US fashion firm Fossil Group sales jump 59% in Q2; raises FY21 outlook

Fashion

12 Aug `21

2 min read

Fossil Group, a global design and innovation firm specialising in lifestyle accessories, has reported 59 per cent sales acceleration to $410.9 million in second quarter (Q2) of FY21 ended on July 3, 2021, compared to $259.0 million in the same period of prior fiscal. The company has raised its FY21 outlook and expects sales to rise between 14 to 17 per cent.

Fossil Group, a global design and innovation firm specialising in lifestyle accessories, has reported 59 per cent sales acceleration to $410.9 million in second quarter (Q2) of FY21 ended on July 3, 2021, compared to $259.0 million in the same period of prior fiscal. The company has raised its FY21 outlook and expects sales to rise between 14 to 17 per cent.#

“Our strong second quarter performance reflects solid operational execution across all channels and regions in a challenging consumer environment,” Kosta Kartsotis, chairman and CEO at Fossil Group, said in a press release. “We are encouraged by improving consumer demand in our largest markets and our core category of traditional watches.”

Fossil Group, a global design and innovation firm specialising in lifestyle accessories, has reported 59 per cent sales acceleration to $410.9 million in second quarter (Q2) of FY21 ended on July 3, 2021, compared to $259.0 million in the same period of prior fiscal. The company has raised its FY21 outlook and expects sales to rise between 14 to 17 per cent.#

Digital sales for Q2 surged 10 per cent representing 41 per cent of the total sales. Gross profit improved to $221.8 million ($140.6 million), while operating expenses were $207.5 million ($177.4 million). Net loss during the quarter reduced to $1.2 million ($22.5 million).

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