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Fossil Group plans to shut as much as 15 shops this 12 months because the watch and equipment firm continues trimming its international retail footprint beneath a broader turnaround plan targeted on prices, profitability and balance-sheet energy.
Executives for the Richardson, Texas-based firm mentioned on Fossil’s first-quarter earnings name that the corporate shuttered seven shops through the quarter and expects whole closures to succeed in as much as 15 places in 2026. The closures would go away Fossil with about 185 shops globally by the tip of the 12 months, Chief Monetary Officer Randy Greben instructed traders.
The shop cuts come as Fossil works to stabilize its enterprise after years of strain on gross sales. The corporate reported first-quarter web gross sales of $224.8 million, down from $233.3 million a 12 months earlier. Its web loss attributable to Fossil Group narrowed to about $810,000 from $17.6 million within the prior-year quarter, whereas working revenue improved to $12 million from an working lack of $6.7 million.
BELOVED AMERICAN ICE CREAM CHAIN SHUTTERING DOZENS OF STORES NATIONWIDE
The shop cuts come as Fossil works to stabilize its enterprise after years of strain on gross sales. (Gary Hershorn/Getty Pictures)
Fossil had 193 shops worldwide as of April 4, down from 220 a 12 months earlier, based on its newest quarterly submitting. The corporate closed 28 shops and opened one over that interval, leaving it with 92 shops within the Americas, 47 in Europe and 54 in Asia.
The corporate has already made a bigger pullback from brick-and-mortar retail. Fossil mentioned in its annual submitting that it closed 49 underperforming retail shops in fiscal 2025 as a part of a turnaround plan geared toward refocusing the corporate on its core enterprise, rightsizing its price construction and strengthening its steadiness sheet.
Fossil had 193 shops worldwide as of April 4. (Krisztian Bocsi/Bloomberg through Getty Pictures)
Fossil’s turnaround plan additionally included a company workforce discount and the transition of sure smaller worldwide markets to a distributor mannequin. The corporate mentioned these strikes helped it obtain about $100 million in promoting, basic and administrative price financial savings in fiscal 2025 in contrast with fiscal 2024.
| Ticker | Safety | Final | Change | Change % |
|---|---|---|---|---|
| FOSL | FOSSIL GROUP INC. | 4.00 | -0.03 | -0.74% |
The corporate will not be abandoning shops altogether. CEO Franco Fogliato instructed traders that Fossil had “considerably scaled again” its downsizing plan due to improved efficiency in full-price shops. Fossil has additionally mentioned its 2026 technique contains decreasing the tempo of retailer closures whereas specializing in worthwhile progress, operating-model enhancements and shareholder worth.
Fossil’s merchandise are offered in about 132 nations by company-owned gross sales subsidiaries and unbiased distributors. (Roberto Machado Noa/LightRocket through Getty Pictures)
Nonetheless, Fossil has acknowledged dangers tied to bodily retail. In its annual submitting, the corporate mentioned site visitors to its shops relies upon closely on the success of the shops and retail facilities the place they’re positioned. Fossil warned that declining mall site visitors, anchor-store closures or the closure of a major variety of malls the place it operates may weigh on its outcomes.
Fossil’s merchandise are offered in about 132 nations by company-owned gross sales subsidiaries and unbiased distributors. As of Jan. 3, the corporate operated 88 retail shops and 111 outlet shops, primarily beneath the Fossil model.
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FOX Enterprise reached out to Fossil Group for remark.
