Fossil Plunges After ‘Unprecedented Disruption’ Rocks the Watch Company
- Sales are projected to decline faster than expected this year
- Watch company’s chief financial officer also is stepping down
A Fossil Misfit Vapor smartwatch at the 2017 Consumer Electronics Show in Las Vegas, Nevada, on Jan. 5, 2017.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Fossil Group Inc. sank the most in 15 months after the wristwatch company gave a bleaker outlook, a sign that a retail slump and Apple Inc.’s incursion into the industry are taking a grim toll.
Fossil now expects sales to decline as much as 8.5 percent this year, compared with a previous range that capped at 6 percent. The company also predicted a deeper loss than it had forecast earlier, hurt by a writedown of its assets.