Movado Group, Inc. Announces Third Quarter Results and Strategic Initiatives

Movado Group, Inc. (NYSE: MOV) disclosed its third quarter results for the period ending October 31, 2024, in a recent press release. The company reported net sales of $182.7 million, operating income of $6.6 million, and adjusted operating income of $9.3 million. Earnings per share were recorded at $0.22, with adjusted earnings per share at $0.37. Movado also updated its Fiscal Year 2025 outlook and declared a dividend of $0.35 per share.

Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group, highlighted the company’s strategic initiatives and financial performance during the quarter. He emphasized the launch of a Movado brand-building marketing campaign, product launches, and growth in the digital channel. While facing challenges in net sales and operating income due to inventory management and increased investments, the company is aligning its expenses with expected sales.

The company’s financial results saw a decrease in net sales, attributed to unfavorable sales mix and lower volumes in wholesale accounts, balanced by growth in online retail. Operating income was impacted by increased expenses related to marketing and payroll costs.

Looking ahead, Movado Group aims to enhance profitability by focusing on efficient brand-building initiatives, exploring growth opportunities in jewelry and emerging markets, and streamlining expenses. The company remains confident in its ability to drive sustained profitable growth and shareholder value.

Movado Group also reported on its share repurchase program, with approximately $15.2 million left under the previous program as of October 31, 2024. A new share buyback plan of up to $50 million was authorized, effective until December 5, 2027.

For further details on Movado Group’s financial performance, interested individuals can access the full report and details of the conference call on the company’s website. Movado Group, Inc. is renowned for its portfolio of luxury and iconic watch brands like MOVADO®, MVMT®, OLIVIA BURTON®, and others, along with jewelry and accessories, operating across the United States and Canada.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Movado Group’s 8K filing here.

Movado Group Company Profile

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company operates in two segments, Watch and Accessory Brands, and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.