Luxury watchmaker, Movado Group, Inc. (NYSE: MOV) on Thursday reported lower adjusted earnings and net sales for the first quarter of 2024. The company also reaffirmed its full-year guidance.
First-quarter net sales declined to $144.9 million from $163.4 million in the prior-year quarter. Both the US and international divisions recorded negative growth.
Weak top-line performance translated into a decline in adjusted earnings to $0.43 per share from $0.82 per share a year earlier. On an unadjusted basis, net income was $9.13 million or $0.40 per share, compared to $18.5 million or $0.79 per share last year.
Efraim Grinberg, chief executive officer of Movado, said, “We are excited about our product innovation pipeline across our owned and licensed brands, and we will continue to invest in support of our teams, regions, and brands with continued focus on Movado’s refreshed marketing message as we build on its strength and heritage.”