Fossil reports Q4 adjusted EPS (30c) vs. (14c) last year

Reports Q4 revenue $431.3M vs. $499.1M last year. “During 2023, we made solid progress under our Transform and Grow Plan, enabling us to exit the smartwatch category, close underperforming retail stores, manage down inventories, and capture $125 million of annualized cost savings, ” said Jeffrey Boyer, Interim CEO. “We entered 2024 with a leaner cost structure, healthier inventory levels and sufficient liquidity. Importantly, we remain on track with our TAG Plan and expect to achieve our previously announced target of $300M of annualized operating income benefits by the end of 2025. Additionally, we are taking deliberate actions to improve our financial performance, strengthen our balance sheet, and conduct a strategic review of our current business model and capital structure with the goal of maximizing shareholder value.”