BUZZ-Fossil rises on Q4 adjusted profit, turnaround plan

Reuters

03-13

BUZZ-Fossil rises on Q4 adjusted profit, turnaround plan

** Shares of watchmaker Fossil FOSL.O jump nearly 37% to $1.74

** Co reported adjusted profit of 39 cents per share for Q4 on Wednesday, compared with a loss of 30 cents per share for the year-ago period

** Co also announced a turnaround plan, including closure of 50 retail stores, layoffs, and transition to distributor models in certain international markets

** Adj. operating margin expanded 790 bps to 5.9% for the 13 weeks ended December 28

** Co also announced Randy Greben as its next CFO

** FOSL shares down nearly 3% YTD, including session moves; stock rose ~14.4% in 2024

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com;))

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