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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fossil Group Inc | NASDAQ:FOSL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0894 | 9.89% | 0.993 | 0.983 | 1.03 | 1.03 | 0.8677 | 0.90 | 1,083,248 | 00:37:36 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
75-2018505
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
901 S. Central Expressway, Richardson, Texas
|
|
75080
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
o
|
|
Accelerated filer
x
|
|
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
September 29, 2018
|
|
December 30, 2017
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
236,103
|
|
|
$
|
231,244
|
|
Accounts receivable - net of allowances of $28,171 and $88,128, respectively
|
261,678
|
|
|
367,013
|
|
||
Inventories
|
521,311
|
|
|
573,788
|
|
||
Prepaid expenses and other current assets
|
129,410
|
|
|
118,943
|
|
||
Total current assets
|
1,148,502
|
|
|
1,290,988
|
|
||
Property, plant and equipment - net of accumulated depreciation of $453,465 and $431,914, respectively
|
190,644
|
|
|
219,742
|
|
||
Intangible and other assets-net
|
130,385
|
|
|
147,642
|
|
||
Total long-term assets
|
321,029
|
|
|
367,384
|
|
||
Total assets
|
$
|
1,469,531
|
|
|
$
|
1,658,372
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
159,401
|
|
|
$
|
204,981
|
|
Short-term and current portion of long-term debt
|
127,977
|
|
|
2,144
|
|
||
Accrued expenses:
|
|
|
|
|
|
||
Compensation
|
72,653
|
|
|
70,725
|
|
||
Royalties
|
26,921
|
|
|
39,874
|
|
||
Customer liabilities
|
52,111
|
|
|
27,946
|
|
||
Transaction taxes
|
28,489
|
|
|
36,547
|
|
||
Other
|
76,101
|
|
|
109,211
|
|
||
Income taxes payable
|
27,525
|
|
|
17,660
|
|
||
Total current liabilities
|
571,178
|
|
|
509,088
|
|
||
Long-term income taxes payable
|
29,163
|
|
|
47,093
|
|
||
Deferred income tax liabilities
|
2,450
|
|
|
1,096
|
|
||
Long-term debt
|
269,134
|
|
|
443,942
|
|
||
Other long-term liabilities
|
68,025
|
|
|
76,206
|
|
||
Total long-term liabilities
|
368,772
|
|
|
568,337
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, 49,393 and 48,643 shares issued and outstanding at September 29, 2018 and December 30, 2017, respectively
|
494
|
|
|
486
|
|
||
Additional paid-in capital
|
262,755
|
|
|
242,263
|
|
||
Retained earnings
|
332,044
|
|
|
409,653
|
|
||
Accumulated other comprehensive income (loss)
|
(68,508
|
)
|
|
(76,269
|
)
|
||
Total Fossil Group, Inc. stockholders’ equity
|
526,785
|
|
|
576,133
|
|
||
Noncontrolling interests
|
2,796
|
|
|
4,814
|
|
||
Total stockholders’ equity
|
529,581
|
|
|
580,947
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,469,531
|
|
|
$
|
1,658,372
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||
Net sales
|
$
|
608,827
|
|
|
$
|
688,722
|
|
|
$
|
1,754,566
|
|
|
$
|
1,867,358
|
|
Cost of sales
|
282,295
|
|
|
368,829
|
|
|
831,333
|
|
|
956,600
|
|
||||
Gross profit
|
326,532
|
|
|
319,893
|
|
|
923,233
|
|
|
910,758
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative expenses
|
297,804
|
|
|
314,623
|
|
|
879,694
|
|
|
937,330
|
|
||||
Goodwill and trade name impairments
|
—
|
|
|
—
|
|
|
6,212
|
|
|
407,128
|
|
||||
Restructuring charges
|
6,075
|
|
|
5,769
|
|
|
41,942
|
|
|
41,818
|
|
||||
Total operating expenses
|
303,879
|
|
|
320,392
|
|
|
927,848
|
|
|
1,386,276
|
|
||||
Operating income (loss)
|
22,653
|
|
|
(499
|
)
|
|
(4,615
|
)
|
|
(475,518
|
)
|
||||
Interest expense
|
9,899
|
|
|
12,070
|
|
|
31,658
|
|
|
32,096
|
|
||||
Other income (expense) - net
|
(2,895
|
)
|
|
3,860
|
|
|
(5,338
|
)
|
|
11,501
|
|
||||
Income (loss) before income taxes
|
9,859
|
|
|
(8,709
|
)
|
|
(41,611
|
)
|
|
(496,113
|
)
|
||||
Provision for income taxes
|
3,937
|
|
|
(3,230
|
)
|
|
7,209
|
|
|
(100,746
|
)
|
||||
Net income (loss)
|
5,922
|
|
|
(5,479
|
)
|
|
(48,820
|
)
|
|
(395,367
|
)
|
||||
Less: Net income (loss) attributable to noncontrolling interests
|
916
|
|
|
(80
|
)
|
|
2,247
|
|
|
2,931
|
|
||||
Net income (loss) attributable to Fossil Group, Inc.
|
$
|
5,006
|
|
|
$
|
(5,399
|
)
|
|
$
|
(51,067
|
)
|
|
$
|
(398,298
|
)
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
|
|
||||||
Currency translation adjustment
|
$
|
(1,380
|
)
|
|
$
|
5,222
|
|
|
$
|
(8,136
|
)
|
|
$
|
32,078
|
|
Cash flow hedges - net change
|
2,704
|
|
|
(9,771
|
)
|
|
15,897
|
|
|
(21,364
|
)
|
||||
Total other comprehensive income (loss)
|
1,324
|
|
|
(4,549
|
)
|
|
7,761
|
|
|
10,714
|
|
||||
Total comprehensive income (loss)
|
7,246
|
|
|
(10,028
|
)
|
|
(41,059
|
)
|
|
(384,653
|
)
|
||||
Less: Comprehensive income attributable to noncontrolling interests
|
916
|
|
|
(80
|
)
|
|
2,247
|
|
|
2,931
|
|
||||
Comprehensive income (loss) attributable to Fossil Group, Inc.
