shares of fossil group dropped more than 18 after the watch conglomerate reported a drop in sales and cut its fullyear sales outlook the stock fell more than 18 to 197 in midday trading so far this year the stock is down more than 54 the richardson texbased parent of brands like skagen and zodiac reported sales of 322 million a 13 drop from last year traditional watch sales dropped 8 while smartwatch sales tumbled 46 so far in 2023 the wholesale channel in the americas and europe has been difficult the stores have underinvested in the watch business chief executive kosta kartsotis said the nearterm impact has pressured our operating results the sluggish reopening in china weighed on sales too he said the companys loss widened to 51 cents a share from 37 cents a share a year ago fossil also cut its fullyear sales outlook and is now projecting a 5 to 10 drop in sales compared with previous outlook for growth of up to 1 to a sales drop of up to 5 the company said it is expanding its costcutting program and has hired consulting firm alvarez  marsals consumer and retail group to help fossil is targeting about 300 million of annual operating income benefits by the end of 2025 from the revamped plan write to will feuer at willfeuerwsjcom