Insider Trading Mon 12/2/24

Notable purchases -- CEO adds to FOSL; notable sales -- CRO active in HAS

Buyers

• BH Chairman / Chief Executive Officer bought 2,893 shares of Class B common stock and 457 shares of Class A common stock worth nearly $1.1 mln.
• FOSL Chief Executive Officer bought 250,000 shares at $1.26 - $1.55 worth approximately $359K.
• HRZN President bought 8,000 shares at $9.3149 worth approximately $75K.
• LILA Director bought 105,053 Class A Common Shares at $6.91 - $7.15 worth approximately $746K.
• TDUP Directors (2) bought 74,897 shares of Class A Common Stock combined worth approximately $112K.

Sellers

• HAS EVP & Chief Revenue Officer sold 1,718 shares at $65.065 worth approximately $112K.
• WLK Director sold 1,750 shares at $129.079 worth approximately $226K.

Fossil (FOSL) reported earnings on Wed 6 Nov 19 (a/h)

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Fossil reports Q3 (Sep) results, misses on revs

Reports Q3 (Sep) loss of $0.51 per share, may not be comparable to the two analyst estimate of $0.04; revenues fell 11.4% year/year to $539.5 mln vs the $553.46 mln S&P Capital IQ Consensus.

For Q4, sees net sales down 5-10% and gross margins in the 49-51% range. Projects income before taxes of $45-60 mln.

Fossil (FOSL) reported earnings on Tue 13 Feb 2018 (a/h)

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** 4 months later **

Fossil beats by $0.24, beats on revs; guides Q1 revs below consensus; guides FY18 revs below consensus 
Wearable device revenue almost doubled in 2017 to $300 million

Company posted surprise gain in same-store sales last quarter

• Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $0.40; revenues fell 4.0% year/year to $921 mln vs the $889.56 mln Capital IQ Consensus.
• Co issues downside guidance for Q1, sees Q1 revs down 6-12% to ~$512-547 mln vs. $568.52 mln Capital IQ Consensus Estimate. Gross margin in the range of 50% to 52% Operating expenses as a percent of net sales, including restructuring charges, ranging from 58% to 61% Operating margin in the range of (11)% to (6)% Other income/(expense) of approximately $(2) million based on prevailing currency rates Interest expense of approximately $12 million Income (loss) before income taxes in the range of $(70) million to $(45) million
• Co issues downside guidance for FY18, sees FY18 revs down 6-14% to $2.40-2.62 bln vs. $2.71 bln Capital IQ Consensus Estimate. Gross margin in the range of 51% to 53% Operating expenses as a percent of net sales, including restructuring charges, ranging from 49% to 51% Operating margin in the range of 0% to 4% Other income/(expense) of ~$(10) million based on prevailing currency rates Interest expense of ~$50 million Income (loss) before income taxes in the range of $(60) million to $40 million.
• "In the year ahead, we expect to be a smaller yet more profitable company that is on a solid path for the future," Mr. Kartsotis, continued. "Our priorities are focused on delivering innovative wearable and traditional watch styles while improving performance in the handbag and jewelry categories and driving increases in digital sales. While we continue to expect North America to be challenging given the dynamics of the retail and consumer environment in the region, with our commitment to drive out costs through our New World Fossil initiative and with improved sourcing costs, we expect to deliver more profit to the bottom line. The credit agreement completed last month increases the financial flexibility we have to continue to invest in support of our growth and achieve our ultimate goal of creating greater value for all Fossil stakeholders." 

Fossil (FOSL) reported earnings on Tue 14 Feb 2017 (a/h)

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 ** one moth later **

Fossil beats by $0.11, misses on revs; guides Q1, FY17 EPS and rev well below consensus :

