Latest news with #EfraimGrinberg
Yahoo
29-05-2025
- Business
- Yahoo
Movado (NYSE:MOV) Reports Sales Below Analyst Estimates In Q1 Earnings, Stock Drops
Luxury watch company Movado (NYSE:MOV) missed Wall Street's revenue expectations in Q1 CY2025, with sales falling 3.6% year on year to $131.8 million. Its GAAP profit of $0.06 per share was 84.5% below analysts' consensus estimates. Is now the time to buy Movado? Find out in our full research report. Revenue: $131.8 million vs analyst estimates of $142.1 million (3.6% year-on-year decline, 7.3% miss) EPS (GAAP): $0.06 vs analyst expectations of $0.39 (84.5% miss) Operating Margin: 0.2%, down from 2.4% in the same quarter last year Free Cash Flow was -$8.75 million compared to -$19.7 million in the same quarter last year Market Capitalization: $387.4 million Efraim Grinberg, Chairman and Chief Executive Officer, stated, 'In the first quarter, we navigated a challenging retail environment with discipline and focus, continuing to invest in our iconic brands while driving operational efficiency. We were pleased to execute against our cost savings initiatives while delivering strong product innovation. Overall, our licensed brand portfolio performed very well, reflecting a renewed vibrancy in the fashion watch category. Our Movado brand received a strong response to our new product introductions during the Mother's Day holiday.' With its watches displayed in 20 museums around the world, Movado (NYSE:MOV) is a watchmaking company with a portfolio of watch brands and accessories. Examining a company's long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Unfortunately, Movado struggled to consistently increase demand as its $648.5 million of sales for the trailing 12 months was close to its revenue five years ago. This wasn't a great result and suggests it's a low quality business. We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Movado's recent performance shows its demand remained suppressed as its revenue has declined by 6% annually over the last two years. This quarter, Movado missed Wall Street's estimates and reported a rather uninspiring 3.6% year-on-year revenue decline, generating $131.8 million of revenue. We also like to judge companies based on their projected revenue growth, but not enough Wall Street analysts cover the company for it to have reliable consensus estimates. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses – everything from the cost of goods sold to advertising and wages. It's also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes. Movado's operating margin has been trending down over the last 12 months and averaged 4.5% over the last two years. The company's profitability was mediocre for a consumer discretionary business and shows it couldn't pass its higher operating expenses onto its customers. This quarter, Movado's breakeven margin was down 2.2 percentage points year on year. This contraction shows it was less efficient because its expenses increased relative to its revenue. Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Movado's full-year EPS flipped from negative to positive over the last five years. This is encouraging and shows it's at a critical moment in its life. In Q1, Movado reported EPS at $0.06, down from $0.13 in the same quarter last year. This print missed analysts' estimates, but we care more about long-term EPS growth than short-term movements. We also like to analyze expected EPS growth based on Wall Street analysts' consensus projections, but there is insufficient data. We struggled to find many positives in these results as its revenue and EPS fell short of Wall Street's estimates. Overall, this was a softer quarter. The stock traded down 8.9% to $15.90 immediately after reporting. Movado's earnings report left more to be desired. Let's look forward to see if this quarter has created an opportunity to buy the stock. When making that decision, it's important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
Business Wire
29-05-2025
- Business
- Business Wire
Movado Group, Inc. Announces First Quarter Fiscal 2026 Results
BUSINESS WIRE)--Movado Group, Inc. (NYSE: MOV) today announced first quarter fiscal 2026 results for the period ended April 30, 2025. Fiscal 2026 First Quarter Highlights Net sales of $131.8 million versus $134.4 million in the first quarter of fiscal 2025; Gross margin of 54.1% compared to 54.3% in the prior year period; Operating income of $0.3 million, including $0.6 million of expenses related to a cost-savings initiative, compared to $2.1 million in the prior year period; Adjusted operating income of $0.9 million; Diluted earnings per share of $0.06 compared to $0.09 in the prior year period; Adjusted diluted earnings per share of $0.08; and Ended the quarter with cash of $203.1 million and no debt. Efraim Grinberg, Chairman and Chief Executive Officer, stated, 'In the first quarter, we navigated a challenging retail environment with discipline and focus, continuing to invest in our iconic brands while driving operational efficiency. We were pleased to execute against our cost savings initiatives while delivering strong product innovation. Overall, our licensed brand portfolio performed very well, reflecting a renewed vibrancy in the fashion watch category. Our Movado brand received a strong response to our new product introductions during the Mother's Day holiday.' Mr. Grinberg continued, 'As we begin the second quarter, we anticipate continued market volatility, yet we are optimistic about the opportunities that lie ahead, as we introduce compelling innovation across our powerful