Fossil Group, a US-based global design, marketing and innovation company specializing in lifestyle accessories, reported a 7% drop in sales to $ 363.0 million over the course of its first quarter (Q1) of fiscal 21 ended April 3, 2021, compared to $ 390.7 million in the previous fiscal year. same previous fiscal period. The company’s net loss for the third quarter was reduced to $ 24.4 million (Q1 FY20: $ 85.6 million).
“We are delighted to start the year with better-than-expected sales performance, which reflects improving consumer demand in the United States, continued momentum in mainland China and the continued strength of our digital channels at home. ‘global scale,’ said Kosta Kartsotis, chairman and CEO of Fossil Group, said in a press release.
Gross profit for the first quarter of fiscal 21 was $ 182.6 million ($ 140.4 million), while selling, general and administrative expenses were $ 187.4 million. dollars ($ 245.7 million). The company’s operating expenses for the three-month period were $ 199.4 million ($ 274.7 million).
Fossil Group’s watch category sales fell to $ 291.6 million ($ 309.9 million), while leather category sales fell to $ 34.1 million ($ 47.3 million). dollars). However, jewelry sales increased in the first quarter of FY21 to $ 29.9 million ($ 28.4 million).
Sales in the Americas region for the quarter remained flat at $ 152.5 million ($ 152.9 million), while Europe recorded lower sales to $ 109.2 million ($ 128.2 millions of dollars). Additionally, sales from Asia jumped to $ 106.2 million ($ 98.6 million).
“As the Covid pandemic continues to disrupt some markets, we are encouraged by our outlook in large markets like the United States and mainland China, which benefit from the execution of our digital strategy. More generally, we are satisfied with our success in transforming the business model, which has strengthened our digital mix, significantly improved our cost structure and positions us to generate increased growth and profitability over the long term, ”concluded Kartsotis.
Fibre2Fashion Information Office (JL)
Fossil Group, a global design, marketing and innovation company specializing in lifestyle accessories, posted a 7% drop in sales to $ 363.0 million in its first quarter (Q1) for fiscal year 21 ended April 3, 2021, compared to $ 390.7 million in the same prior fiscal period. The company’s net loss for the third quarter was reduced to $ 24.4 million (Q1 FY20: $ 85.6 million).