Fossil Group Inc. swung to a profit in the third quarter, due in part to lower expenses, as the company saw momentum from its e-commerce channels and growth in mainland China, even though the coronavirus pandemic continues to dent brick-and-mortar sales.
Fossil, which also sells handbags, leather goods and eyewear, said profit was $16 million, or 31 cents a share, compared with a loss of $25.9 million, or 51 cents a share, for the comparable period a year earlier.
Net sales declined to $435.5 million from $539.5 million a year ago.
The company reduced total operating expenses by 26% from the same quarter last year.