Fossil Group posted quarterly results on Tuesday that could point to early signs of a turnaround for the legacy watchmaker.
The company, which has struggled to compete with new gadgets in the years since its sales and stock price peaked in the 2010s, has been quietly undertaking a comeback strategy under CEO Franco Fogliato. The company’s fiscal third-quarter earnings indicate the strategy is beginning to bear fruit.
The company said Tuesday that it returned to profitability in the third quarter, posting operating income of $25.3 million, compared to an operating loss of $21.7 million last year. It also returned to sales growth, with net sales up 0.4% to $271.2 million. The company last reported a year-over-year sales increase in the first fiscal quarter of 2022.
“We’re excited about improving dramatically the profitability of the company through a very strong and disciplined management of full-price sales as well as cost…
