Fossil Plans Job, Salary Cuts

Wednesday, Feb 18, 2009  |  Updated 9:45 AM CDT
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Fossil Plans Job, Salary Cuts

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Richardson-based Fossil, Inc., plans to cut jobs and salaries after a 4th quarter loss.

The watch and accessories maker is eliminating about 260 positions while all executive officers and senior vice presidents are taking a pay cut.

Compared to 4Q 2007, Fossil's gross profit fell 2.4 percent to $242.4 million while operating income fell 29.6 percent to $58 million.  Additionally, for the same period, net income fell 12.9 percent to $46.3 million.

The company is also under a hiring freeze and has suspended pay increases.
 

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