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Fossil Group posted quarterly results on Tuesday that could point to early signs of a turnaround for the legacy watchmaker.
The company, which has struggled to compete with new gadgets in the years since its sales and stock price peaked in the 2010s, has been quietly undertaking a comeback strategy under CEO Franco Fogliato. The company’s fiscal third-quarter earnings indicate the strategy is beginning to bear fruit.
The company said Tuesday that it returned to profitability in the third quarter, posting operating income of $25.3 million, compared to an operating loss of $21.7 million last year. It also returned to sales growth, with net sales up 0.4% to $271.2 million. The company last reported a year-over-year sales increase in the first fiscal quarter of 2022.
“We’re excited about improving dramatically the profitability of the company through a very strong and disciplined management of full-price sales as well as cost management,” Fogliato told CNBC in an exclusive interview.
For the quarter ended Oct. 3, Fossil reported net income of $11.7 million, or 19 cents per share, compared to a net loss of $39.9 million, or 76 cents per share, the year prior. The company also said its operating expenses fell 11.1% to $137 million. The company last posted quarterly net income in the third fiscal quarter of 2022.
With the signs of growth, the retailer also raised its full-year outlook, guiding for full-year net sales of between $980 million and $990 million, which would mark a slight decline from just over $1 billion in net sales in the prior year. That compares to a previous expectation of net sales falling between 3% and 5%. Fossil also said it’s expecting positive free cash flow by the end of the year.
Fogliato said Fossil had previously not expected sales growth for another year and a half.
The stronger quarter comes after the company saw slumping sales and financial losses over the past few years. It struggled with the rise of smartwatches, mounting debt and the decline in mall foot traffic.
Fossil stock has lost the vast majority of its value since the early-to-mid 2010s, and despite a recent surge, was trading under $8 a share on Tuesday.
To right size the business, Fogliato, who joined Fossil in 2024, said he focused on closing stores, moving away from promotions to full-price sales, improving marketing and broadening Fossil’s product range. That meant shrinking the business to a sustainable baseline before trying to grow it.
The company saw a 5.9% decrease in direct-to-consumer sales for its third quarter, which Fogliato attributed to the company’s “aggressive” downsizing.
“We simplified a lot of the business doing this,” Fogliato said, adding that customers responded well when the company moved away from markdowns. “People tell me they are excited about what they are seeing in the marketplace now.”
Fossil added that its key growth engine for the quarter was Asia, where net sales grew 15.1%. Fogliato said much of that growth was led by the India market.
At the same time, growing internationally is only part of the watchmaker’s strategy as it tries to improve its performance in its home country.
“Priority number one is to grow our home market, and we’re doing that,” he said. “As retail is settling into a smaller, more profitable base, ready to grow again, we’re entering 2027 with plenty of opportunities.”
Fogliato said one key to growth was not trying to keep up with the smartwatch trend. While trying to make gains in the smartwatch space initially hampered Fossil’s performance, it’s now investing in analog watches again.
Smartwatch sales came in under $1 million for the quarter, but sales for traditional watches – which make up around 86% of Fossil’s sales – grew 6.4%.
“Fossil is literally having a comeback, a strong comeback, a momentum, and we can see this,” Fogliato said. “And it comes not only through the numbers – it comes with the excitement we see in the stores, and we think we’re just at the beginning. We have so much work to do.”

The Sutton proposal would dwarf the Westfield project. When fully completed in 2033, the Kraft data center would draw 900 megawatts of electricity, enough to power a sizable city.
Given the political winds blowing against data center construction, the Kraft Group is likely to face strong local opposition. Residents have already been stirring in comments on the town Facebook group.
“There’s been a pretty quick response from the community expressing concerns,” said state Rep. Joe McKenna, who represents the area. The main issues are that the project could drive up electricity rates, consume too much water, and generate noise, he said. “They’re concerns that I share, but I’m also not willing to say ‘No’ just based on a fear of an unknown, or fear of an uncertainty,” McKenna added.
Sutton’s Town Manager, Austin J. Cyganiewicz, confirmed the $16 billion proposal from the Kraft Group and Unified Global Packaging Group in a letter sent Monday to the town’s Select Board. The board is slated to meet Tuesday evening.
The Krafts clashed last summer with Foxborough town officials amid World Cup talks, battling over $8 million in security costs. And in September, Robert Kraft drew wide criticism for barring rap artist Macklemore from performing at Gillette Stadium over his remarks in support of Palestinians.
Massachusetts has not been an appealing destination for the large, energy-hungry data centers powering the AI boom — Sutton’s would be the first. That’s because the state has among the highest electricity rates in the country, not to mention high land prices and construction costs, IDC analyst Matt Eastwood said.
