Movado Group, Inc. (NYSE: MOV), a leading luxury watchmaker, reported a sharp fall in net sales and profit for the second quarter of 2024. The company lowered its full-year guidance for earnings and revenues.
Second-quarter net sales declined to $160.4 million from $182.8 million in the prior year quarter. Both the US and international divisions recorded negative growth.
The weak top-line performance translated into a decline in adjusted earnings to $0.38 per share from $1.07 per share a year earlier. On an unadjusted basis, net income was $8.18 million or $0.36 per share, compared to $24.0 million or $1.05 per share last year.
Efraim Grinberg, chief executive officer of Movado, said, “We managed our business well, delivering second quarter net sales and earnings within our range of expectations despite operating in a challenging retail environment for our category, particularly in the United States and Europe, our largest markets.”
Prior Performance
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
Earnings Preview: What to look for when Netflix (NFLX) reports Q4 2025 results
Netflix, Inc. (NASDAQ: NFLX) is expected to report Q4 results on January 20, amid expectations for strong revenue and earnings growth. The company is navigating a shifting streaming landscape where
What to look for when United Airlines (UAL) reports its Q4 2025 earnings results
Shares of United Airlines (NASDAQ: UAL) stayed red on Thursday. The stock has gained 15% over the past three months. The airline is scheduled to report its earnings results for
Infographic: How Constellation Brands (STZ) performed in Q3 2026
Constellation Brands, Inc. (NYSE: STZ) reported net sales of $2.22 billion for the third quarter of 2026, down 10% year-over-year. Organic net sales were down 2%. Net income attributable to
