Luxury watchmaker, Movado Group, Inc. (NYSE: MOV) has reported a decrease in sales and net income for the fourth quarter of 2023. The company also provided guidance for fiscal 2024.
Net sales dropped to $194.3 million in the three-month period from $205.9 million in the prior-year quarter. Both the US and international divisions recorded negative growth.
Reflecting the weak top-line performance, fourth-quarter adjusted earnings dropped to $1.03 per share from $1.32 per share a year earlier. On an unadjusted basis, net income was $22.7 million or $1.00 per share, compared to $31.4 million or $1.33 per share last year.
Efraim Grinberg, chief executive officer of Movado, said, “these results follow a record performance in fiscal 2022 and reflect the power of our global portfolio of brands and the disciplined execution of our strategy by our organization. I am extremely proud of our teams for their contributions in the current operating environment.”