The maker of mid-range-priced watches and accessories that were once trendy, Fossil Group Inc.'s  (FOSL) - Get Report  shares were plunging Wednesday, Aug. 9, after the company reported wide losses and the departure of its CFO.

For the quarter ending July 1, Fossil reported a loss of 61 cents per share, well below analysts' projected loss of 33 cents per share, according to FactSet data. Sales of $596.8 million also trailed the consensus estimates of $617.9 million. The stronger U.S. dollar weighed on net sales of $8.3 million, down 13% compared to last year's Q2, and operating income decreased $4.5 million.

In the next quarter, Fossil expects to report a net loss of 11 cents to 44 cents per share, with sales declining 8% to 14%. For the full year, Fossil's net loss should hit $6.62 to $7.42 per share, including the charges for $6.50 of noncash intangible asset impairment and 60 cents in restructuring, respectively.

Fossil has struggled to transition toward smartwatch-focused consumers with more options from rivals Fitbit Inc. (FIT) - Get Report and Apple Inc. (AAPL) - Get Report . And retailers that carry Fossil products, like Macy's Inc. (M) - Get Report and J.C. Penney Co. Inc. (JCP) - Get Report are closing in droves, further dampening growth.

The Richardson, Texas-based company also announced that CFO Dennis Secor was leaving the company to relocate to California. Effective Oct. 16, he'll be replaced by Pier 1 Imports Inc. (PIR) - Get Report CFO and current Fossil board member Jeffrey Boyer.

Fossil shares dropped nearly 29% to $8.45 in mid-morning trading Wednesday.

On a call with analysts, CEO Kosta Kartsotis touted "dramatically improved product" and new marketing initiatives.

"Over the last couple of years, we have been slowing our store growth and now we are actually reducing the store count both by getting out of some stores early and investing in that and then others, letting them run a natural lease expiration," Secor added. "So as we look forward, I think that continues and we see a consumer continues to shop online. We've, over the last several years, invested heavily in building our omnichannel platform. So the way we see that, we see that evolution is continuing over time and that's where we're investing."

The wearables segment "is not one that has seen a huge growth," Melissa Gonzalez, CEO and founder of experiential retail pop-up shop agency The Lion'esque Group, previously told TheStreet, arguing that Fossil needs to figure out how to "differentiate themselves" beyond wearables. Moody's analyst Mike Zuccaro also predicted "significant challenges will persist over the next 12-18 months," downgrading Fossil's secured credit facilities to Ba1 from Baa3 in March. 

This latest quarter follows similarly dire results last quarter, about which Jefferies LLC analyst Randal Konik said "there is no silver lining."

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