Mon, Apr 28, 8:26 PM (17 days ago)
**Fossil Group, Inc. (FOSL) 10-K/A Summary** **Company Overview:** Fossil Group, Inc. (FOSL) filed this Amendment No. 1 on Form 10-K/A to include information required by Items 10 through 14 of Part III of Form 10-K, previously omitted. The amendment updates the number of outstanding shares of common stock as of April 22, 2025, and includes new certifications by the principal executive officer and principal financial officer under Section 302 of the Sarbanes-Oxley Act. **Financial Performance:** - **Revenue:** The company achieved net sales of $1.150 billion (using constant currency), which paid out at 50% of target. - **Net Income:** The company reported an adjusted operating income (loss) of $(24) million, which paid out at 102% of target. - **Operating Expenses:** The company achieved TAG Opex Run Rate Savings of $101 million, which paid out at 51.7% of target. - **Earnings Per Share (EPS):** Not explicitly stated, but implied through the performance metrics and payouts. **Strategic Overview:** - **Executive Changes:** Franco Fogliato was appointed as the new Chief Executive Officer and Director effective September 18, 2024. - **Board and Committee Changes:** The Board established a Special Board Committee in July 2023 to oversee the Transformation Office and drive accountability. The Strategic Planning and Finance Committee was formed in July 2024 to review financing, restructuring, and recapitalization alternatives. - **Compensation:** The company revised its executive compensation program to include base salary, annual cash incentive plans, long-term incentive equity grants, and other compensation. The Compensation and Talent Management Committee approved a target of a percentage of annual salary for long-term incentive grants for each NEO. **Future Outlook:** - **Transformation and Growth:** The company is focused on executing its Transform and Group plan (TAG) to drive accountability, timeliness, and results. - **Market Position:** The company aims to align executive interests with stockholders through equity ownership and anti-hedging policies. **Risk Factors:** - **Executive Compensation:** The company evaluated the risk profile of its compensation programs and determined that it does not have particular risks. The compensation program includes multiple performance metrics, extended vesting periods, and a mix of corporate and specific business unit measures. - **Market Conditions:** The company faces challenges in the retail and consumer products sectors, requiring strategic planning and financial oversight. **Financial Condition:** - **Liquidity and Capital Resources:** The company has engaged in various financing and restructuring activities to manage its liquidity and capital resources. - **Stock Ownership:** The company has adopted stock ownership guidelines for directors and executives to align their interests with stockholders. **Market Position Changes:** - **Competitive Landscape:** The company operates in a competitive market with significant players in the consumer products and retail sectors. The company's strategic initiatives aim to enhance its market position and drive growth. **Conclusion:** Fossil Group, Inc. is focused on strategic planning, executive compensation alignment, and financial oversight to drive growth and manage risks. The company's initiatives aim to enhance its market position and align executive interests with stockholders.