But as the AI boom moves from early development to broader usage, every part of the country will need local, large data centers, Eastwood explained.
If approved, the first two buildings at the Sutton site, off Boston and Providence roads, would open in 2029, and two more facilities would come online each year through 2033, for a total of 10.
That timing makes sense given the forecasts of AI usage, Eastwood said. As businesses use artificial intelligence more, “you’ll end up with an AI infrastructure that’s much more distributed and not as centralized,” he said, with a handful of data centers needed in New England.
In parts of the country with numerous data centers, the facilities appear to have driven up electricity rates. The Sutton campus, if fully built out, would draw roughly 900 megawatts of power and at $16 billion would represent a multiple of the $2.8 billion in assessed value of all the property in Sutton, Cyganiewicz wrote.
The power draw would equal about 7 percent of the state’s peak power usage on the hottest summer day last year, of about 12,575 megawatts.
For the town of Sutton, which is struggling to balance its budget over the next few years, property tax revenue from the data center could win over skeptics.
The first two buildings on the data center campus would pay $10.4 million annually in property taxes starting in fiscal year 2031. That sum would rise to about $27.8 million a year on all 10 buildings in 2035, Cyganiewicz estimated in his letter.
In a town with a $40 million annual budget, that would be a huge windfall, potentially cutting property tax bills for residents by thousands of dollars. An average single-family homeowner in 2031 could see their tax bill fall to $6,846 from $9,134, according to Cyganiewicz.
Still, “the proposal is tentative,” he wrote. “No application has been filed, and important details on power, water, equipment and site impacts are still to come.”
The Kraft Group did not return a request for comment Tuesday.
None of the town board members immediately responded to requests for comment on the proposal, which was previously reported by MassLive.
Data centers have become increasingly controversial as critics point to their environmental impacts, energy consumption, and broader concerns about the effect of artificial intelligence on the job market. Governor Maura Healey in September signed an executive order to block new data centers in Massachusetts unless they get local approval.
Rep. Jim McGovern, whose Congressional district includes Sutton, has been a leading opponent of data centers and cosponsored a bill to impose a national moratorium. But McGovern said it would be up to residents to decide whether to move forward with the Kraft proposal.
“Costs of utilities have gone up for a lot of people because the data centers eat up a lot of energy and take a lot of water… so for me, I don’t like them,” he said. “But, ultimately, it’s up to the people of Sutton.”
Nearly across the board during the midterms, pro-data center candidates backed by Big Tech, including Senate candidates Jon Husted in Ohio and Ken Paxton in Texas, lost.
Many House candidates supporting AI and data centers came up short, too, including Derrick Van Orden in Wisconsin and Rob Bresnahan in Pennsylvania. And in dozens of local referendums around the country, from Wells, Maine, to Defiance, Ohio, and Emporia, Kansas, voters approved bans or restrictions on data centers.
Jim Puzzanghera of the Globe staff contributed reporting.
This is a developing story and will be updated.

For years, Dave Poniatowski had no trouble managing his household budget. Then came a devastating triple whammy: two years without steady full-time work, soaring living costs and mounting debt.
Suddenly the 54-year-old father of three from Bailey, Colorado, found himself on the brink of a financial crisis. When a neighbor suggested he visit a food pantry run by his local church, Poniatowski resisted.
“I didn’t really consider myself to be somebody who would need a food bank,” said Poniatowski, who even launched a high-country wildfire mitigation business to keep creditors at bay.
What began as a reluctant first visit has become a weekly routine as his family recovers financially.
Poniatowski is not alone. While overall inflation has cooled, years of compounding price hikes are taking a heavy toll on paychecks and unemployment checks, driving many that never expected to need help to food pantries.
According to the Capital Area Food Bank’s annual Hunger Report, 1 in 4 middle-income families experienced food insecurity over the past year, marking the largest increase in need among middle-class households.
Feeding America’s latest Map the Meal Gap report underscores the strain. Food-insecure Americans now report needing an extra $23.16 per person every week just to cover basic nutrition. The latest Feeding America food bank survey shows that about half of responding food banks reported seeing an average 15% year-over-year increase in people served.
Overall food bank demographics haven’t fundamentally shifted. Most visitors remain deeply low-income, including 95% of the clients at the pantry Poniatowski frequents, according to its executive director John Obrecht.
Yet pantries are increasingly serving households above the poverty line who have been buffeted by a financial setback. By stocking up on essentials like eggs, milk, bread and meat at the LifeBridge Food Pantry on Saturdays, Poniatowski says he has cut his monthly grocery bill from $650 to $272, which has helped stabilize his family’s finances after he secured a new position in software sales.