|
$
|
6,330
|
|
|
$
|
(9,948
|
)
|
|
$
|
(43,306
|
)
|
|
$
|
(387,584
|
)
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.10
|
|
|
$
|
(0.11
|
)
|
|
$
|
(1.04
|
)
|
|
$
|
(8.22
|
)
|
Diluted
|
$
|
0.10
|
|
|
$
|
(0.11
|
)
|
|
$
|
(1.04
|
)
|
|
$
|
(8.22
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
49,381
|
|
|
48,521
|
|
|
49,107
|
|
|
48,439
|
|
||||
Diluted
|
50,659
|
|
|
48,521
|
|
|
49,107
|
|
|
48,439
|
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||
Operating Activities:
|
|
|
|
|
|
||
Net Income (loss)
|
$
|
(48,820
|
)
|
|
$
|
(395,367
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, amortization and accretion
|
47,154
|
|
|
61,526
|
|
||
Stock-based compensation
|
17,240
|
|
|
22,384
|
|
||
Decrease in allowance for returns and markdowns
|
(28,034
|
)
|
|
(6,129
|
)
|
||
Loss on disposal of assets
|
776
|
|
|
1,686
|
|
||
Property, plant and equipment and other long-lived asset impairment losses
|
1,757
|
|
|
2,726
|
|
||
Goodwill and trade name impairment losses
|
6,212
|
|
|
407,128
|
|
||
Non-cash restructuring charges
|
7,410
|
|
|
7,031
|
|
||
Increase in allowance for doubtful accounts
|
4,867
|
|
|
4,161
|
|
||
Loss on extinguishment of debt
|
718
|
|
|
—
|
|
||
Deferred income taxes and other
|
10,809
|
|
|
(111,177
|
)
|
||
Contingent consideration remeasurement
|
(1,257
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities, net of effect of acquisitions:
|
|
|
|
|
|
||
Accounts receivable
|
143,955
|
|
|
85,078
|
|
||
Inventories
|
13,113
|
|
|
(116,002
|
)
|
||
Prepaid expenses and other current assets
|
(2,620
|
)
|
|
(5,620
|
)
|
||
Accounts payable
|
(46,805
|
)
|
|
80,146
|
|
||
Accrued expenses
|
(45,986
|
)
|
|
20,863
|
|
||
Income taxes payable
|
(8,077
|
)
|
|
1,734
|
|
||
Net cash provided by operating activities
|
72,412
|
|
|
60,168
|
|
||
Investing Activities:
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
(10,188
|
)
|
|
(17,239
|
)
|
||
(Increase) decrease in intangible and other assets
|
(488
|
)
|
|
337
|
|
||
Proceeds from the sale of property, plant and equipment
|
182
|
|
|
533
|
|
||
Net cash used in investing activities
|
(10,494
|
)
|
|
(16,369
|
)
|
||
Financing Activities:
|
|
|
|
|
|
||
Proceeds from exercise of stock options
|
186
|
|
|
—
|
|
||
Net settlement of restricted grants, restricted stock units and preferred stock units
|
(2,493
|
)
|
|
(947
|
)
|
||
Distribution of noncontrolling interest earnings
|
(4,224
|
)
|
|
(428
|
)
|
||
Debt borrowings
|
809,524
|
|
|
1,162,074
|
|
||
Debt payments
|
(854,240
|
)
|
|
(1,311,597
|
)
|
||
Payment for shares of Fossil Accessories South Africa Pty. Ltd.
|
(1,678
|
)
|
|
—
|
|
||
Debt issuance costs
|
(7,434
|
)
|
|
(5,579
|
)
|
||
Net cash used in financing activities
|
(60,359
|
)
|
|
(156,477
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
|
4,588
|
|
|
(17,855
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
6,147
|
|
|
(130,533
|
)
|
||
Cash, cash equivalents, and restricted cash:
|
|
|
|
|
|
||
Beginning of period
|
231,655
|
|
|
297,862
|
|
||
End of period
|
$
|
237,802
|
|
|
$
|
167,329
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Fossil Group, Inc.
|
$
|
5,006
|
|
|
$
|
(5,399
|
)
|
|
$
|
(51,067
|
)
|
|
$
|
(398,298
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic EPS computation:
|
|
|
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding
|
49,381
|
|
|
48,521
|
|
|
49,107
|
|
|
48,439
|
|
||||
Basic EPS
|
$
|
0.10
|
|
|
$
|
(0.11
|
)
|
|
$
|
(1.04
|
)
|
|
$
|
(8.22
|
)
|
Diluted EPS computation:
|
|
|
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding
|
49,381
|
|
|
48,521
|
|
|
49,107
|
|
|
48,439
|
|
||||
Effect of stock options, stock appreciation rights, restricted stock units and performance restricted stock units
|
1,278
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted weighted average common shares outstanding
|
50,659
|
|
|
48,521
|
|
|
49,107
|
|
|
48,439
|
|
||||
Diluted EPS
|
$
|
0.10
|
|
|
$
|
(0.11
|
)
|
|
$
|
(1.04
|
)
|
|
$
|
(8.22
|
)
|
|
September 29, 2018
|
|
September 30, 2017
|
|
December 30, 2017
|
||||||
Cash and cash equivalents
|
$
|
236,103
|
|
|
$
|
166,922
|
|
|
$
|
231,244
|
|
Restricted cash included in prepaid expenses and other current assets
|
31
|
|
|
34
|
|
|
34
|
|
|||
Restricted cash included in intangible and other assets-net
|
1,668
|
|
|
373
|
|
|
377
|
|
|||
Cash, cash equivalents and restricted cash
|
$
|
237,802
|
|
|
$
|
167,329
|
|
|
$
|
231,655
|
|
•
|
ASU 2018-03,
Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
|
•
|
ASU 2017-09,
Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting
|
•
|
ASU 2017-01,
Business Combinations (Topic 805): Clarifying the Definition of a Business
|
•
|
ASU 2016-16,
Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory
|
•
|
ASU 2016-15,
Statement of Cash Flows
(Topic 230): Classification of Certain Cash Receipts and Cash Payments
|
•
|
ASU 2016-04,
Liabilities—Extinguishments of Liabilities (Subtopic 405-20)- Recognition of Breakage for Certain Prepaid Stored-Value Products
|
|
September 29, 2018
|
||||||||||
|
As Reported
|
|
Without Adoption of ASU 2014-09
|
|
Impact of Adoption of ASU 2014-09
|
||||||
Assets
|
|
|
|
|
|
||||||
Accounts receivable
|
$
|
261,678
|
|
|
$
|
240,178
|
|
|
$
|
21,500
|
|
Inventories
|
521,311
|
|
|
538,810
|
|
|
(17,499
|
)
|
|||
Prepaid expenses and other current assets
|
129,410
|
|
|
112,332
|
|
|
17,078
|
|
|||
Liabilities
|
|
|
|
|
|
||||||
Customer liabilities
|
$
|
52,111
|
|
|
$
|
14,850
|
|
|
$
|
37,261
|
|
|
For the 13 Weeks Ended September 29, 2018
|
||||||||||
|
As Reported
|
|
Without Adoption of ASU 2014-09
|
|
Impact of Adoption of ASU 2014-09
|
||||||
Net sales
|
$
|
608,827
|
|
|
$
|
614,357
|
|
|
$
|
(5,530
|
)
|
Cost of sales
|
282,295
|
|
|
281,990
|
|
|
305
|
|
|
For the 39 Weeks Ended September 29, 2018
|
||||||||||
|
As Reported
|
|
Without Adoption of ASU 2014-09
|
|
Impact of Adoption of ASU 2014-09
|
||||||
Net sales
|
$
|
1,754,566
|
|
|
$
|
1,750,513
|
|
|
$
|
4,053
|
|
Cost of sales
|
831,333
|
|
|
830,912
|
|
|
421
|
|
|
Retained Earnings
|
||
Balance at December 30, 2017
|
$
|
409,653
|
|
Net income (loss) attributable to Fossil Group, Inc.
