fossil Group, Inc. is a global desi ...

RICHARDSON, Texas, Feb. 13, 2025 /PRNewswire/ -- Fossil Group, Inc., (NASDAQ: FOSL) ("Fossil" or the "Company") today announced longtime partner Michael Kors has extended their agreement to remain a Fossil Group licensed brand through 2027. As a result of the deal, Fossil Group will continue to deliver best-in-class design and innovation for Michael Kors watches and jewelry across an extensive global distribution network. "Our relationship with Michael Kors remains among our most valued licensed partnership ...

Announces Joe Martin as Chief Commercial Officer and Antonio Carriero as Chief Digital Information Officer and General Manager of EMEA RICHARDSON, Texas, Feb. 6, 2025 /PRNewswire/ -- Fossil Group, Inc. (NASDAQ: FOSL) ("Fossil" or the "Company") today announced the appointment of Joe Martin as Chief Commercial Officer and Antonio Carriero as Chief Digital Information Officer and General Manager EMEA. These appointments underscore Fossil's commitment to driving a successful business turnaround, returning the ...

OXFORD, United Kingdom, Dec. 05, 2024 (GLOBE NEWSWIRE) -- In a world increasingly shaped by the dual crises of climate change and economic instability, the Oxford Department of Economics, in collaboration with EBC Financial Group (EBC), hosted a pivotal session in the "What Economists Really Do?" (WERD) series. The event brought together leading minds from academia and finance to explore actionable strategies for aligning economic systems with environmental sustainability while addressing pressing societal ...