Here is a summary of Movado Group, Inc.'s Q1 2024 earnings call, which took place on May 25:
- Movado Group's Q1 sales declined 11.3% due to inflation and rising interest rates.
- Gross margin remained strong at 56.6% and adjusted operating profit was $11.6 million.
- Movado Group ended the quarter with $198.3 million in cash and paid $29.9 million in dividends.
- BOSS saw strong results from new products and an imaging campaign.
- The company plans to invest in their brands and drive innovation despite an uncertain environment.
- Prudent inventory management and expense monitoring will be a priority.
- The company's strategic priority includes rebranding Movado and supporting licensed brands.
- Fiscal 2024 net sales are expected to be between $725 million and $750 million with a sales decline of 3.6% to flat.
- The company has a cautious outlook due to uncertainty in the marketplace.
- China is a small market, while Europe is stressed and focused on bringing down inventory.
This is an AI generated summary. There may be inaccuracies.
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