|
(51,067
|
)
|
|
Markdowns adjustment, net of taxes
|
(27,325
|
)
|
|
Sales adjustment, net of taxes
|
783
|
|
|
Balance at September 29, 2018
|
$
|
332,044
|
|
|
For the 13 Weeks Ended September 29, 2018
|
||||||||||||||
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
||||||||
Product type
|
|
|
|
|
|
|
|
||||||||
Watches
|
$
|
213,365
|
|
|
$
|
157,877
|
|
|
$
|
115,296
|
|
|
$
|
486,538
|
|
Leathers
|
38,645
|
|
|
15,452
|
|
|
11,939
|
|
|
66,036
|
|
||||
Jewelry
|
11,495
|
|
|
28,495
|
|
|
1,810
|
|
|
41,800
|
|
||||
Other
|
5,559
|
|
|
5,709
|
|
|
3,185
|
|
|
14,453
|
|
||||
Consolidated
|
$
|
269,064
|
|
|
$
|
207,533
|
|
|
$
|
132,230
|
|
|
$
|
608,827
|
|
|
|
|
|
|
|
|
|
||||||||
Timing of revenue recognition
|
|
|
|
|
|
|
|
||||||||
Revenue recognized at a point in time
|
$
|
268,485
|
|
|
$
|
207,247
|
|
|
$
|
132,098
|
|
|
$
|
607,830
|
|
Revenue recognized over time
|
579
|
|
|
286
|
|
|
132
|
|
|
997
|
|
||||
Consolidated
|
$
|
269,064
|
|
|
$
|
207,533
|
|
|
$
|
132,230
|
|
|
$
|
608,827
|
|
|
For the 39 Weeks Ended September 29, 2018
|
||||||||||||||
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
||||||||
Product type
|
|
|
|
|
|
|
|
||||||||
Watches
|
$
|
630,678
|
|
|
$
|
445,433
|
|
|
$
|
321,032
|
|
|
$
|
1,397,143
|
|
Leathers
|
119,732
|
|
|
46,405
|
|
|
37,078
|
|
|
203,215
|
|
||||
Jewelry
|
33,973
|
|
|
78,152
|
|
|
4,584
|
|
|
116,709
|
|
||||
Other
|
13,013
|
|
|
15,698
|
|
|
8,788
|
|
|
37,499
|
|
||||
Consolidated
|
$
|
797,396
|
|
|
$
|
585,688
|
|
|
$
|
371,482
|
|
|
$
|
1,754,566
|
|
|
|
|
|
|
|
|
|
||||||||
Timing of revenue recognition
|
|
|
|
|
|
|
|
||||||||
Revenue recognized at a point in time
|
$
|
795,824
|
|
|
$
|
584,930
|
|
|
$
|
371,126
|
|
|
$
|
1,751,880
|
|
Revenue recognized over time
|
1,572
|
|
|
758
|
|
|
356
|
|
|
2,686
|
|
||||
Consolidated
|
$
|
797,396
|
|
|
$
|
585,688
|
|
|
$
|
371,482
|
|
|
$
|
1,754,566
|
|
|
September 29, 2018
|
|
December 30, 2017
|
||||
Components and parts
|
$
|
32,014
|
|
|
$
|
52,837
|
|
Work-in-process
|
5,924
|
|
|
15,983
|
|
||
Finished goods
|
483,373
|
|
|
504,968
|
|
||
Inventories
|
$
|
521,311
|
|
|
$
|
573,788
|
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||
Beginning balance
|
$
|
19,405
|
|
|
$
|
15,421
|
|
Settlements in cash or kind
|
(11,963
|
)
|
|
(11,608
|
)
|
||
Warranties issued and adjustments to preexisting warranties
(1)
|
13,837
|
|
|
14,984
|
|
||
Ending balance
|
$
|
21,279
|
|
|
$
|
18,797
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||
Income tax (benefit) expense
|
$
|
3,937
|
|
|
$
|
(3,230
|
)
|
|
$
|
7,209
|
|
|
$
|
(100,746
|
)
|
Effective tax rate
|
39.9
|
%
|
|
37.1
|
%
|
|
(17.3
|
)%
|
|
20.3
|
%
|
|
Fossil Group, Inc.
Stockholders’
Equity
|
|
Noncontrolling
Interests
|
|
Total
Stockholders’
Equity
|
||||||
Balance at December 30, 2017
|
$
|
576,133
|
|
|
$
|
4,814
|
|
|
$
|
580,947
|
|
Net income (loss)
|
(51,067
|
)
|
|
2,247
|
|
|
(48,820
|
)
|
|||
Cumulative effect of change in accounting principle, net of tax of $1.1 million (See Note 2—Revenue)
|
(26,542
|
)
|
|
—
|
|
|
(26,542
|
)
|
|||
Currency translation adjustment
|
(8,136
|
)
|
|
—
|
|
|
(8,136
|
)
|
|||
Cash flow hedges - net change
|
15,897
|
|
|
—
|
|
|
15,897
|
|
|||
Distribution of noncontrolling interest earnings and other
|
109
|
|
|
(4,265
|
)
|
|
(4,156
|
)
|
|||
Stock options exercised
|
186
|
|
|
—
|
|
|
186
|
|
|||
Net settlement of restricted grants, restricted stock units, and preferred stock units to satisfy employee tax withholding upon vesting
|
(2,493
|
)
|
|
—
|
|
|
(2,493
|
)
|
|||
Stock-based compensation expense
|
22,698
|
|
|
—
|
|
|
22,698
|
|
|||
Balance at September 29, 2018
|
$
|
526,785
|
|
|
$
|
2,796
|
|
|
$
|
529,581
|
|
|
Fossil Group, Inc.
Stockholders’
Equity
|
|
Noncontrolling
Interests
|
|
Total
Stockholders’
Equity
|
||||||
Balance at December 31, 2016
|
$
|
1,006,236
|
|
|
$
|
9,202
|
|
|
$
|
1,015,438
|
|
Net income (loss)
|
(398,298
|
)
|
|
2,931
|
|
|
(395,367
|
)
|
|||
Currency translation adjustment
|
32,078
|
|
|
—
|
|
|
32,078
|
|
|||
Cash flow hedges - net change
|
(21,364
|
)
|
|
—
|
|
|
(21,364
|
)
|
|||
Distribution of noncontrolling interest earnings
|
—
|
|
|
(428
|
)
|
|
(428
|
)
|
|||
Net settlement of restricted grants, restricted stock units, and preferred stock units to satisfy employee tax withholding upon vesting
|
(947
|
)
|
|
—
|
|
|
(947
|
)
|
|||
Stock-based compensation expense
|
23,588
|
|
|
—
|
|
|
23,588
|
|
|||
Balance at September 30, 2017
|
$
|
641,293
|
|
|
$
|
11,705
|
|
|
$
|
652,998
|
|
Stock Options and Stock Appreciation Rights
|
|
Shares
|
|
Weighted-
Average
Exercise Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|||||
Outstanding at June 30, 2018
|
|
2,003
|
|
|
$
|
50.44
|
|
|
1.8
|
|
$
|
307
|
|
Granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
||
Forfeited or expired
|
|
(57
|
)
|
|
86.66
|
|
|
|
|
|
|||
Outstanding at September 29, 2018
|
|
1,946
|
|
|
49.37
|
|
|
1.7
|
|
212
|
|
||
Exercisable at September 29, 2018
|
|
1,377
|
|
|
$
|
54.25
|
|
|
1.7
|
|
$
|
212
|
|
Cash Stock Appreciation Rights Outstanding
|
|
Cash Stock Appreciation Rights Exercisable
|
||||||||||||
Number of
Shares |
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Term |
|
Number of
Shares |
|
Weighted- Average Exercise Price
|
||||||
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|
|
||||||
61
|
|
|
$
|
36.73
|
|
|
0.5
|
|
38
|
|
|
$
|
36.73
|
|
Stock Options Outstanding
|
|
Stock Options Exercisable
|
||||||||||||||
Range of
Exercise Prices
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Number of
Shares
|
|
Weighted-
Average Exercise Price |
||||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|
|
||||||
$13.65 - $29.49
|
|
22
|
|
|
$
|
14.41
|
|
|
0.4
|
|
22
|
|
|
$
|
14.41
|
|
$36.73 - $70.12
|
|
40
|
|
|
38.40
|
|
|
1.4
|
|
40
|
|
|
38.40
|
|
||
$80.22 - $127.84
|
|
189
|
|
|
108.14
|
|
|
2.8
|
|
189
|
|
|
108.14
|
|
||
$128.29 - $131.46
|
|
6
|
|
|
130.80
|
|
|
3.4
|
|
6
|
|
|
130.80
|
|
||
Total
|
|
257
|
|
|
$
