Categories AlphaGraphs, Consumer, Earnings

MOV Earnings: Movado reports lower Q2 sales and profit

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.

Movado Q2 2024 earnings infographic

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

  • Movado Group Q3 2023 earnings infographic
  • Movado-Q2-2023-Earnings-Infographic

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

Most Popular

BLK Earnings: BlackRock Q2 2024 profit jumps on higher revenues

Asset management company BlackRock, Inc. (NYSE: BLK) on Monday reported a double-digit increase in adjusted profit for the second quarter of 2024, aided by an 8% increase in revenues. Second-quarter

GS Earnings: All you need to know about Goldman Sachs’ Q2 2024 earnings results

The Goldman Sachs Group, Inc. (NYSE: GS) reported its second quarter 2024 earnings results today. Net revenues were $12.73 billion, up 17% compared to the same period a year ago,

Intuitive Surgical likely to report strong revenue, profit growth for Q2 2024

Intuitive Surgical, Inc. (NASDAQ: ISRG) is expected to report its second-quarter earnings next week, amid expectations for strong revenue and profit growth. The medical device maker is thriving on the

Add Comment
Viewing Highlight