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Fossil Q2 Loss Widens

Fossil Group Inc. (FOSL) Wednesday reported second-quarter net loss of $22.5 million or $0.44 per share, wider than last year's loss of $7.3 million or $0.15 per share. The company's shares jumped nearly 10% in extended trading session.

Worldwide net sales dropped 48% to $259.0 million from $501.4 million last year. The year-over-year decline primarily reflects COVID-19 related impacts on a global basis, including retail and wholesale closures, throughout much of the quarter.

"Our second quarter results were impacted by broad-based global store closures due to COVID-19 throughout much of the quarter," stated Kosta Kartsotis, Chairman and CEO.

Moving ahead, the company currently anticipates that third quarter worldwide net sales will decline in the range of 35% to 45%.

FOSL closed Wednesday's trading at $4.64, down $0.17 or 3.53% on the Nasdaq. The stock, however, gained $0.46 or 9.91% in the after-hours trading.

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