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FOSL Fossil

Fossil Group, Inc. is a global design, marketing, distribution and innovation company specializing in lifestyle accessories. Under a diverse portfolio of owned and licensed brands, its offerings includes fashion watches, jewelry, handbags, small leather goods and wearables. Fossil is committed to delivering the best in design and innovation across its owned brands, Fossil, Michele, Misfit, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, BMW, Diesel, DKNY, Emporio Armani, kate spade new york, Michael Kors, PUMA and Tory Burch. Fossil brings each brand story to life through an extensive distribution network across numerous geographies, categories and channels.

Company profile

Ticker
FOSL
Exchange
CEO
Kosta Kartsotis
Employees
Incorporated
Location
Fiscal year end
Movado ...
Former names
FOSSIL INC, FOSSIL INCORPORATED
SEC CIK
IRS number
752018505

FOSL stock data

(
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Calendar

5 Apr 21
13 Apr 21
28 Dec 21
Quarter (USD)
Jan 21 Oct 20 Jul 20 Apr 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jan 21 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Fossil earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 324.25M 324.25M 324.25M 324.25M 324.25M 324.25M
Cash burn (monthly) 2.28M (positive/no burn) (positive/no burn) 13.09M (positive/no burn) (positive/no burn)
Cash used (since last report) 7.68M n/a n/a 44.1M n/a n/a
Cash remaining 316.56M n/a n/a 280.15M n/a n/a
Runway (months of cash) 138.8 n/a n/a 21.4 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Mar 21 Belcher Randy Common Stock Grant Aquire A No No 0 8,249 0 163,968
23 Mar 21 Belcher Randy Common Stock Grant Aquire A No No 0 6,874 0 155,719
23 Mar 21 Belcher Randy Common Stock Grant Aquire A No No 0 8,015 0 148,845
23 Mar 21 Boyer Jeffrey N Common Stock Grant Aquire A No No 0 8,789 0 330,637
23 Mar 21 Boyer Jeffrey N Common Stock Grant Aquire A No No 0 7,324 0 321,848
23 Mar 21 Boyer Jeffrey N Common Stock Grant Aquire A No No 0 8,172 0 314,524
23 Mar 21 Hart Darren E. Common Stock Grant Aquire A No No 0 8,519 0 91,867
23 Mar 21 Hart Darren E. Common Stock Grant Aquire A No No 0 7,099 0 83,348
23 Mar 21 Hart Darren E. Common Stock Grant Aquire A No No 0 8,247 0 76,249
23 Mar 21 Evans Steve Andrew Common Stock Grant Aquire A No No 0 7,534 0 102,590

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

86.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 135 123 +9.8%
Opened positions 25 24 +4.2%
Closed positions 13 18 -27.8%
Increased positions 48 33 +45.5%
Reduced positions 46 46
13F shares
Current Prev Q Change
Total value 666.27M 246.33M +170.5%
Total shares 44.77M 42.91M +4.3%
Total puts 272.7K 149.5K +82.4%
Total calls 458.7K 537.1K -14.6%
Total put/call ratio 0.6 0.3 +113.6%
Largest owners
Shares Value Change
FMR 7.62M $66.08M +2.8%
BLK Blackrock 7.11M $61.69M +3.1%
Contrarius Investment Management 4.26M $36.91M -2.6%
Vanguard 3.16M $27.36M +0.7%
Dimensional Fund Advisors 2.77M $23.99M +1.0%
STT State Street 2.66M $23.08M -16.0%
Charles Schwab Investment Management 1.93M $16.71M -10.8%
Liechtensteinische Landesbank Aktiengesellschaft 1.92M $16.66M NEW
Renaissance Technologies 1.48M $12.82M +14.8%
D. E. Shaw & Co. 1.12M $9.74M +9.8%
Largest transactions
Shares Bought/sold Change
Liechtensteinische Landesbank Aktiengesellschaft 1.92M +1.92M NEW
Jacobs Levy Equity Management 45.84K -637.42K -93.3%
STT State Street 2.66M -507.82K -16.0%
IVZ Invesco 652.48K -412.46K -38.7%
Fuller & Thaler Asset Management 236.54K +236.54K NEW
Charles Schwab Investment Management 1.93M -233.54K -10.8%
Cubist Systematic Strategies 278.43K +219K +368.5%
Atom Investors 253.3K +215.99K +578.8%
BLK Blackrock 7.11M +212.59K +3.1%
FMR 7.62M +204.7K +2.8%