“It’s been a godsend,” he said. “Our situation has changed for the better but we’re still digging ourselves out of a big debt hole.”
From temporary stopgap to daily survival
An emergency pandemic response has become a daily coping strategy for some families, says Elaine Waxman, senior fellow at the Urban Institute.
According to the USDA, U.S. food insecurity jumped from 10.2% to 13.5% between 2021 and 2023 − the largest increase since the Great Recession. While food insecurity rose twice as fast for households below the poverty line, the overall surge was driven by Americans above it because they make up most of the population.
Though pandemic relief measures have expired, grocery prices remain near record highs. Low-income households are hardest hit, but the Urban Institute’s 2025 Well-Being and Basic Needs Survey shows rising distress among moderate-income groups.
“There’s always been a not insignificant part of the population who turns to charitable food as a coping strategy when their budgets just don’t cover their basic needs,” Waxman said. “What we have noticed is that charitable food use for the last few years is persistently elevated and certainly higher than pre-COVID.”
Driving this elevated demand is the stark reality of household accounting: Groceries are one of the few flexible line items in a tight budget.
“Your food budget is the one thing you can adjust,” Waxman said. “You can’t really not pay your full rent for very long if you want to keep your place. Your car payment is not going to get adjusted. So food is one of those places that people cut back on.”
So families frequently charge groceries to credit cards or “buy now, pay later” services. While manageable in the short term, many quickly fall behind on minimum payments, compounding immediate food insecurity with long-term debt. When credit lines max out, families often borrow from friends and family or sell possessions before they turn to community resources, Waxman said.
Even then, some are hesitant to seek help. Stigma and public misconceptions breed shame while newly struggling households often don’t know where to turn. Work schedules that conflict with pantry hours, long travel distances in rural areas and dietary restrictions add even more obstacles.
“Particularly if people are newly experiencing financial stress, they may not be familiar with the resources in their community,” Waxman said. “Part of it is stigma, a sense of shame that ‘I’m not able to feed my family in the way that I would want.'”
Overcoming stigma to keep food on the table
For two decades, Cara Arnold, a 40-year-old Dayton, Ohio mother of three worked on the front lines of healthcare advocacy, building support networks for vulnerable children until a merger eliminated her role.
“It’s the most fulfilling work I’ve ever done,” Arnold said. “What makes the job loss hit hard is figuring out how I continue to pursue my passions and support my family.”
Her expertise navigating healthcare systems took on personal urgency when her eldest daughter developed a severe cellular energy deficit following a bout of strep throat and pneumonia.
Today, her daughter is defying the odds, graduating high school magna cum laude and recently starting college. But specialized medical care has placed heavy demands on the household budget as Arnold searches for her next role.
To support her family and assist her sister’s household, Arnold turned to local food rescue pantries. The transition from healthcare provider to pantry visitor was jarring.
“When you’re in a helping profession, you feel like you shouldn’t necessarily need those services or that there’s people who need them more,” she said. “But at the end of the day, you look at your family, you put their needs first and you say, ‘Nothing matters more than them and you ask for help.’ And maybe that comes easier when you’re facing a decision between groceries and life-saving medication.”
Her motto? “Full house, full bellies, fullest heart.”
At local food pantries distributing same-day produce and surplus goods, Arnold has come up with some creative culinary routines. Because her daughter requires a strict gluten-free diet, she uses recipe mobile apps to combine donated items such as edamame pasta, fresh kale, Italian sausage and tomato sauce into nutritious family meals.
“When I think about everything we’ve been through and how fragile it all is, the best I can hope for is we have plenty of tomorrows ahead to offer the kindness we’ve been shown to someone else,” Arnold said.
A demographic shift or deepening crisis?
Second Harvest Heartland is the second-largest food bank in the country by pounds of food delivered. Amid federal cuts to SNAP and the rising cost of living, its chief external relations officer Zach Rodvold says food pantries in Minnesota are on pace for a fifth straight record-breaking year.
“There is nowhere to go to get free gas or rent, but for most Minnesotans, there is a food shelf in their community where they can get free food when they need it,” Rodvold said. “Many of the people coming to food shelves for the first time do not qualify for SNAP, yet their income is not sufficient to cover their household’s basic needs. When they’re able to save money on groceries, they’re putting that savings into paying their rent or mortgage or paying for health-related expenses or other critical needs.”
Rodvold said he doesn’t have data on how many are first-time visitors. “What we know for sure, however, is that people are coming to food shelves who never expected to be there,” he said.
Despite these stories of strain above the poverty line, researchers say the underlying demographics of food bank users have not changed.