|
89.71
|
|
|
2.4
|
|
257
|
|
|
$
|
89.71
|
|
Stock Appreciation Rights Outstanding
|
|
Stock Appreciation Rights Exercisable
|
||||||||||||||
Range of
Exercise Prices |
|
Number of
Shares |
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Term |
|
Number of
Shares |
|
Weighted-
Average Exercise Price |
||||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|
|
||||||
$13.65 - $29.49
|
|
48
|
|
|
$
|
29.49
|
|
|
5.8
|
|
32
|
|
|
$
|
29.49
|
|
$36.73 - $70.12
|
|
1,419
|
|
|
38.11
|
|
|
1.1
|
|
889
|
|
|
38.26
|
|
||
$80.22 - $127.84
|
|
156
|
|
|
93.85
|
|
|
3.6
|
|
156
|
|
|
93.85
|
|
||
$128.29 - $131.46
|
|
5
|
|
|
128.29
|
|
|
0.8
|
|
5
|
|
|
128.29
|
|
||
Total
|
|
1,628
|
|
|
$
|
43.49
|
|
|
1.5
|
|
1,082
|
|
|
$
|
46.45
|
|
Restricted Stock Units
and Performance Restricted Stock Units
|
|
Number of Shares
|
|
Weighted-Average
Grant Date Fair
Value Per Share
|
|||
|
|
(in Thousands)
|
|
|
|||
Nonvested at June 30, 2018
|
|
3,266
|
|
|
$
|
18.13
|
|
Granted
|
|
20
|
|
|
25.61
|
|
|
Vested
|
|
(76
|
)
|
|
14.07
|
|
|
Forfeited
|
|
(51
|
)
|
|
13.71
|
|
|
Nonvested at September 29, 2018
|
|
3,159
|
|
|
$
|
18.35
|
|
|
For the 13 Weeks Ended September 29, 2018
|
||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
||||||||
|
|
Forward
Contracts
|
|
Pension
Plan
|
|
Total
|
|||||||||
Beginning balance
|
$
|
(71,255
|
)
|
|
$
|
3,095
|
|
|
$
|
(1,672
|
)
|
|
$
|
(69,832
|
)
|
Other comprehensive income (loss) before reclassifications
|
(1,380
|
)
|
|
2,885
|
|
|
—
|
|
|
1,505
|
|
||||
Tax (expense) benefit
|
—
|
|
|
212
|
|
|
—
|
|
|
212
|
|
||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
||||
Tax (expense) benefit
|
—
|
|
|
426
|
|
|
—
|
|
|
426
|
|
||||
Total other comprehensive income (loss)
|
(1,380
|
)
|
|
2,704
|
|
|
—
|
|
|
1,324
|
|
||||
Ending balance
|
$
|
(72,635
|
)
|
|
$
|
5,799
|
|
|
$
|
(1,672
|
)
|
|
$
|
(68,508
|
)
|
|
For the 13 Weeks Ended September 30, 2017
|
||||||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
||||||||||||
|
|
Forward
Contracts
|
|
Interest
Rate Swaps
|
|
Pension
Plan
|
|
Total
|
|||||||||||
Beginning balance
|
$
|
(75,011
|
)
|
|
$
|
(1,284
|
)
|
|
$
|
41
|
|
|
$
|
(3,907
|
)
|
|
$
|
(80,161
|
)
|
Other comprehensive income (loss) before reclassifications
|
5,222
|
|
|
(16,776
|
)
|
|
5
|
|
|
—
|
|
|
(11,549
|
)
|
|||||
Tax (expense) benefit
|
—
|
|
|
2,853
|
|
|
(2
|
)
|
|
—
|
|
|
2,851
|
|
|||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
—
|
|
|
(4,940
|
)
|
|
(25
|
)
|
|
—
|
|
|
(4,965
|
)
|
|||||
Tax (expense) benefit
|
—
|
|
|
807
|
|
|
9
|
|
|
—
|
|
|
816
|
|
|||||
Total other comprehensive income (loss)
|
5,222
|
|
|
(9,790
|
)
|
|
19
|
|
|
—
|
|
|
(4,549
|
)
|
|||||
Ending balance
|
$
|
(69,789
|
)
|
|
$
|
(11,074
|
)
|
|
$
|
60
|
|
|
$
|
(3,907
|
)
|
|
$
|
(84,710
|
)
|
|
For the 39 Weeks Ended September 29, 2018
|
||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|||||||||
|
|
Forward
Contracts
|
|
Pension
Plan
|
|
Total
|
|||||||||
Beginning balance
|
$
|
(64,499
|
)
|
|
$
|
(10,098
|
)
|
|
$
|
(1,672
|
)
|
|
$
|
(76,269
|
)
|
Other comprehensive income (loss) before reclassifications
|
(8,136
|
)
|
|
10,116
|
|
|
—
|
|
|
1,980
|
|
||||
Tax (expense) benefit
|
—
|
|
|
490
|
|
|
—
|
|
|
490
|
|
||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
—
|
|
|
(6,979
|
)
|
|
—
|
|
|
(6,979
|
)
|
||||
Tax (expense) benefit
|
—
|
|
|
1,688
|
|
|
—
|
|
|
1,688
|
|
||||
Total other comprehensive income (loss)
|
(8,136
|
)
|
|
15,897
|
|
|
—
|
|
|
7,761
|
|
||||
Ending balance
|
$
|
(72,635
|
)
|
|
$
|
5,799
|
|
|
$
|
(1,672
|
)
|
|
$
|
(68,508
|
)
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
||||||||||||
|
|
Forward
Contracts
|
|
Interest
Rate Swaps
|
|
Pension
Plan
|
|
Total
|
|||||||||||
Beginning balance
|
$
|
(101,867
|
)
|
|
$
|
10,693
|
|
|
$
|
(343
|
)
|
|
$
|
(3,907
|
)
|
|
$
|
(95,424
|
)
|
Other comprehensive income (loss) before reclassifications
|
32,078
|
|
|
(33,243
|
)
|
|
230
|
|
|
—
|
|
|
(935
|
)
|
|||||
Tax (expense) benefit
|
—
|
|
|
11,512
|
|
|
(84
|
)
|
|
—
|
|
|
11,428
|
|
|||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
—
|
|
|
1,981
|
|
|
(404
|
)
|
|
—
|
|
|
1,577
|
|
|||||
Tax (expense) benefit
|
—
|
|
|
(1,945
|
)
|
|
147
|
|
|
—
|
|
|
(1,798
|
)
|
|||||
Total other comprehensive income (loss)
|
32,078
|
|
|
(21,767
|
)
|
|
403
|
|
|
—
|
|
|
10,714
|
|
|||||
Ending balance
|
$
|
(69,789
|
)
|
|
$
|
(11,074
|
)
|
|
$
|
60
|
|
|
$
|
(3,907
|
)
|
|
$
|
(84,710
|
)
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
||||||||||||
|
Net Sales
|
|
Operating Income (Loss)
|
|
Net Sales
|
|
Operating Income (Loss)
|
||||||||
Americas
|
$
|
269,064
|
|
|
$
|
36,061
|
|
|
$
|
308,102
|
|
|
$
|
18,843
|
|
Europe
|
207,533
|
|
|
34,131
|
|
|
247,184
|
|
|
39,332
|
|
||||
Asia
|
132,230
|
|
|
31,979
|
|
|
133,436
|
|
|
21,999
|
|
||||
Corporate
|
—
|
|
|
(79,518
|
)
|
|
—
|
|
|
(80,673
|
)
|
||||
Consolidated
|
$
|
608,827
|
|
|
$
|
22,653
|
|
|
$
|
688,722
|
|
|
$
|
(499
|
)
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||||||
|
Net Sales
|
|
Operating Income (Loss)
|
|
Net Sales
|
|
Operating Income (Loss)
|
||||||||
Americas
|
$
|
797,396
|
|
|
$
|
103,298
|
|
|
$
|
874,449
|
|
|
$
|
(121,976
|
)
|
Europe
|
585,688
|
|
|
76,490
|
|
|
637,566
|
|
|
(33,859
|
)
|
||||
Asia
|
371,482
|
|
|
65,921
|
|
|
355,343
|
|
|
(2,702
|
)
|
||||
Corporate
|
—
|
|
|
(250,324
|
)
|
|
—
|
|
|
(316,981
|
)
|
||||
Consolidated
|
$
|
1,754,566
|
|
|
$
|
(4,615
|
)
|
|
$
|
1,867,358
|
|
|
$
|
(475,518
|
)
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
||||||||||
|
Net Sales
|
|
Percentage of Total
|
|
Net Sales
|
|
Percentage of Total
|
||||||
Watches
|
$
|
486,538
|
|
|
79.9
|
%
|
|
$
|
551,913
|
|
|
80.1
|
%
|
Leathers
|
66,036
|
|
|
10.8
|
|
|
75,660
|
|
|
11.0
|
|
||
Jewelry
|
41,800
|
|
|
6.9
|
|
|
47,729
|
|
|
6.9
|
|
||
Other
|
14,453
|
|
|
2.4
|
|
|
13,420
|
|
|
2.0
|
|
||
Total
|
$
|
608,827
|
|
|
100.0
|
%
|
|
$
|
688,722
|
|
|
100.0
|
%
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||||
