Fossil Group, Inc. (NASDAQ:FOSL) Q1 2020 Earnings Conference Call - Final Transcript

Jun 03, 2020 • 05:00 pm ET

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Fossil Group, Inc. (NASDAQ:FOSL) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen. And welcome to the Fossil Group's First Quarter 2020 Earnings Call. At this time, all parties are in a listen-only mode. This conference call is being recorded. It may not be reproduced in whole or any part without written permission from the company. Now, I'll turn the call over Christine Greany of The Blueshirt Group to begin.

Executive
Christine Greany

Hello, everyone, and thank you for joining us. With us today on the call are Kosta Kartsotis, Chairman and CEO; Jeff Boyer, Chief Operating Officer and CFO; and Greg McKelvey EVP and Chief Commercial Officer.

I would like to remind you that information made available during this conference call contains forward-looking information and actual results could differ materially from those that will be discussed during this call. Fossil Group's policy on forward-looking statements and additional information concerning a number of factors that could cause actual results to differ materially from such statements is readily available in the company's Form 8-K and 10-Q reports filed with the SEC. In addition, Fossil assumes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Please note that you can find a reconciliation and other information regarding non-GAAP financial measures discussed on this call in Fossil's earnings release, which was filed today on Form 8-K and is available in the Investors section of fossilgroup.com.

With that, I will turn the call over to Kosta to begin the formal remarks.

Executive
Kosta N. Kartsotis

Good afternoon everyone and thank you for joining us today. We hope you're all safe and doing well. On behalf of the entire Fossil organization, we would like to extend our thoughts to all those affected by COVID-19 and express our sincere gratitude to those on the front lines that are working tirelessly on behalf of us all. Also, the events of this past week have been deeply upsetting to all of us. Our hearts go out to the many people affected by this tragic turn of events. Fossil is fortunate to have an incredible community of associates, partners and customers globally. We are using our platforms and resources to listen, learn and think critically and do what we can to foster greater quality and fairness.

Turning now to our prepared remarks, our conversation will focus on the actions we've taken in response to the COVID-19 pandemic and how we're pivoting the business for both the present and future. We'll also review our first quarter results and provide a high level picture of current Q2 trends and reopening plans. Since the onset of the COVID crisis, we have acted decisively to protect our employees, partners and communities worldwide, adapt to rapidly-changing circumstances, mitigate business disruption and to strengthen our financial position.

Let me provide a summary of the actions we've taken to date. In mid-March, we closed the majority of our FOSSIL stores and implemented a work-from-home program globally. We implemented practices to safeguard workers at our distribution