Luxury watchmaker Movado Group, Inc. (NYSE: MOV) has reported a decrease in net income for the third quarter of 2023 when its sales declined by 3%. The company also slashed its guidance for fiscal 2023.
Net sales dropped to $211.4 million in the three-month period from $217.7 million in the prior-year quarter. Both the US and international divisions recorded negative growth.
Reflecting the weak top-line performance, third-quarter adjusted earnings dropped to $1.31 per share from $1.36 per share a year earlier. On an unadjusted basis, net income was $30.11 million or $1.28 per share, compared to $31.79 million or $1.33 per share last year.
Check this space to read management/analysts’ comments on Movado Group’s Q3 2023 earnings
Efraim Grinberg, chief executive officer of Movado, said, “the disciplined execution of our strategy led to topline growth in constant currency and solid profitability in an increasingly difficult macro-environment. We maintained a healthy gross margin rate and managed expenses, which drove adjusted operating margin of 18.4% in the quarter.”
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