Company Quick10K Filing
Fossil Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 50 $582
10-Q 2019-11-07 Quarter: 2019-09-28
10-Q 2019-08-08 Quarter: 2019-06-29
10-Q 2019-05-09 Quarter: 2019-03-30
10-K 2019-02-21 Annual: 2018-12-29
10-Q 2018-11-08 Quarter: 2018-09-29
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-02 Annual: 2017-12-30
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-10 Quarter: 2017-07-01
10-Q 2017-05-11 Quarter: 2017-04-01
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-10 Quarter: 2016-10-01
10-Q 2016-08-11 Quarter: 2016-07-02
10-Q 2016-05-12 Quarter: 2016-04-02
10-K 2016-02-29 Annual: 2016-01-02
10-Q 2015-11-12 Quarter: 2015-10-03
10-Q 2015-08-13 Quarter: 2015-07-04
10-Q 2015-05-07 Quarter: 2015-04-04
10-K 2015-02-20 Annual: 2015-01-03
10-Q 2014-11-13 Quarter: 2014-10-04
10-Q 2014-08-13 Quarter: 2014-07-05
10-Q 2014-05-15 Quarter: 2014-04-05
10-K 2014-02-26 Annual: 2013-12-28
10-Q 2013-11-07 Quarter: 2013-09-28
10-Q 2013-08-08 Quarter: 2013-06-29
10-Q 2013-05-09 Quarter: 2013-03-30
10-K 2013-02-27 Annual: 2012-12-29
10-Q 2012-11-08 Quarter: 2012-09-29
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-10 Quarter: 2011-10-01
10-Q 2011-08-11 Quarter: 2011-07-02
10-Q 2011-05-12 Quarter: 2011-04-02
10-K 2011-03-02 Annual: 2011-01-01
10-Q 2010-11-12 Quarter: 2010-10-02
10-Q 2010-08-12 Quarter: 2010-07-03
10-Q 2010-05-13 Quarter: 2010-04-03
10-K 2010-03-03 Annual: 2010-01-02
8-K 2019-12-27 Officers, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-10-15 Officers, Exhibits
8-K 2019-09-26 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-19 Regulation FD, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-05-22 Shareholder Vote, Other Events
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-02-22 Officers
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-09-27 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-05-23 Shareholder Vote, Other Events
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-02-13 Earnings, Exhibits
8-K 2018-01-29 Enter Agreement, Off-BS Arrangement, Exhibits
FOSL 2019-09-28
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fosl-q39282019xex311.htm
EX-31.2 fosl-q39282019xex312.htm
EX-32.1 fosl-q39282019xex321.htm
EX-32.2 fosl-q39282019xex322.htm

Fossil Group Earnings 2019-09-28

FOSL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
TIF 11,951 6,316 3,136 4,385 2,748 561 942 12,202 63% 13.0 9%
CENT 1,564 2,065 1,031 1,842 703 101 214 1,800 38% 8.4 5%
SIG 858 5,966 4,261 6,382 2,335 -172 59 1,269 37% 21.6 -3%
FOSL 582 1,608 1,069 2,362 1,256 35 101 510 53% 5.1 2%
MOV 561 841 337 713 388 66 85 425 54% 5.0 8%
NHTC 87 136 57 131 102 12 12 -24 78% -2.0 9%
EDUC 63 67 40 116 78 6 12 81 67% 6.6 9%
CTHR 43 51 5 32 15 2 3 30 46% 10.9 4%
DGSE 35 25 16 67 11 1 1 34 16% 23.3 4%
BGI 19 134 120 0 0 0 0 65 0%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________________ 
FORM 10-Q 
__________________________________________________________________
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: September 28, 2019
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
 
Commission file number: 000-19848 
__________________________________________________________________ 
logo2a04.gif
FOSSIL GROUP, INC.
(Exact name of registrant as specified in its charter)
 __________________________________________________________________
Delaware
 
75-2018505
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
901 S. Central Expressway,
Richardson,
Texas
 
