Fossil Group Updates 2017 GAAP Guidance - Quick Facts

(RTTNews) - Fossil Group, Inc. (FOSL) announced, for fiscal 2017, the company now expects: net sales to decline in the range of a 6.0% to 1.5%; and per share results between a range of a loss of $0.40 to profit of $0.30, including $0.60 of restructuring charges. For the second quarter of fiscal 2017, the company expects: net sales to decline in the range of 11.5% to 8.0%; and loss per share in a range of $1.00 to $0.83, including $0.15 of restructuring charges.

The company reported a loss for the first quarter of fiscal 2017 of $48.2 million compared to profit of $5.8 million for the first quarter of fiscal 2016. Loss per share were $1.00 compared to profit of $0.12. Loss per share for the first quarter of fiscal 2017 included a restructuring charge of $0.35 per share and a positive impact from changes in foreign currency of $0.11 per share due to non-operating hedging gains.

First quarter net sales decreased 12% (11% on a constant currency basis) as compared to the first quarter of fiscal 2016. The company said the growth in connected watches was more than offset by declines in traditional watches.