|
Net Sales
|
|
Percentage of Total
|
|
Net Sales
|
|
Percentage of Total
|
||||||
Watches
|
$
|
1,397,143
|
|
|
79.6
|
%
|
|
$
|
1,471,144
|
|
|
78.8
|
%
|
Leathers
|
203,215
|
|
|
11.6
|
|
|
217,946
|
|
|
11.7
|
|
||
Jewelry
|
116,709
|
|
|
6.7
|
|
|
139,900
|
|
|
7.5
|
|
||
Other
|
37,499
|
|
|
2.1
|
|
|
38,368
|
|
|
2.0
|
|
||
Total
|
$
|
1,754,566
|
|
|
100.0
|
%
|
|
$
|
1,867,358
|
|
|
100.0
|
%
|
Functional Currency
|
|
Contract Currency
|
||||||
Type
|
|
Amount
|
|
Type
|
|
Amount
|
||
Euro
|
|
164.8
|
|
|
U.S. dollar
|
|
197.6
|
|
Canadian dollar
|
|
61.3
|
|
|
U.S. dollar
|
|
47.8
|
|
British pound
|
|
25.5
|
|
|
U.S. dollar
|
|
34.0
|
|
Japanese yen
|
|
2,406.2
|
|
|
U.S. dollar
|
|
22.2
|
|
Mexican peso
|
|
343.1
|
|
|
U.S. dollar
|
|
17.5
|
|
Australian dollar
|
|
13.8
|
|
|
U.S. dollar
|
|
10.1
|
|
U.S. dollar
|
|
22.6
|
|
|
Japanese yen
|
|
2,455.0
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
||||
Cash flow hedges:
|
|
|
|
|
|
||
Forward contracts
|
$
|
3,097
|
|
|
$
|
(13,923
|
)
|
Interest rate swaps
|
—
|
|
|
3
|
|
||
Total gain (loss) recognized in other comprehensive income (loss), net of taxes
|
$
|
3,097
|
|
|
$
|
(13,920
|
)
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||
Cash flow hedges:
|
|
|
|
|
|
||
Forward contracts
|
$
|
10,606
|
|
|
$
|
(21,731
|
)
|
Interest rate swaps
|
—
|
|
|
146
|
|
||
Total gain (loss) recognized in other comprehensive income (loss), net of taxes
|
$
|
10,606
|
|
|
$
|
(21,585
|
)
|
Derivative Instruments
|
|
Condensed Consolidated
Statements of Income (Loss)
and Comprehensive
Income (Loss) Location
|
|
Effect of Derivative
Instruments
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
||||
Forward contracts designated as cash flow hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) reclassified from accumulated other comprehensive income (loss)
|
|
$
|
393
|
|
|
$
|
(4,133
|
)
|
Forward contracts not designated as hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) recognized in income
|
|
$
|
(11
|
)
|
|
$
|
(12
|
)
|
Interest rate swap designated as a cash flow hedging instrument
|
|
Interest expense
|
|
Total gain (loss) reclassified from accumulated other comprehensive income (loss)
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
Derivative Instruments
|
|
Condensed Consolidated
Statements of Income (Loss)
and Comprehensive
Income (Loss) Location
|
|
Effect of Derivative
Instruments
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||
Forward contracts designated as cash flow hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) reclassified from other comprehensive income (loss)
|
|
$
|
(5,291
|
)
|
|
$
|
36
|
|
Forward contracts not designated as hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) recognized in income
|
|
$
|
(113
|
)
|
|
$
|
170
|
|
Interest rate swap designated as a cash flow hedging instrument
|
|
Interest expense
|
|
Total gain (loss) reclassified from other comprehensive income (loss)
|
|
$
|
—
|
|
|
$
|
(257
|
)
|
Interest rate swap not designated as a cash flow hedging instrument
|
|
Other income (expense)-net
|
|
Total gain (loss) recognized in income
|
|
$
|
67
|
|
|
$
|
—
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
September 29, 2018
|
|
December 30, 2017
|
|
September 29, 2018
|
|
December 30, 2017
|
||||||||||||||||
Derivative Instruments
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
||||||||
Forward contracts designated as cash flow hedging instruments
|
|
Prepaid expenses and other current assets
|
|
$
|
5,826
|
|
|
Prepaid expenses and other current assets
|
|
$
|
2,291
|
|
|
Accrued expenses- other
|
|
$
|
3,012
|
|
|
Accrued expenses- other
|
|
$
|
14,798
|
|
Forward contracts not designated as cash flow hedging instruments
|
|
Prepaid expenses and other current assets
|
|
1
|
|
|
Prepaid expenses and other current assets
|
|
—
|
|
|
Accrued expenses- other
|
|
—
|
|
|
Accrued expenses- other
|
|
362
|
|
||||
Interest rate swap not designated as a cash flow hedging instrument
|
|
Prepaid expenses and other current assets
|
|
—
|
|
|
Prepaid expenses and other current assets
|
|
195
|
|
|
Accrued expenses- other
|
|
—
|
|
|
Accrued expenses- other
|
|
—
|
|
||||
Forward contracts designated as cash flow hedging instruments
|
|
Intangible and other assets-net
|
|
594
|
|
|
Intangible and other assets-net
|
|
147
|
|
|
Other long-term liabilities
|
|
80
|
|
|
Other long-term liabilities
|
|
2,725
|
|
||||
Total
|
|
|
|
$
|
6,421
|
|
|
|
|
$
|
2,633
|
|
|
|
|
$
|
3,092
|
|
|
|
|
$
|
17,885
|
|
|
Fair Value at September 29, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts
|
$
|
—
|
|
|
$
|
6,421
|
|
|
$
|
—
|
|
|
$
|
6,421
|
|
Deferred compensation plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in publicly traded mutual funds
|
5,068
|
|
|
—
|
|
|
—
|
|
|
5,068
|
|
||||
Total
|
$
|
5,068
|
|
|
$
|
6,421
|
|
|
$
|
—
|
|
|
$
|
11,489
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,309
|
|
|
$
|
4,309
|
|
Forward contracts
|
—
|
|
|
3,092
|
|
|
—
|
|
|
3,092
|
|
||||
Total
|
$
|
—
|
|
|
$
|
3,092
|
|
|
$
|
4,309
|
|
|
$
|
7,401
|
|
|
Fair Value at December 30, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts
|
$
|
—
|
|
|
$
|
2,438
|
|
|
$
|
—
|
|
|
$
|
2,438
|
|
Deferred compensation plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in publicly traded mutual funds
|
4,806
|
|
|
—
|
|
|
—
|
|
|
4,806
|
|
||||
Interest rate swap
|
—
|
|
|
195
|
|
|
—
|
|
|
195
|
|
||||
Total
|
$
|
4,806
|
|
|
$
|
2,633
|
|
|
$
|
—
|
|
|
$
|
7,439
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,452
|
|
|
$
|
6,452
|
|
Forward contracts
|
—
|
|
|
17,885
|
|
|
—
|
|
|
17,885
|
|
||||
Total
|
$
|
—
|
|
|
$
|
17,885
|
|
|
$
|
6,452
|
|
|
$
|
24,337
|
|
|
|
|
|
September 29, 2018
|
|
December 30, 2017
|
||||||||||||
|
|
Useful
|
|
Gross
|
|
Accumulated
|
|
Gross
|
|
Accumulated
|
||||||||
|
|
Lives
|
|
Amount
|
|
Amortization
|
|
Amount
|
|
Amortization
|
||||||||
Intangibles-subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trademarks
|
|
10 yrs.
