Movado Group, Inc. (NYSE: MOV), a leading luxury watchmaker, reported a sharp fall in net sales and earnings for the third quarter of 2024.
Third-quarter net sales declined to $187.7 million from $211.4 million in the prior year quarter. Both the US and international sales declined during the period.
The weak top-line performance translated into a decline in adjusted earnings to $0.78 per share from $1.31 per share a year earlier. On an unadjusted basis, net income was $17.4 million or $0.77 per share, compared to $29.3 million or $1.28 per share last year.
Efraim Grinberg, chief executive officer of Movado, said, “For the third quarter, our results were impacted by the challenging retail environment in our largest markets, the United States and Europe. Notwithstanding this, the quarter saw us continue to advance our strategic priorities and invest in our brands while preparing for the all-important holiday selling season.”