Luxury watchmaker Movado Group, Inc. (NYSE: MOV) on Tuesday reported a double-digit decline in earnings for the fourth quarter of 2024. The company also issued financial guidance for fiscal 2025.
Fourth-quarter net sales declined to $179.6 million from $194.3 million in the prior year quarter. Both the US and international sales declined during the period.
The weak top-line performance translated into a 47% fall in adjusted earnings to $0.55 per share. On an unadjusted basis, net income was $12.1 million or $0.53 per share in Q4, compared to $22.7 million or $1.00 per share last year.
Efraim Grinberg, chief executive officer of Movado, said, “The year included significant progress in evolving our strategy with important investments made in marketing and product innovation that we believe position us to leverage the strength of our compelling brand portfolio. As we begin fiscal 2025, we are focused on making the investments necessary to grow our business and build our brands for the long term.”
