Movado Group, Inc. ($MOV) Q1 2024 Earnings Call Summary

Movado Group, Inc. ($MOV) Q1 2024 Earnings Call Summary

Posted: 1 week, 2 days ago // May 25, 2023 5:21 p.m. UTC

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.

Relevant tickers: MOV