Fossil Group swings to Q3 profit, stock jumps 32%
Fossil Group Inc. swung to a profit in the third quarter, due in part to lower expenses, as the company saw momentum from its e-commerce channels and growth in mainland China, even though the coronavirus…
From the Equity Insider archive. This article dates from Nov 11, 2020 and is preserved as first published.
Fossil Group Inc. swung to a profit in the third quarter, due in part to lower expenses, as the company saw momentum from its e-commerce channels and growth in mainland China, even though the coronavirus pandemic continues to dent brick-and-mortar sales.
Fossil, which also sells handbags, leather goods and eyewear, said profit was $16 million, or 31 cents a share, compared with a loss of $25.9 million, or 51 cents a share, for the comparable period a year earlier.
Fossil, which also sells handbags, leather goods and eyewear, said profit was $16 million, or 31 cents a share, compared with a loss of $25.
Net sales declined to $435.5 million from $539.5 million a year ago.
The company reduced total operating expenses by 26% from the same quarter last year.
