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00:02Fossil Group plans to close up to 15 stores in 2026,
00:06as the watch and accessories company continues cutting costs
00:09and strengthening its balance sheet, according to Fox News.
00:13Fossil closed seven stores in the first quarter
00:15and expects to operate about 185 locations worldwide by year-end.
00:20First quarter net sales fell to $224.8 million
00:24from $233.3 million a year earlier.
00:28Its net loss narrowed to about $810,000 from $17.6 million,
00:34while operating income improved to $12 million from a $6.7 million loss.
00:40Fossil closed 49 underperforming stores in fiscal 2025
00:43and reduced its corporate workforce.
00:46The company said those moves helped generate about $100 million
00:49in annual selling, general, and administrative cost savings.
00:54For all things money, visit Benzinga.com.
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