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
American Express (AXP) Q2 2025 Earnings: Key financials and quarterly highlights
American Express Company (NYSE: AXP) reported its second quarter 2025 earnings results today. Consolidated total revenues, net of interest expense, were $17.9 billion, up 9% year-over-year, driven by increased Card
Netflix Q2 earnings jump on strong revenue growth; results beat estimates
Video streaming giant Netflix, Inc. (NASDAQ: NFLX) reported a sharp increase in revenue and profit for the second quarter of fiscal 2025. The numbers also beat analysts' estimates. The company's
Tesla Q2 Earnings Preview: Can energy gains offset EV demand Slump?
For Tesla Inc. (NASDAQ: TSLA), the new fiscal year has been quite challenging, with first-quarter sales falling to a three-year low amid production issues related to Model Y and increasing
