Fossil Group Updates FY17 Guidance; Announces CFO Transition - Quick Facts

(RTTNews) - Fossil Group, Inc. (FOSL) announced, for fiscal 2017, the company now expects: net sales to decline in the range of a 8.5% to 4.5%; and loss per share in a range of $7.42 to $6.62, including $6.50 of non-cash intangible asset impairment charges and $0.60 of restructuring charges. In May, the company projected its net sales to decline in the range of a 6.0% to 1.5%.

For the third quarter of fiscal 2017, the company expects: net sales to decline in the range of 14.0% to 8.0%; and a loss per share in a range of $0.44 to $0.11, including $0.06 of restructuring charges.

Fossil Group reported an adjusted loss per share of $0.61 excluding non-cash intangible asset impairment charges of $6.50, for the second quarter of fiscal 2017. Net sales decreased 13% (12% on a constant currency basis) as compared to the second quarter of fiscal 2016.

Separately, Fossil Group announced that Jeffrey Boyer, currently a member of the Board, has been appointed Executive Vice President, CFO and Treasurer effective October 16, 2017. Dennis Secor, the company's current Executive Vice President, Chief Financial Officer and Treasurer, has decided to relocate back to California for personal reasons.

Boyer has served as Executive Vice President and Chief Financial Officer for Pier 1 Imports, Inc. since June 2015. Prior to joining Pier I Imports, Boyer served as Executive Vice President, Chief Administrative Officer and Chief Financial Officer for Tuesday Morning Corporation from September 2013 until June 2015.