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Fossil Earnings: FOSL Stock Jumps 5% on Mixed Q1 Results

Fossil (NASDAQ:FOSL) earnings for the fashion company’s fiscal first quarter of 2020 have FOSL stock on the move after markets closed on Wednesday. That comes after reporting adjusted losses per share of $1.69 on revenue of $390.7 million. Wall Street was looking for adjusted losses per share of $1.51 on revenue of $381.3 million.

Fossil Earnings: FOSL Stock Jumps 5% on Mixed Q1 Results

Source: Faiz Zaki / Shutterstock.com

Here’s what else is worth mentioning from the most recent Fossil earnings report.

  • Adjusted per-share losses are 1,611.1% wider compared to the -9 cents from fiscal Q1 2019.
  • Revenue for the quarter comes in 16% lower than the $465.3 million reported in the same period of the year prior.
  • Operating loss of -$134.3 million is 574.9% worse year-over-year from -$19.9 million.
  • The Fossil earnings report also has net loss coming in at -$85.6 million.
  • That’s a 601.6% decline compared to the company’s net loss of -$12.2 million from the same time last year.

Kosta Kartsotis, chairman and CEO of Fossil, said this in the fiscal Q1 earnings report.

“As we continue to navigate the impacts of COVID-19, we are accelerating our focus on driving digital growth and capturing organizational efficiencies, two of our key strategic priorities for 2020. Our investments in digital capabilities, including the recent completion of a new global e-commerce platform, have allowed us to meet significantly increased demand and seamlessly serve our customers.”

Fossil doesn’t include an outlook for fiscal 2020 in its current earnings report. That makes sense with the novel coronavirus, as well as other events, causing problems for the economy. Many other companies are doing the same.

FOSL stock was up 5% after-hours Wednesday. The stock closed out the day up 11.1%.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/06/fossil-earnings-move-fosl-stock-up/.

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