Fossil Group, Inc. Reports First Quarter 2022 Financial Results

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[{"type":"text","content":"Provides Updated Full Year 2022 Outlook\nRICHARDSON, Texas, May 11, 2022 (GLOBE NEWSWIRE) -- Fossil Group, Inc. (NASDAQ: FOSL) today announced financial results for the first quarter ended April 2, 2022. First Quarter Highlights First quarter worldwide net sales increased to $376 million, up 4% on a reported basis and 6% in constant currency, led by constant currency sales growth of 20% and 6% in the Europe and Americas regions, respectively. Net sales for traditional watches grew 10% in constant currency, with 22% and 20% growth in the Americas and Europe regions, respectively. Operating loss of $14 million compared to $17 million a year ago. Adjusted operating loss of $11 million compared to $5 million last year. During the first quarter of fiscal 2022, the Company invested $10 million in repurchasing 989,000 shares of the Company’s common stock at an average price of $10.11 per share. “We are pleased to deliver strong first quarter revenue performance amidst an increasingly challenging macro environment,” said Kosta Kartsotis, Chairman and CEO. “Results were highlighted by notable strength in the U.S. and Europe, as well as continued momentum in traditional watches and jewelry.” “As the quarter progressed, external headwinds intensified, marked by the onset of the Ukraine crisis, Covid lockdowns in China and global inflationary pressures. While our teams are continuing to execute well amidst the fluid macro environment, we are adopting a more conservative near-term outlook to reflect these transitory factors that are affecting our international business, as well as the impact of a strengthening U.S. dollar. Importantly, we remain confident that our digitally-led, omni-channel model will support long-term growth and profitability, enabling us to build meaningful value for our shareholders in the years ahead.” First Quarter 2022 Operating Results Amounts referred to as “adjusted” as well as “constant currency” are non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to their closest reported GAAP measures are included at the end of this press release. Net sales totaled $375.9 million, an increase of 4% on a reported basis and 6% in constant currency compared to $363.0 million in the first quarter of fiscal 2021. Net sales, in constant currency, grew 20% in Europe and 6% in the Americas while decreas...

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