2023-08-09 16:20:58 ET
- Fossil press release ( NASDAQ: FOSL ): Q2 Non-GAAP EPS of -$0.40.
- Revenue of $322M (-13.2% Y/Y).
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Outlook
The Company is updating its guidance for the full year 2023 to reflect results from the second quarter, continued declines in our wholesale channels in the Americas and Europe and a more gradual sales recovery in China than previously estimated.
For fiscal year 2023, the Company now expects worldwide net sales declines of approximately 5% to 10% versus prior guidance of net sales declines of 5% to growth of 1%. The net revenue guidance assumes prevailing currency rates.
The Company now expects adjusted operating margin (1) guidance for the full year to be -2% to -4% of net sales, down from prior guidance of flat to 3%.
The Company now expects restructuring charges of approximately $35 million for the full year 2023 in connection with its expanded Transform and Grow Plan.
For further details see:
Fossil Non-GAAP EPS of -$0.40, revenue of $322M