|
|
$
|
4,310
|
|
|
$
|
3,819
|
|
|
$
|
4,310
|
|
|
$
|
3,676
|
|
Customer lists
|
|
5-10 yrs.
|
|
52,916
|
|
|
36,717
|
|
|
55,164
|
|
|
34,023
|
|
||||
Patents
|
|
3-20 yrs.
|
|
2,325
|
|
|
2,156
|
|
|
2,325
|
|
|
2,132
|
|
||||
Noncompete agreement
|
|
3-6 yrs.
|
|
2,370
|
|
|
2,312
|
|
|
2,553
|
|
|
2,243
|
|
||||
Developed technology
|
|
7 yrs.
|
|
36,100
|
|
|
14,182
|
|
|
36,100
|
|
|
10,314
|
|
||||
Other
|
|
7-20 yrs.
|
|
263
|
|
|
246
|
|
|
266
|
|
|
241
|
|
||||
Total intangibles-subject to amortization
|
|
|
|
98,284
|
|
|
59,432
|
|
|
100,718
|
|
|
52,629
|
|
||||
Intangibles-not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trade names
|
|
|
|
32,430
|
|
|
|
|
|
38,643
|
|
|
|
|
||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Key money deposits
|
|
|
|
25,441
|
|
|
23,412
|
|
|
27,196
|
|
|
23,845
|
|
||||
Other deposits
|
|
|
|
18,296
|
|
|
|
|
|
19,269
|
|
|
|
|
||||
Deferred compensation plan assets
|
|
|
|
5,068
|
|
|
|
|
|
4,806
|
|
|
|
|
||||
Deferred tax asset-net
|
|
|
|
27,331
|
|
|
|
|
|
27,112
|
|
|
|
|
||||
Restricted cash
|
|
|
|
1,668
|
|
|
|
|
|
377
|
|
|
|
|
||||
Shop-in-shop
|
|
|
|
8,384
|
|
|
8,331
|
|
|
8,864
|
|
|
8,606
|
|
||||
Tax receivable
|
|
|
|
478
|
|
|
|
|
478
|
|
|
|
||||||
Forward contracts
|
|
|
|
594
|
|
|
|
|
|
147
|
|
|
|
|
||||
Investments
|
|
|
|
500
|
|
|
|
|
500
|
|
|
|
||||||
Other
|
|
|
|
3,086
|
|
|
|
|
|
4,612
|
|
|
|
|
||||
Total other assets
|
|
|
|
90,846
|
|
|
31,743
|
|
|
93,361
|
|
|
32,451
|
|
||||
Total intangible and other assets
|
|
|
|
$
|
221,560
|
|
|
$
|
91,175
|
|
|
$
|
232,722
|
|
|
$
|
85,080
|
|
Total intangible and other assets-net
|
|
|
|
|
|
|
$
|
130,385
|
|
|
|
|
|
$
|
147,642
|
|
Fiscal Year
|
|
Amortization
Expense
|
||
2018 (remaining)
|
|
$
|
2,930
|
|
2019
|
|
$
|
11,480
|
|
2020
|
|
$
|
10,950
|
|
2021
|
|
$
|
7,118
|
|
2022
|
|
$
|
6,254
|
|
2023
|
|
$
|
66
|
|
|
For the 13 Weeks Ended September 29, 2018
|
||||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
Liabilities
|
||||||||||
|
June 30, 2018
|
|
Charges
|
|
Cash Payments
|
|
Non-cash Items
|
|
September 29, 2018
|
||||||||||
Store closures
|
$
|
5,415
|
|
|
$
|
665
|
|
|
$
|
810
|
|
|
$
|
7
|
|
|
$
|
5,263
|
|
Professional services
|
1,518
|
|
|
4,133
|
|
|
3,650
|
|
|
—
|
|
|
2,001
|
|
|||||
Severance and employee-related benefits
|
2,836
|
|
|
1,277
|
|
|
1,271
|
|
|
—
|
|
|
2,842
|
|
|||||
Total
|
$
|
9,769
|
|
|
$
|
6,075
|
|
|
$
|
5,731
|
|
|
$
|
7
|
|
|
$
|
10,106
|
|
|
For the 13 Weeks Ended September 30, 2017
|
||||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
Liabilities
|
||||||||||
|
July 1, 2017
|
|
Charges
|
|
Cash Payments
|
|
Non-cash Items
|
|
September 30, 2017
|
||||||||||
Store closures
|
$
|
4,893
|
|
|
$
|
2,482
|
|
|
$
|
4,237
|
|
|
$
|
2,320
|
|
|
$
|
818
|
|
Professional services and other
|
116
|
|
|
765
|
|
|
48
|
|
|
291
|
|
|
542
|
|
|||||
Severance and employee-related benefits
|
1,535
|
|
|
2,522
|
|
|
2,467
|
|
|
—
|
|
|
1,590
|
|
|||||
Total
|
$
|
6,544
|
|
|
$
|
5,769
|
|
|
$
|
6,752
|
|
|
$
|
2,611
|
|
|
$
|
2,950
|
|
|
For the 39 Weeks Ended September 29, 2018
|
||||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
Liabilities
|
||||||||||
|
December 30, 2017
|
|
Charges
|
|
Cash Payments
|
|
Non-cash Items
|
|
September 29, 2018
|
||||||||||
Store closures
|
$
|
2,973
|
|
|
$
|
15,655
|
|
|
$
|
11,413
|
|
|
$
|
1,952
|
|
|
$
|
5,263
|
|
Professional services
|
185
|
|
|
9,410
|
|
|
7,594
|
|
|
—
|
|
|
2,001
|
|
|||||
Severance and employee-related benefits
|
1,317
|
|
|
16,877
|
|
|
9,894
|
|
|
5,458
|
|
|
2,842
|
|
|||||
Total
|
$
|
4,475
|
|
|
$
|
41,942
|
|
|
$
|
28,901
|
|
|
$
|
7,410
|
|
|
$
|
10,106
|
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
Liabilities
|
||||||||||
|
December 31, 2016
|
|
Charges
|
|
Cash Payments
|
|
Non-cash Items
|
|
September 30, 2017
|
||||||||||
Store closures
|
$
|
4,546
|
|
|
$
|
8,223
|
|
|
$
|
6,415
|
|
|
$
|
5,536
|
|
|
$
|
818
|
|
Professional services and other
|
794
|
|
|
2,195
|
|
|
2,156
|
|
|
291
|
|
|
542
|
|
|||||
Severance and employee-related benefits
|
—
|
|
|
31,400
|
|
|
28,606
|