75080
(Address of principal executive offices)
 
(Zip Code)
(972) 234-2525
(Registrant’s telephone number, including area code) 
__________________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Ticker Symbol
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
FOSL
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
 




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares of the registrant’s common stock outstanding as of October 31, 2019: 50,516,477




FOSSIL GROUP, INC.
FORM 10-Q
FOR THE FISCAL QUARTER ENDED SEPTEMBER 28, 2019
INDEX
 
 
Page
 
 
 
 
 
 
 
 
 





PART I—FINANCIAL INFORMATION

Item 1. Financial Statements
FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
IN THOUSANDS
 
September 28, 2019
 
December 29, 2018
Assets
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
147,482

 
$
403,373

Accounts receivable - net of allowances for doubtful accounts of $12,096 and $14,001, respectively
247,553

 
328,022

Inventories
570,331

 
377,622

Prepaid expenses and other current assets
126,350

 
149,552

Total current assets
1,091,716

 
1,258,569

Property, plant and equipment - net of accumulated depreciation of $468,237 and $453,319, respectively
155,058

 
183,203

Operating lease right-of-use assets
292,064

 

Intangible and other assets-net
101,805

 
133,426

Total long-term assets
548,927

 
316,629

Total assets
$
1,640,643

 
$
1,575,198

Liabilities and Stockholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
192,960

 
$
169,561

Short-term and current portion of long-term debt
21,865

 
126,427

Accrued expenses:
 

 
 

Current operating lease liabilities
68,483

 

Compensation
55,166

 
76,467

Royalties
24,283

 
30,582

Customer liabilities
56,112

 
71,252

Transaction taxes
16,532

 
32,438

Other
64,463

 
70,614

Income taxes payable
29,270

 
28,462

Total current liabilities
529,134

 
605,803

Long-term income taxes payable
32,346

 
28,110

Deferred income tax liabilities
2,517

 
2,439

Long-term debt
242,137

 
269,788

Long-term operating lease liabilities
288,626

 

Other long-term liabilities
36,011

 
80,427

Total long-term liabilities
601,637

 
380,764

Commitments and contingencies (Note 13)


 


Stockholders’ equity:
 

 
 

Common stock, 50,474 and 49,518 shares issued and outstanding at September 28, 2019 and December 29, 2018, respectively
505

 
495

Additional paid-in capital
280,789

 
268,113

Retained earnings
306,670

 
381,626

Accumulated other comprehensive income (loss)
(78,705
)
 
(64,691
)
Total Fossil Group, Inc. stockholders’ equity
509,259

 
585,543

Noncontrolling interests
613

 
3,088

Total stockholders’ equity
509,872

 
588,631

Total liabilities and stockholders’ equity
$
1,640,643

 
$
1,575,198

 
See notes to the unaudited condensed consolidated financial statements.

4



FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
UNAUDITED
IN THOUSANDS, EXCEPT PER SHARE DATA
 
 
For the 13 Weeks Ended September 28, 2019
 
For the 13 Weeks Ended September 29, 2018
 
For the 39 Weeks Ended September 28, 2019
 
For the 39 Weeks Ended September 29, 2018
Net sales
$
539,488

 
$
608,827

 
$
1,506,149

 
$
1,754,566

Cost of sales
260,946

 
282,295

 
714,573

 
831,333

Gross profit
278,542

 
326,532

 
791,576

 
923,233

Operating expenses:
 

 
 

 
 
 
 
Selling, general and administrative expenses
264,103

 
297,804

 
777,896

 
879,694

Trade name impairments
16,613

 

 
16,613

 
6,212

Restructuring charges
6,979

 
6,075

 
24,483

 
41,942

Total operating expenses
287,695

 
303,879

 
818,992

 
927,848

Operating income (loss)
(9,153
)
 
22,653

 
(27,416
)
 
(4,615
)
Interest expense
7,422

 
9,899

 
22,897

 
31,658

Other income (expense) - net
(1,424
)
 
(2,895
)
 
