"On behalf of the Board and management team, I want to thank Sunil for his leadership and dedication over the past four years," said Jeffrey N. Boyer, Interim CEO. "We wish him well as he pursues the next chapter in his career." Fossil today said that it is affirming its 2024 outlook, including worldwide net sales of approximately $1.2 billion, adjusted operating margin1 in the range of -3% to -5% and positive free cash flow2, inclusive of tax refunds of approximately $57 million, which were received in the ...

Believe it or not, electric vehicles do outperform their fossil fuel counterparts in some ways. From the perspective of sheer performance, that most obviously manifests as dramatically faster acceleration times. EV stocks to buy also outperform their fossil fuel counterparts in several important ways. I'll explain that in more depth throughout the article but it essentially all boils down to pricing. The average cost of an electric vehicle was greater than $55,000 in April 2024. The average price for a new ...

Group 1: Rivian (RIVN) - Rivian is a leading American EV company with potential for significant growth, currently trading at a discount, making it an attractive investment opportunity [2] - The company is expanding its product line and is focused on the highly anticipated R2 model, alongside building a $5 billion production facility in Georgia to increase production capacity [2] - Rivian has over $10 billion in cash reserves, which provides financial stability and reduces bankruptcy risk, while its revenue has grown over 100% in the past year [9] Group 2: Li Auto (LI) - Li Auto is a prominent Chinese EV manufacturer specializing in SUVs, addressing the common issue of limited range in EVs with its range extenders [4] - The company plans to invest over 6 billion yuan to establish 5,000 charging stations, creating a new revenue stream and enhancing accessibility for consumers [4] - Li Auto reported a remarkable 270% year-over-year growth in revenue, reaching $34.7 billion, and maintains consistent profitability, reducing bankruptcy risk [10] Group 3: General Motors (GM) - General Motors is a major automotive manufacturer that has heavily invested in its EV segment, delivering over 75,000 EVs in 2023 and projecting production of 200,000 to 300,000 EVs in 2024 [6] - The company plans to invest $35 billion in EV development through 2024, positioning itself advantageously against smaller competitors [6] - GM sold approximately 6.2 million cars in 2023, generating nearly $140 billion in revenue, with a profit margin of about 7%, allowing for substantial R&D investment in EVs [11] Group 4: Industry Overview - The EV market is rapidly growing, with around 20% of cars sold in the U.S. being EVs, valued at $50 billion in 2022, and expected to grow at a compound annual growth rate of 15.5% from 2023 to 2032 [8]

Despite these positive developments, Fossil faces notable challenges, as outlined in the report. The company reported significant sales declines in key segments, such as licensed fashion watches and leather products, which make up over 40% of its revenues. The strategic decision to exit unprofitable retail locations and the smartwatch category is expected to hurt revenues by approximately $100 million in 2024. High debt levels and interest expenses also pose financial strains. Fossil shares are currently tr ...

Company Participants Operator Now I'll turn the call over to Christine Greany of The Blueshirt Group to begin. In addition, Fossil assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. During today's call, we will refer to constant currency results. Please note that you can find a reconciliation of actual results to constant currency results and other information regarding non-GAAP fin ...

Exhibit 99.1 • First quarter worldwide net sales decreased to $255 million, down 22% on a reported basis and 21% in constant currency, reflecting five points of impact related to the Company's strategic actions to exit the smartwatch category and optimize its retail store portfolio. • Gross margins expanded 300 basis points to 52.4%, primarily reflecting progress under the Company's Transform and Grow ("TAG") Plan. • Selling, general and administrative ("SG&A") expenses of $152 million were down 20% versus ...

COCONUT CREEK, Fla., April 18, 2024 (GLOBE NEWSWIRE) -- Kanen Wealth Management, LLC, ("KWM") owner of approximately 4% of the Fossil Group, Inc.'s (NASDAQ:FOSL) 7% Senior Notes due 2026 (NASDAQ:FOSLL), issues the following open letter to the Company's Directors: Dear FOSL Directors, Fossil is a $1 bill + co., and a solid brand with ample opportunity, one that enjoys high gross margins in excess of 50%. Judging by the actions of the board and management, there is a lack of urgency in executing its strategic ...

Fossil Group, Inc. (NASDAQ:FOSL) Q4 2023 Results Conference Call March 13, 2024 5:00 PM ET Company Participants Christine Greany - The Blueshirt Group Jeff Boyer - Interim Chief Operating Officer Sunil Doshi - Chief Financial Officer Operator Good afternoon, ladies and gentlemen, and welcome to the Fossil Group Fourth Quarter and Full Year 2023 Earnings Call. At this time, all parties are in a listen-only mode. This conference call is being recorded and may not be reproduced in whole or in part without writ ...

Exhibit 99.1 Richardson, TX, March 13, 2024 (GLOBE NEWSWIRE) - Fossil Group, Inc. (NASDAQ: FOSL) today announced financial results for the fourth quarter and fiscal year ended December 30, 2023. Separately, the Company also announced today that Kosta N. Kartsotis has stepped down as Chief Executive Officer and Jeffrey N. Boyer, Chief Operating Officer, has been appointed Interim CEO, effective immediately. "During 2023, we made solid progress under our Transform and Grow (TAG) Plan, enabling us to exit the ...

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 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 30, 2023 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 re ...