Fossil ticks lower as pandemic to pressure Q1 sales

Fossil

11/03/2021 15:06

** Watch maker's shares  FOSL.O  fall 10% to $16.25 after Q4
results, outlook  
    ** Expects Q1 sales to be hit by COVID-19 pandemic, sales
seen down 12%-17% due to current restrictions, particularly in
Americas and EMEA
    ** Reports smaller Q4 loss of 8 cents/shr vs 14 cents/shr a
year earlier, while sales drop 26% to $528 mln but better than
its expectation due to online and China sales strength
    ** Sees sales growth of ~10%-15% for FY21, adjusted EBITDA
margin growth of ~4%-6%  urn:newsml:reuters.com:*:nGNX2rwZjM
    ** To expand digital business, drive growth in China, India
and streamline operations - CEO Kosta Kartsotis 
    ** Names chief accounting officer Sunil Doshi as CFO
 urn:newsml:reuters.com:*:nGNX6qYSMT
    ** FOSL among the highly shorted stocks chased by retail
traders who drove up the stock 67% in January 
    ** Short interest pct stands at 8.05%, as per Refinitiv data
    ** Stock up ~93% YTD after a 10% rise in 2020

 (Reporting by Sruthi Shankar in Bengaluru)
 ((sruthi.shankar@thomsonreuters.com;))