Fossil Is Closing Stores

Fossil is downsizing. The fashion brand said it will reduce the number of products in its assortment and close stores. The news sent shares 7% higher on Friday. On Thursday, after the stock market closed, Fossil reported a quarterly profit of $17.4 million, down from $57.5 million a year ago and said total sales declined 4.2% to $738 million. The poor showing has forced the company, which makes handbags, jewelry, sunglasses and watches under its own name and for brands like Michael Kors, to narrow its focus. “People want fewer and better products,” CEO Kosta Kartsotis said in a conference calls with analysts on Friday. “Consumers don’t want to see a huge assortment of products like what’s in a department store. They want to see a few good, well-designed products.” The new ethos will also extend to Fossil’s wholesale business, and the company will produce fewer styles in larger numbers. Fossil’s other wholesale clients include Tory Burch and Kate Spade. Read more at Fortune.