Key Developments: Fossil Group Inc (FOSL.O)
Latest Key Developments (Source: Significant Developments)
Fossil Inc announced that its Board of Directors has approved a new stock repurchase program. Under the new program, the Company is authorized to repurchase up to $1.0 billion of its outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. The authorization expires on December 31, 2016 and repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time. Full Article
Fossil Inc announced the appointment of Dennis R. Secor as Executive Vice President, Chief Financial Officer and Treasurer effective December 10, 2012. Mr. Secor will report directly to Kosta N. Kartsotis, Chief Executive Officer. Full Article
Fossil Inc Lowers Q4 2012 Revenue Guidance; Issues Q4 2012 EPS Guidance; Raises FY 2012 EPS Guidance
Fossil Inc announced that for the fourth quarter of 2012, it expects reported net sales to increase approximately 12%, with constant dollar net sales increasing 13%. The Company's current outlook for fourth quarter sales growth represents an approximate 400 basis point decrease to its previous guidance, primarily related to its European wholesale business. Guidance on an as adjusted basis excludes non-recurring costs associated with the acquisition of Skagen as well as certain tax benefits expected in the fourth quarter of fiscal 2012. The Company currently expects fourth quarter 2012 reported diluted GAAP EPS in a range of $2.41 to $2.44, with diluted EPS, as adjusted, in a range of $2.26 to $2.29. As a result of the better than expected third quarter EPS performance the Company is raising fiscal 2012 earnings estimates. The Company expects fiscal 2012 reported diluted GAAP EPS in a range of $5.53 to $5.56, with diluted EPS, as adjusted, in a range of $5.42 to $5.45. The Company's forward guidance is based upon the current prevailing rate of the U.S. dollar compared to other foreign currencies for countries in which it operates. Full Article
Fossil Inc announced that Michael L. Kovar will retire as Chief Financial Officer (CFO) in March 2013. Mr. Kovar joined the Company in March 2000 and was promoted to Chief Financial Officer in October 2000. The Company is commencing a search for his successor. Full Article
May 13 - Fashion accessory maker and retailer Fossil Group Inc reported an 8 percent fall in quarterly profit, as operating costs shot up.