Brief: Fossil Group Inc - Reports That 2022 Worldwide Net Sales Are Expected To Be Approximately $1.7 Billion

Fossil

15/02/2023 23:18

Feb 15 (Reuters) - Fossil Group Inc  FOSL.O :
    * FOSSIL GROUP INC - REPORTS THAT 2022 WORLDWIDE NET SALES
ARE
EXPECTED TO BE APPROXIMATELY $1.7 BILLION
    * FOSSIL GROUP INC - IMPLEMENTING A RESTRUCTURING AND GROWTH
INITIATIVE, “TRANSFORM AND GROW”
    * FOSSIL GROUP INC - ESTIMATES THAT IT WILL INCUR
APPROXIMATELY
$25 MILLION TO $30 MILLION IN CHARGES IN CONNECTION WITH THE TAG
PLAN DURING FISCAL 2023
    * FOSSIL GROUP INC -  TAG PLAN INCLUDES A REDUCTION OF THE
COMPANY’S CURRENT GLOBAL WORKFORCE IN 2023 BY APPROXIMATELY
EIGHT PERCENT
    * FOSSIL GROUP- TAG PLAN IS EXPECTED TO BE IMPLEMENTED OVER
TWO
YEAR PERIOD
    * FOSSIL GROUP -  TAG PLAN IS INTENDED TO GENERATE ESTIMATED
ANNUALIZED BENEFITS OF AT LEAST $100 MILLION BY THE END OF 2024
    * FOSSIL GROUP-  CHARGES IN Q1 OF FISCAL 2023 CONSIST
PRIMARILY OF
COSTS RELATED TO EMPLOYEE TRANSITION, SEVERANCE PAYMENTS AND
EMPLOYEE BENEFITS
    * FOSSIL GROUP -  FULL YEAR ADJUSTED OPERATING MARGIN IS
EXPECTED
TO BE APPROXIMATELY 0.4% COMPARED TO PREVIOUS GUIDANCE OF 2% TO
3%

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