|
|
1,204
|
|
|
1,590
|
|
|||||
Total
|
$
|
5,340
|
|
|
$
|
41,818
|
|
|
$
|
37,177
|
|
|
$
|
7,031
|
|
|
$
|
2,950
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
||||||||
Americas
|
$
|
444
|
|
|
$
|
2,771
|
|
|
$
|
16,981
|
|
|
$
|
10,567
|
|
Europe
|
1,761
|
|
|
1,445
|
|
|
7,479
|
|
|
9,127
|
|
||||
Asia
|
382
|
|
|
1,144
|
|
|
1,714
|
|
|
9,283
|
|
||||
Corporate
|
3,488
|
|
|
409
|
|
|
15,768
|
|
|
12,841
|
|
||||
Consolidated
|
$
|
6,075
|
|
|
$
|
5,769
|
|
|
$
|
41,942
|
|
|
$
|
41,818
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||||||||
|
|
|
Growth (Decline)
|
||||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Watches
|
$
|
486.5
|
|
|
79.9
|
%
|
|
$
|
551.9
|
|
|
80.1
|
%
|
|
$
|
(65.4
|
)
|
|
(11.8
|
)%
|
|
(10.7
|
)%
|
Leathers
|
66.0
|
|
|
10.8
|
|
|
75.7
|
|
|
11.0
|
|
|
(9.7
|
)
|
|
(12.8
|
)
|
|
(11.9
|
)
|
|||
Jewelry
|
41.8
|
|
|
6.9
|
|
|
47.7
|
|
|
6.9
|
|
|
(5.9
|
)
|
|
(12.4
|
)
|
|
(11.5
|
)
|
|||
Other
|
14.5
|
|
|
2.4
|
|
|
13.4
|
|
|
2.0
|
|
|
1.1
|
|
|
8.2
|
|
|
8.2
|
|
|||
Total
|
$
|
608.8
|
|
|
100.0
|
%
|
|
$
|
688.7
|
|
|
100.0
|
%
|
|
$
|
(79.9
|
)
|
|
(11.6
|
)%
|
|
(10.6
|
)%
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
Growth (Decline)
|
||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Americas
|
$
|
269.1
|
|
|
44.2
|
%
|
|
$
|
308.1
|
|
|
44.7
|
%
|
|
$
|
(39.0
|
)
|
|
(12.7
|
)%
|
|
(12.1
|
)%
|
Europe
|
207.5
|
|
|
34.1
|
|
|
247.2
|
|
|
35.9
|
|
|
(39.7
|
)
|
|
(16.1
|
)
|
|
(15.0
|
)
|
|||
Asia
|
132.2
|
|
|
21.7
|
|
|
133.4
|
|
|
19.4
|
|
|
(1.2
|
)
|
|
(0.9
|
)
|
|
1.3
|
|
|||
Total
|
$
|
608.8
|
|
|
100.0
|
%
|
|
$
|
688.7
|
|
|
100.0
|
%
|
|
$
|
(79.9
|
)
|
|
(11.6
|
)%
|
|
(10.6
|
)%
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage
As Reported
|
|
Percentage
Constant Currency
|
||||||||
Watches
|
$
|
213.4
|
|
|
$
|
242.2
|
|
|
$
|
(28.8
|
)
|
|
(11.9
|
)%
|
|
(11.3
|
)%
|
Leathers
|
38.6
|
|
|
46.2
|
|
|
(7.6
|
)
|
|
(16.5
|
)
|
|
(15.8
|
)
|
|||
Jewelry
|
11.5
|
|
|
15.8
|
|
|
(4.3
|
)
|
|
(27.2
|
)
|
|
(26.6
|
)
|
|||
Other
|
5.6
|
|
|
3.9
|
|
|
1.7
|
|
|
43.6
|
|
|
41.0
|
|
|||
Total
|
$
|
269.1
|
|
|
$
|
308.1
|
|
|
$
|
(39.0
|
)
|
|
(12.7
|
)%
|
|
(12.1
|
)%
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage
As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
157.9
|
|
|
$
|
192.3
|
|
|
$
|
(34.4
|
)
|
|
(17.9
|
)%
|
|
(16.9
|
)%
|
Leathers
|
15.5
|
|
|
17.9
|
|
|
(2.4
|
)
|
|
(13.4
|
)
|
|
(12.8
|
)
|
|||
Jewelry
|
28.5
|
|
|
30.5
|
|
|
(2.0
|
)
|
|
(6.6
|
)
|
|
(5.6
|
)
|
|||
Other
|
5.6
|
|
|
6.5
|
|
|
(0.9
|
)
|
|
(13.8
|
)
|
|
(10.8
|
)
|
|||
Total
|
$
|
207.5
|
|
|
$
|
247.2
|
|
|
$
|
(39.7
|
)
|
|
(16.1
|
)%
|
|
(15.0
|
)%
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage
As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
115.3
|
|
|
$
|
117.3
|
|
|
$
|
(2.0
|
)
|
|
(1.7
|
)%
|
|
0.5
|
%
|
Leathers
|
11.9
|
|
|
11.5
|
|
|
0.4
|
|
|
3.5
|
|
|
6.1
|
|
|||
Jewelry
|
1.8
|
|
|
1.4
|
|
|
0.4
|
|
|
28.6
|
|
|
28.6
|
|
|||
Other
|
3.2
|
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
132.2
|
|
|
$
|
133.4
|
|
|
$
|
(1.2
|
)
|
|
(0.9
|
)%
|
|
1.3
|
%
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||||||||||||||
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
||||||||
Full price accessory
|
87
|
|
|
94
|
|
|
51
|
|
|
232
|
|
|
112
|
|
|
109
|
|
|
61
|
|
|
282
|
|
Outlets
|
130
|
|
|
74
|
|
|
40
|
|
|
244
|
|
|
136
|
|
|
74
|
|
|
46
|
|
|
256
|
|
Full priced multi-brand
|
—
|
|
|
5
|
|
|
4
|
|
|
9
|
|
|
—
|
|
|
8
|
|
|
10
|
|
|
18
|
|
Total stores
|
217
|
|
|
173
|
|
|
95
|
|
|
485
|
|
|
248
|
|
|
191
|
|
|
117
|
|
|
556
|
|
|
For the 13 Weeks Ended September 29, 2018
|
|
For the 13 Weeks Ended September 30, 2017
|
|
Change
|
|
Operating Margin %
|
|||||||||||||
|
|
|
Dollars
|
|
Percentage
|
|
2018
|
|
2017
|
|||||||||||
Americas
|
$
|
36.1
|
|
|
$
|
18.9
|
|
|
$
|
17.2
|
|
|
91.0
|
%
|
|
13.4
|
%
|
|
6.1
|
%
|
Europe
|
34.1
|
|
|
39.3
|
|
|
(5.2
|
)
|
|
(13.2
|
)
|
|
16.4
|
|
|
15.9
|
|
|||
Asia
|
32.0
|
|
|
22.0
|
|
|
10.0
|
|
|
45.5
|
|
|
24.2
|
|
|
16.5
|
|
|||
Corporate
|
(79.5
|
)
|
|
(80.7
|
)
|
|
1.2
|
|