24,995

 
(5,338
)
Income (loss) before income taxes
(17,999
)
 
9,859

 
(25,318
)
 
(41,611
)
Provision for income taxes
6,939

 
3,937

 
17,991

 
7,209

Net income (loss)
(24,938
)
 
5,922

 
(43,309
)
 
(48,820
)
Less: Net income attributable to noncontrolling interests
997

 
916

 
2,179

 
2,247

Net income (loss) attributable to Fossil Group, Inc.
$
(25,935
)
 
$
5,006

 
$
(45,488
)
 
$
(51,067
)
Other comprehensive income (loss), net of taxes:
 

 
 

 
 
 
 
Currency translation adjustment
$
(10,790
)
 
$
(1,380
)
 
$
(13,584
)
 
$
(8,136
)
Cash flow hedges - net change
2,424

 
2,704

 
(430
)
 
15,897

Total other comprehensive income (loss)
(8,366
)
 
1,324

 
(14,014
)
 
7,761

Total comprehensive income (loss)
(33,304
)
 
7,246

 
(57,323
)
 
(41,059
)
Less: Comprehensive income attributable to noncontrolling interests
997

 
916

 
2,179

 
2,247

Comprehensive income (loss) attributable to Fossil Group, Inc.
$
(34,301
)
 
$
6,330

 
$
(59,502
)
 
$
(43,306
)
Earnings (loss) per share:
 

 
 

 
 
 
 
Basic
$
(0.51
)
 
$
0.10

 
$
(0.91
)
 
$
(1.04
)
Diluted
$
(0.51
)
 
$
0.10

 
$
(0.91
)
 
$
(1.04
)
Weighted average common shares outstanding:
 

 
 

 
 
 
 
Basic
50,469

 
49,381

 
50,137

 
49,107

Diluted
50,469

 
50,659

 
50,137

 
49,107

 
See notes to the unaudited condensed consolidated financial statements.

5



FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
UNAUDITED
IN THOUSANDS

For the 13 Weeks Ended September 28, 2019
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income
(loss)
 
Stockholders'
equity
attributable
to Fossil
Group, Inc.
 
Noncontrolling interest
 
Total stockholders' equity
Shares
 
Par
value
Balance, June 29, 2019
50,453

 
$
505

 
$
276,388

 
$

 
$
332,605

 
$
(70,339
)
 
$
539,159

 
$
479

 
$
539,638

Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units
29

 

 

 

 

 

 

 

 

Acquisition of common stock for employee tax withholding

 

 

 
(97
)
 

 

 
(97
)
 

 
(97
)
Retirement of common stock
(8
)
 

 
(97
)
 
97

 

 

 

 

 

Stock-based compensation

 

 
4,267

 

 

 

 
4,267

 

 
4,267

Net income (loss)

 

 

 

 
(25,935
)
 

 
(25,935
)
 
997

 
(24,938
)
Other comprehensive income (loss)

 

 

 

 

 
(8,366
)
 
(8,366
)
 

 
(8,366
)
Purchase of noncontrolling interest shares

 

 
231

 

 

 

 
231

 
(793
)
 
(562
)
Distribution of noncontrolling interest earnings

 

 

 

 

 

 

 
(70
)
 
(70
)
Balance, September 28, 2019
50,474

 
505

 
280,789

 

 
306,670

 
(78,705
)
 
509,259

 
613

 
509,872


For the 13 Weeks Ended September 29, 2018
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income
(loss)
 
Stockholders'
equity
attributable
to Fossil
Group, Inc.
 
