Fossil Group announced on Tuesday that it is back in profit and that sales have returned to growth, signaling the first tangible results of the company’s turnaround strategy.
The company’s chief executive said the performance is “ahead of plan,” indicating that the measures taken to revive the business are delivering results earlier than expected.
Fossil, a U.S.-based watchmaker and accessories brand, has been working to reverse a period of declining revenues and earnings. The latest figures suggest the turnaround initiatives are beginning to take effect.
Industry observers note that the watch and fashion accessories sector has faced headwinds from shifting consumer preferences and increased competition, making Fossil’s return to profitability a notable development.
Looking ahead, the executive team expects the positive trend to continue as the company further implements its restructuring and growth plans.
<small>Source: CNBC — read the original story there.</small>