Key Takeaways

Fossil Group ( FOSL ) shares soared nearly 35% Thursday, a day after the watch and handbag retailer announced a turnaround plan that includes layoffs and store closures.

After the bell Wednesday, Fossil said it expects to save about $100 million in 2025 as it cuts an unspecified number of jobs, closes roughly 50 retail stores, and transitions "select international markets to a distributor model."

Fossil reported a 19% year-over-year drop in fourth-quarter sales to $342.3 million, but it also swung to an adjusted profit of $0.39 per share from an adjusted loss of $0.30 per share.

Following the turnaround plan, Fossil said it expects to generate more than $800 million in net sales in 2027, along with mid-single-digit adjusted operating income margin and positive free cash flow . Fossil, which reported $1.15 billion in net sales for 2024, said it expects a decline "in the range of mid to high teens" this year.

Fossil Names New CFO

Separately Wednesday, Fossil named Randy Greben as CFO . Greben, who most recently served in the same role with mattress maker Casper, will start at Fossil next Monday. The company hired a new CEO , Franco Fogliato, last September.

Shares of Fossil Group jumped 34% Thursday to $1.71, nearly double where they were 12 months ago.

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