Financial report summary

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Competition
MovadoAppleGuessSwatchFitbit
Risks
  • The COVID-19 pandemic has had, and is expected to continue to have, a material adverse impact on our business, operations, liquidity, financial condition and results of operations.
  • Our supply chain may be disrupted by changes in U.S. trade policy with China or as a result of the COVID-19 pandemic.
  • Our success depends upon our ability to anticipate and respond to changing fashion, functionality and product trends.
  • Our success depends upon our ability to continue to develop innovative products, including new generation wearable technology.
  • We regularly develop new products, features and technology, and new products introduced by us may not achieve consumer acceptance comparable to that of our existing product lines.
  • Our ability to reverse negative sales trends and grow our sales is dependent upon the implementation of our business strategy, which we may not be able to achieve.
  • The loss of any of our license agreements for globally recognized fashion brand names may result in the loss of significant revenues and may adversely affect our business.
  • The loss of our license for Google’s WEAR OS operating system may result in the loss of significant revenues and may adversely affect our business.
  • Our inability to effectively manage our retail store operations could adversely affect our results of operations.
  • New technologies could render our wearable technology obsolete.
  • Certain key components in our products come from limited sources of supply, which exposes us to potential supply shortages that could disrupt the manufacture and sale of our products.
  • Seasonality of our business may adversely affect our net sales and operating income.
  • We have key facilities in the U.S. and overseas, the loss or shut down of any of which could harm our business.
  • Our business could be harmed if we fail to maintain proper inventory levels.
  • Fluctuations in the price, availability and quality of raw materials could cause delays and increase costs.
  • We rely on third-party assembly factories and manufacturers; and problems with, or loss of, our assembly factories or manufacturing sources could harm our business and results of operations.
  • We do not maintain long-term contracts with our customers and are unable to control their purchasing decisions.
  • We face intense competition in the specialty retail and e-commerce industries and the size and resources of some of our competitors are substantially greater than ours, which may allow them to compete more effectively.
  • We face competition from traditional competitors as well as new competitors in the wearable technology category.
  • Any material disruption of our information systems could disrupt our business and reduce our sales.
  • Factors affecting international commerce and our international operations may seriously harm our financial condition.
  • In certain international markets, our products are sold by independent distributors, which may be difficult and costly to replace.
  • Because we depend on foreign manufacturing, we are vulnerable to changes in economic and social conditions in Asia, particularly China, and disruptions in international travel and shipping.
  • The loss of key senior management personnel could negatively affect our business.
  • We face risks associated with increased political uncertainty.
  • We could be negatively impacted if we fail to successfully integrate businesses we may acquire.
  • Our debt agreements subject us to certain covenants, which may restrict our ability to operate our business and to pursue our business strategies. Our failure to comply with the covenants contained in our debt agreements or any agreement under which we have incurred other indebtedness, including as a result of events beyond our control, could result in an event of default which could materially and adversely affect our operating results and our financial condition.
  • The amount of borrowings permitted under our Revolving Facility may fluctuate significantly, which may adversely affect our liquidity, results of operations and financial position.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • Our substantial indebtedness could adversely affect our financial condition and prevent us from fulfilling our obligations.
  • We may not be able to generate sufficient cash flows to meet our debt service obligations and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • We may still be able to incur significantly more debt, including secured debt. This could intensify already-existing risks related to our indebtedness.
  • Repayment of our debt is dependent on cash flow generated by our subsidiaries.
  • Changes in the mix of product sales demand could negatively impact our gross profit margins.
  • U.S. tax legislation enacted in December 2017 and potential changes to tax rates under the new Biden Administration may adversely affect our business, results of operations, financial condition and cash flow.
  • Our restructuring program may not be successful or we may not fully realize the expected cost savings and/or operating efficiencies from our restructuring plans.
  • We have recorded impairment charges in the past and may record impairment charges in the future.
  • Increased competition from online only retailers and a highly promotional retail environment may increase pressure on our margins.
  • Our license agreements may require minimum royalty commitments regardless of the level of product sales under these agreements.
  • Our industry is subject to pricing pressures that may adversely impact our financial performance.
  • An increase in product returns could negatively impact our operating results.
  • Foreign currency fluctuations could adversely impact our financial condition.
  • The European economic uncertainty and any further debt crisis could adversely impact our financial condition.
  • Many factors may cause our net sales, operating results and cash flows to fluctuate and possibly decline, which may result in declines in our stock price.
  • We extend unsecured credit to our customers and are therefore vulnerable to any financial difficulties they may face.
  • A data security or privacy breach could damage our reputation, harm our customer relationships, expose us to litigation or government actions, and result in a material adverse effect to our business, financial condition and results of operations.
  • We are subject to laws and regulations in the U.S. and the many countries in which we operate. Violations of laws and regulations, or changes to existing laws or regulations, could have a material adverse effect on our financial condition or results of operations.
  • Tariffs or other restrictions placed on imports from China and any retaliatory trade measures taken by China could materially harm our revenue and results of operations.
  • The loss of our intellectual property rights may harm our business.
  • Our products may infringe the intellectual property rights of others, which may cause us to incur unexpected costs or prevent us from selling certain of our products.
  • If an independent manufacturer or license partner of ours fails to use acceptable labor practices or otherwise comply with laws or suffers reputation harm, our business could suffer.
  • Our CEO owns approximately 6.3% of our outstanding common stock.
  • Our organizational documents contain anti-takeover provisions that could discourage a proposal for a takeover.
  • Failure to meet our financial guidance or achieve other forward-looking statements we have provided to the public could result in a decline in our stock price.
  • Reports published by securities or industry analysts, including projections in those reports that exceed our actual results, could adversely affect our stock price and trading volume.
  • Future sales of our common stock in the public market could adversely affect our stock price.
  • Any deterioration in the global economic environment, and any resulting declines in consumer confidence and spending, could have an adverse effect on our operating results and financial condition.
  • The effects of economic cycles, terrorism, acts of war and retail industry conditions may adversely affect our business.
  • Reduced lending by banks could have a negative impact on our customers, suppliers and business partners, which in turn could materially and adversely affect our financial condition, results of operations and liquidity.
  • There are inherent limitations in all control systems, and misstatements due to error or fraud may occur and not be detected.
  • Risks associated with foreign government regulations and U.S. trade policy may affect our foreign operations and sourcing.
Management Discussion
  • Consolidated Net Sales.  Net sales decreased $604.4 million or 27.3% (27.6% in constant currency) for fiscal year 2020, as compared to fiscal year 2019. We experienced sales declines in all three geographic segments and major product categories as a result of the challenging retail environment which was further intensified by the COVID-19 pandemic with temporary store closures in our direct to consumer and wholesale channels and reduced traffic as stores re-opened. Comparable retail sales declined in the mid-twenties on a percentage basis on a 53-week calendar during the fiscal year 2020, but were partially offset by strong positive e-commerce comparable retail sales. We have reduced our store footprint by 30 stores since the end of fiscal year 2019 and expect to reduce it further during fiscal year 2021.
Content analysis
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