Fossil -20% after weak Q2, reduced guidance; CFO Secor quits
AH after reporting a wider than expected Q2 loss
on a 13% Y/Y decline in revenues, and the departure of CFO Dennis Secor.
FOSL says growth in smart watches was more than offset by declines in traditional watches, and Q2 results also were hurt by declines in leathers and jewelry and changes in foreign currency.
FOSL says Q2 gross margin fell 140 bps to 50.5%, citing lower retail margins due to increased promotional activity in outlets and e-commerce, as well as an increased mix toward lower margin connected product.
FOSL issues downside revenue guidance, seeing Q3 net sales falling by 8%-14% and FY 2017 sales down by 4.5%-8.5% from its earlier forecast for a decline of 1.5%-6%.
“We operate in a market and retail environment experiencing unprecedented disruption,” CEO Kosta Kartsotis says
Secor has decided to relocate back to California for personal reasons, the company says; he will be replaced by board member Jeffrey Boyer, who has been CFO for Pier 1 Imports (NYSE:PIR
) since June 2015.
[ 本帖最後由 Raimu 於 2017-8-9 10:16 編輯