Craig Gundersen, a professor at Baylor University who studies food insecurity, says that about 13% of households in the U.S. experience food insecurity annually but only about 7% visit pantries. Of those visiting pantries, they are much more likely to be low-income in comparison to the broader food insecure population.
When food prices surge, “it is mainly low-income families visiting more often or even visiting for the first time. In general, we don’t see a large increase in higher-income families going to food pantries,” Gundersen said.
How have grocery prices changed?Check out USA TODAY’s grocery prices tracker
Angela Rachidi, senior fellow at the American Enterprise Institute, says higher-income households typically exhaust other buffers first.
“Substituting food choices, eating out less, driving less, reducing other non-essentials like entertainment, travel, new purchases, delaying major projects, delaying upgrades, cutting services like hair salons, etc.,” Rachidi told USA TODAY. “You would expect charity food to be among the last coping mechanisms.”
From a six-figure salary to food banks
It was the last resort for Kristin Brandenburg.
Between 2022 and 2023, Brandenburg faced unimaginable loss: her grandparents, her only sibling and her mother all passed away in rapid succession.
“I had lost almost everyone,” said Brandenburg, 44, whose father, a Vietnam War veteran, died when she was 19.
Then came another blow. In early 2025, she was laid off from her job as a tech client success manager. Months of job hunting yielded zero offers − not even for entry-level, minimum-wage positions paying $11 an hour. As her savings and unemployment benefits ran dry, her cupboards went bare.
Having organized community food drives in Denver during the pandemic, Brandenburg never imagined she would need help herself.
“That’s not for me,” she recalled telling a friend. “That’s for other people.”
“I need you to look in the mirror,” her friend replied, “because you are the person who needs it.”
Brandenburg put her tech background to work, building a custom database to track regional pantries, filtering by operating hours, eligibility rules and locations.
“I may be super poor but I’m really, really smart and I’m really, really resourceful,” said Brandenburg who collects food weekly.
That resourcefulness extended to her kitchen. Using skills taught by her mother, she turned unconventional canned goods into gourmet meals such as cranberry-Dijon chicken drumsticks, green peppers stuffed with leftovers and what she calls “fridge cleanout went sideways soup.”
Recently, after nearly two years out of work, the former six-figure corporate professional laced up steel-toed boots for a new job on a factory floor refurbishing heavy construction equipment.
Though back on a payroll, she remains deeply grateful for the community safety net that sustained her.
“I literally wouldn’t have been able to eat without them (food banks),” Brandenburg said. “There was a solid eight months that I would not have had food.”

Oura announced on Tuesday that it’s acquiring AI-native primary care company Counsel Health for $625 million. The deal comes a few weeks after Oura postponed its up to $2.2 billion IPO indefinitely, citing “uncertainty in the IPO market.”
Counsel Health is an AI-powered healthcare platform that combines a chat-based medical experience with access to licensed physicians. Its service was integrated into the Oura app in June.
Users can connect with Counsel’s medical AI to get personalized medical advice, and chat with a physician when needed, all within the Oura app. Now, the companies plan to expand on their existing partnership to build across preventative care, acute care, and specialty and chronic care.
While Oura has largely dominated the smart ring market for years, rivals like RingConn and Ultrahuman are emerging to dethrone it, putting pressure on the company to keep innovating. By acquiring Counsel Health, Oura is looking to expand its business and help users access medical care.
“Oura helps members understand their physiology and, with Counsel, they can take action on their health across a range of needs, from quick questions and prescriptions to lab results, chronic care, and referrals,” said Oura CEO Tom Hale in a press release.
Counsel Health raised a $25 million Series A a year ago, led by Andreessen Horowitz (a16z) and GV. PitchBook estimates it had raised a total of $36 million.
Following the acquisition, Oura says Counsel will continue serving existing and new enterprise partners, with the goal of expanding its AI-native care model to more people beyond Oura’s membership.
Counsel CEO Muthu Alagappan will join Oura as chief clinical AI officer, alongside the company’s 70 employees, Bloomberg reports.
“At Counsel, we’ve built medical AI around trust, safety and responsibility, keeping physicians in the loop for clinical decisions,” Alagappan said in the press release. “Oura’s data gives clinicians objective context, trended biometrics, and member engagement to deliver more informed care. From the start, our teams bonded over a joint vision, shared culture, and mission, further solidifying as we negotiated our deal over the past few months.”
The deal is expected to close before the end of 2027.
Oura also announced that its revenue grew 153% year-over-year to $533 million for the quarter ended on September 30. For its fiscal year 2026, Oura generated revenue of approximately $1.75 billion, marking 92% year-over-year growth.