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 revenues for the second quarter of 2023. 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

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