|
(1.5
|
)
|
|
|
|
|
|||||
Total operating income (loss)
|
$
|
22.7
|
|
|
$
|
(0.5
|
)
|
|
$
|
23.2
|
|
|
(4,640.0
|
)%
|
|
3.7
|
%
|
|
(0.1
|
)%
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
|
Growth (Decline)
|
||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Watches
|
$
|
1,397.1
|
|
|
79.6
|
%
|
|
$
|
1,471.1
|
|
|
78.8
|
%
|
|
$
|
(74.0
|
)
|
|
(5.0
|
)%
|
|
(6.9
|
)%
|
Leathers
|
203.2
|
|
|
11.6
|
|
|
218.0
|
|
|
11.7
|
|
|
(14.8
|
)
|
|
(6.8
|
)
|
|
(8.6
|
)
|
|||
Jewelry
|
116.7
|
|
|
6.7
|
|
|
139.9
|
|
|
7.5
|
|
|
(23.2
|
)
|
|
(16.6
|
)
|
|
(19.8
|
)
|
|||
Other
|
37.6
|
|
|
2.1
|
|
|
38.4
|
|
|
2.0
|
|
|
(0.8
|
)
|
|
(2.1
|
)
|
|
(5.5
|
)
|
|||
Total
|
$
|
1,754.6
|
|
|
100.0
|
%
|
|
$
|
1,867.4
|
|
|
100.0
|
%
|
|
$
|
(112.8
|
)
|
|
(6.0
|
)%
|
|
(8.0
|
)%
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
|
Growth (Decline)
|
||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Americas
|
$
|
797.4
|
|
|
45.4
|
%
|
|
$
|
874.5
|
|
|
46.9
|
%
|
|
$
|
(77.1
|
)
|
|
(8.8
|
)%
|
|
(8.9
|
)%
|
Europe
|
585.7
|
|
|
33.4
|
|
|
637.6
|
|
|
34.1
|
|
|
(51.9
|
)
|
|
(8.1
|
)
|
|
(13.0
|
)
|
|||
Asia
|
371.5
|
|
|
21.2
|
|
|
355.3
|
|
|
19.0
|
|
|
16.2
|
|
|
4.6
|
|
|
3.0
|
|
|||
Total
|
$
|
1,754.6
|
|
|
100.0
|
%
|
|
$
|
1,867.4
|
|
|
100.0
|
%
|
|
$
|
(112.8
|
)
|
|
(6.0
|
)%
|
|
(8.0
|
)%
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
630.7
|
|
|
$
|
681.0
|
|
|
$
|
(50.3
|
)
|
|
(7.4
|
)%
|
|
(7.4
|
)%
|
Leathers
|
119.7
|
|
|
134.5
|
|
|
(14.8
|
)
|
|
(11.0
|
)
|
|
(11.1
|
)
|
|||
Jewelry
|
34.0
|
|
|
47.2
|
|
|
(13.2
|
)
|
|
(28.0
|
)
|
|
(28.6
|
)
|
|||
Other
|
13.0
|
|
|
11.8
|
|
|
1.2
|
|
|
10.2
|
|
|
11.0
|
|
|||
Total
|
$
|
797.4
|
|
|
$
|
874.5
|
|
|
$
|
(77.1
|
)
|
|
(8.8
|
)%
|
|
(8.9
|
)%
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
445.4
|
|
|
$
|
483.7
|
|
|
$
|
(38.3
|
)
|
|
(7.9
|
)%
|
|
(12.7
|
)%
|
Leathers
|
46.4
|
|
|
48.8
|
|
|
(2.4
|
)
|
|
(4.9
|
)
|
|
(11.1
|
)
|
|||
Jewelry
|
78.2
|
|
|
87.6
|
|
|
(9.4
|
)
|
|
(10.7
|
)
|
|
(15.8
|
)
|
|||
Other
|
15.7
|
|
|
17.5
|
|
|
(1.8
|
)
|
|
(10.3
|
)
|
|
(15.4
|
)
|
|||
Total
|
$
|
585.7
|
|
|
$
|
637.6
|
|
|
$
|
(51.9
|
)
|
|
(8.1
|
)%
|
|
(13.0
|
)%
|
|
For the 39 Weeks Ended September 29, 2018
|
|
For the 39 Weeks Ended September 30, 2017
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
321.0
|
|
|
$
|
306.5
|
|
|
$
|
14.5
|
|
|
4.7
|
%
|
|
3.3
|
%
|
Leathers
|
37.1
|
|
|
34.6
|
|
|
2.5
|
|
|
7.2
|
|
|
4.6
|
|
|||
Jewelry
|
4.6
|
|
|
5.1
|
|
|
(0.5
|
)
|
|
(9.8
|
)
|
|
(11.8
|
)
|
|||
Other
|
8.8
|
|
|
9.1
|
|
|
(0.3
|
)
|
|
(3.3
|
)
|
|
(5.5
|
)
|
|||
Total
|
$
|
371.5
|
|
|
$
|
355.3
|
|
|
$
|
16.2
|
|
|
4.6
|
%
|
|
3.0
|
%
|
Functional Currency
|
|
Contract Currency
|
|
|
||||||
Type
|
|
Amount
|
|
Type
|
|
Amount
|
|
Expiring Through
|
||
Euro
|
|
164.8
|
|
|
U.S. dollar
|
|
197.6
|
|
|
March 2020
|
Canadian dollar
|
|
61.3
|
|
|
U.S. dollar
|
|
47.8
|
|
|
March 2020
|
British pound
|
|
25.5
|
|
|
U.S. dollar
|
|
34.0
|
|
|
March 2020
|
Japanese yen
|
|
2,406.2
|
|
|
U.S. dollar
|
|
22.2
|
|
|
March 2020
|
Mexican peso
|
|
343.1
|
|
|
U.S. dollar
|
|
17.5
|
|
|
June 2019
|
Australian dollar
|
|
13.8
|
|
|
U.S. dollar
|
|
10.1
|
|
|
June 2019
|
U.S. dollar
|
|
22.6
|
|
|
Japanese yen
|
|
2,455.0
|
|
|
March 2020
|
Exhibit
Number
|
|
Document Description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
31.1(1)
|
|
|
|
|
|
31.2(1)
|
|
|
|
|
|
32.1(2)
|
|
|
|
|
|
32.2(2)
|
|
|
|
|
|
101.INS(1)
|
|
XBRL Instance Document.
|
|
|
|
101.SCH(1)
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.DEF(1)
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.CAL(1)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.LAB(1)
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE(1)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
FOSSIL GROUP, INC
.
|
|
|
November 8, 2018
|
/S/ JEFFREY N. BOYER
|
|
Jeffrey N. Boyer
|
|
Executive Vice President, Chief Financial Officer and Treasurer (Principal financial and accounting officer duly authorized to sign on behalf of the Registrant)
|
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