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.”