• Reports Q4 (Dec) adj. earnings of $1.32 per share, $0.11 better than the Capital IQ Consensus of $1.21; revenues fell 3.4% year/year to $959.2 mln vs the $981.28 mln Capital IQ Consensus as growth in the SKAGEN and FOSSIL brands was offset by a decline in the Company's multi-brand licensed watch portfolio with declines in traditional watches largely offset by growth in connected watches. Declines in leathers and jewelry and changes in foreign currency also negatively impacted net sales.
• Co issues downside guidance for Q1, sees EPS of ($1.03)-(0.92) vs. $0.11 Capital IQ Consensus Estimate; sees Q1 revs of down 9.5-13% to ~$574-597 mln vs. $659.18 mln Capital IQ Consensus Estimate.
• Co issues downside guidance for FY17, sees EPS of ($0.50)-0.20 vs. $1.91 Capital IQ Consensus Estimate; sees FY17 revs of flat to down 6.5% to ~$2.84-3.04 bln vs. $3.06 bln Capital IQ Consensus Estimate. 
• "Our mission in 2017 is very clear, to build upon the early success of wearables and execute against our New World Fossil initiative. We'll double our efforts in wearables by launching over 300 skus, introducing new brands to the platform and enhancing engineering to enable additional functionality in more stylish and slimmer cases. We'll continue to maximize the power of our owned brands and with an emphasis on innovation, work to stabilize and grow our licensed brands. We will also be relentless in pursuing the full potential of our New World Fossil initiative in 2017 and beyond. Driving efficiencies in everything we do from production to distribution and with our new operating structure in place, we'll have a tremendous opportunity to leverage as we drive growth."
• Peers: MOV

Fossil (FOSL) reported earnings on Tue 10 May 2016 (a/h)

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Fossil misses by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs in-line  :

• Reports Q1 (Mar) earnings of $0.12 per share, $0.02 worse than the Capital IQ Consensus of $0.14; revenues fell 9.0% year/year to $659.8 mln vs the $667.04 mln Capital IQ Consensus.
  • 'While our financial results were in line with our expectations, they were below last year given the persistent headwinds pressuring the traditional watch category and the challenging retail environment, particularly in our wholesale channel. We are disappointed that those headwinds have intensified, which will impact this year's expectations, despite our further expense management'.
  • Global retail comps for the first quarter of fiscal 2016 decreased 3% compared to the first quarter of fiscal 2015. A strong comparable sales increase in Europe was offset by a decline in the Americas and Asia. A comparable sales increase in leathers and jewelry was offset by a decline in watches.
  • During the first quarter of fiscal 2016, gross margin decreased 250 basis points to 52.8%.
• Co issues downside guidance for Q2, sees EPS of 0.00-0.15 vs. $0.58 Capital IQ Consensus Estimate; sees Q2 revs of Down 8-10% y/y(Approx $665-679 mln) vs. $701.75 mln Capital IQ Consensus Estimate.
• Co issues guidance for FY16, sees EPS of $1.80-2.80 vs. $3.03 Capital IQ Consensus Estimate; sees FY16 revs of Down 1.5-5.0% (Approx $3.066-3.17 bln; Prior guidance was a decline of 1.0-3.5%) vs. $3.14 bln Capital IQ Consensus Estimate.

Fossil Group (FOSL) reported earnings Thur 12 Nov 2015 (after close)

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Fossil beats by $0.05, misses on revs; guides Q4 EPS below consensus; acquires wearable tech. co Misfiit :

• Reports Q3 (Sep) earnings of $1.19 per share, $0.05 better than the Capital IQ Consensus of $1.14; revenues fell 13.8% year/year to $771 mln vs the $794.97 mln Capital IQ Consensus.
• Co issues downside guidance for Q4, sees EPS of $1.05-1.65 vs. $2.14 Capital IQ Consensus. Expects revenue to decline 16.0-7.0% y/y; sees Operating Margin in the range of 8.5-11.5%.
• Lowers FY15 EPS GAAP guidance to $4.15-4.75 (Prior $4.80-5.60); Expects revenues to decline 10.5-8.0% (Prior down 8-4%).

To Acquire Wearable Technology

• Co announced that it has entered into a definitive agreement to acquire Misfit, Inc., an innovator in wearable technology and stylish connected devices. The acquisition will enable Fossil Group to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to Fossil Group a scalable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.
• Fossil Group expects the acquisition to close before the end of fiscal 2015, subject to customary closing conditions and regulatory approval. The purchase price of $260 million, including transaction costs, will be funded through a combination of cash on hand and bank debt.

Update: Fossil Group (FOSL) (10/15)

• no buy signals yet

Fossil (FOSL) reports earnings on 2/17/15 a/h

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