Noncontrolling interest
 
Total stockholders' equity
Shares
 
Par
value
Balance, June 30, 2018
49,339

 
$
493

 
$
257,269

 
$

 
$
327,038

 
$
(69,832
)
 
$
514,968

 
$
1,879

 
$
516,847

Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units
76

 
2

 
(1
)
 

 

 

 
1

 

 
1

Acquisition of common stock for employee tax withholding

 

 

 
(568
)
 

 

 
(568
)
 

 
(568
)
Retirement of common stock
(22
)
 
(1
)
 
(567
)
 
568

 

 

 

 

 

Stock-based compensation

 

 
5,987

 

 

 

 
5,987

 

 
5,987

Net income (loss)

 

 

 

 
5,006

 

 
5,006

 
916

 
5,922

Other comprehensive income (loss)

 

 

 

 

 
1,324

 
1,324

 

 
1,324

Distribution of noncontrolling interest earnings

 

 
67

 

 

 

 
67

 
1

 
68

Balance, September 29, 2018
49,393

 
$
494

 
$
262,755

 
$

 
$
332,044

 
$
(68,508
)
 
$
526,785

 
$
2,796

 
$
529,581


For the 39 Weeks Ended September 28, 2019
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income
(loss)
 
Stockholders'
equity
attributable
to Fossil
Group, Inc.
 
Noncontrolling interest
 
Total stockholders' equity
Shares
 
Par
value
Balance, December 29, 2018
49,518

 
$
495

 
$
268,113

 
$

 
$
381,626

 
$
(64,691
)
 
$
585,543

 
$
3,088

 
$
588,631

Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units
1,240

 
13

 
157

 

 

 

 
170

 

 
170

Acquisition of common stock for employee tax withholding

 

 

 
(3,976
)
 

 

 
(3,976
)
 

 
(3,976
)
Retirement of common stock
(284
)
 
(3
)
 
(3,973
)
 
3,976

 

 

 

 

 

Stock-based compensation

 

 
16,261

 

 

 

 
16,261

 

 
16,261

Net income (loss)

 

 

 

 
(45,488
)
 

 
(45,488
)
 
2,179

 
(43,309
)
Other comprehensive income (loss)

 

 

 

 

 
(14,014
)
 
(14,014
)
 


 
(14,014
)
Purchase of noncontrolling interest shares

 

 
231

 

 

 

 
231

 
(793
)
 
(562
)
Distribution of noncontrolling interest earnings

 

 

 

 

 

 

 
(3,861
)
 
(3,861
)
Adoption of Accounting Standards Update ("ASU") 2016-02

 

 

 

 
(29,468
)
 

 
(29,468
)
 

 
(29,468
)
Balance, September 28, 2019
50,474

 
505

 
280,789

 

 
306,670

 
(78,705
)
 
509,259

 
613

 
509,872



6



For the 39 Weeks Ended September 29, 2018
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income
(loss)
 
Stockholders'
equity
attributable
to Fossil
Group, Inc.
 
Noncontrolling interest
 
Total stockholders' equity
Shares
 
Par
value
Balance, December 30, 2017
48,643

 
$
486

 
$
242,263

 
$

 
$
409,653

 
$
(76,269
)
 
$
576,133

 
$
4,814

 
$
580,947

Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units
911

 
10

 
176

 

 

 

 
186

 

 
186

Acquisition of common stock for employee tax withholding

 

 

 
(2,493
)
 

 

 
(2,493
)
 

 
(2,493
)
Retirement of common stock
(161
)
 
(2
)
 
(2,491
)
 
2,493

 

 

 

 

 

Stock-based compensation

 

 
22,698

 

 

 

 
22,698

 

 
22,698

Net income (loss)

 

 

 

 
(51,067
)
 

 
(51,067
)
 
2,247

 
(48,820
)
Other comprehensive income (loss)

 

 

 

 

 
7,761

 
7,761

 

 
7,761

Distribution of noncontrolling interest earnings and other

 

 
109

 

 

 

 
109

 
(4,265
)
 
(4,156
)
Adoption of ASU 2014-09

 

 

 

 
(26,542
)
 

 
(26,542
)
 

 
(26,542
)
Balance, September 29, 2018
49,393

 
$
494

 
$
262,755

 
$

 
$
332,044

 
$
(68,508
)
 
$
526,785

 
$
2,796

 
$
529,581


See notes to the unaudited condensed consolidated financial statements.


7



FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
IN THOUSANDS