The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
RICHARDSON, United States — Fossil Group Inc. on Thursday reported third-quarter earnings of $57.5 million.
The Richardson, Texas-based company said it had profit of $1.19 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.
The watch and accessories maker posted revenue of $771.3 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $784.8 million.
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Fossil Group expects full-year earnings to be $4.15 to $4.75 per share.
Fossil Group shares have decreased 54 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased nearly 1 percent. In the final minutes of trading on Thursday, shares hit $50.47, a decline of 55 percent in the last 12 months.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.