brand portfolio. We ended the quarter with $203.1 million in cash and no debt, and are pleased to announce that our Board approved a quarterly dividend payment of $0.35 per share. We remain confident in our strategy and our ability to deliver long term profitable growth.' Non-GAAP Items (See attached table for GAAP and Non-GAAP measures) First quarter fiscal 2026 results of operations included a $0.6 million pre-tax charge, or $0.5 million after tax, representing $0.02 per diluted share, associated with the establishment of a provision for a corporate cost-savings initiative. In this press release, references to 'adjusted' results exclude the impact of the above charge. Please refer to the attached GAAP and Non-GAAP measures table for a detailed reconciliation of the Company's reported results to its adjusted, non-GAAP results. First Quarter Fiscal 2026 Results (See attached table for GAAP and Non-GAAP measures) Net sales decreased 1.9% to $131.8 million, or decreased 1.0% on a constant dollar basis, compared to $134.4 million in the first quarter of fiscal 2025. The decrease in net sales reflected declines in owned brands and Movado Company Stores, partially offset by an increase in licensed brands. U.S. net sales decreased 1.6% as compared to the first quarter of last year. International net sales decreased 2.2% (a decrease of 0.7% on a constant dollar basis) as compared to the first quarter of last year. Gross profit was $71.4 million, or 54.1% of net sales, compared to $72.9 million, or 54.3% of net sales in the first quarter of fiscal 2025. The decrease in gross margin percentage was primarily the result of the negative impact of fluctuations in foreign exchange rates, increased shipping costs and the decreased leverage of certain fixed costs as a result of lower sales, partially offset by favorable changes in channel and product mix. Operating expenses were $71.1 million in the first quarter of fiscal 2026 compared to $70.8 million in the first quarter of fiscal 2025. This increase was primarily due to an increase in foreign exchange losses that reflect a highly volatile exchange rate environment and an increase in performance-based compensation, partially offset by lower payroll-related and marketing expenses. As a percentage of sales, operating expenses increased to 53.9% of sales from 52.7% in the prior year period primarily due to lower sales. For the first quarter of fiscal 2026, adjusted operating expenses were $70.5 million, or 53.5% of sales. Operating income was $0.3 million compared to $2.1 million in the first quarter of fiscal 2025. Adjusted operating income was $0.9 million in the first quarter of fiscal 2026. The Company recorded a tax provision of $0.7 million in the first quarter of fiscal 2026 compared to a tax provision of $2.0 million in the first quarter of fiscal 2025. Based on adjusted pre-tax income, the adjusted tax provision in the first quarter of fiscal 2026 was $0.8 million, or an adjusted tax rate of 30.9%. The tax rate in the first quarter of fiscal 2025 was 48.7%. Net income for the first quarter of fiscal 2026 was $1.4 million, or $0.06 per diluted share, compared to net income of $2.0 million, or $0.09 per diluted share, in the first quarter of fiscal 2025. Adjusted net income for the first quarter of fiscal 2026 was $1.9 million, or $0.08 per diluted share. Quarterly Dividend and Share Repurchase Program The Company also announced that on May 29, 2025, the Board of Directors approved the payment on June 26, 2025 of a cash dividend in the amount of $0.35 for each share of the Company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 12, 2025. During the first quarter of fiscal 2026, the Company did not repurchase shares under its December 5, 2024 share repurchase program. As of April 30, 2025, the Company had $50.0 million remaining available under the share repurchase program. Fiscal 2026 Outlook Given the current economic uncertainty and the unpredictable impact of tariff developments on the Company's business, the Company has elected not to provide a fiscal 2026 outlook at this time. However, the Company is planning to take actions to partially mitigate the impact of the recent tariff changes, including select price increases at the wholesale and retail levels. Conference Call The Company's management will host a conference call and audio webcast to discuss its results today, May 29, 2025 at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at The webcast will be archived on the Company's website approximately one hour after the conclusion of the call. Additionally, a telephonic replay of the call will be available at 1:00 p.m. ET on May 29, 2025 until 11:59 p.m. ET on June 12, 2025 and can be accessed by dialing (844) 512-2921 and entering replay number 13754012. Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, and LACOSTE®, watches, and, to a lesser extent jewelry and other accessories, and operates Movado Company Stores in the United States and Canada. In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States ('GAAP'). Specifically, the Company is presenting adjusted operating expenses, adjusted operating income, adjusted pre-tax income, adjusted tax provision, adjusted net income and adjusted diluted earnings per share, which are operating expenses, operating income, pre-tax income, tax provision, net income and diluted earnings per share, respectively, under GAAP, adjusted to eliminate the establishment of a provision for a cost-savings initiative. The Company believes the adjusted measures are useful because they give investors information about the Company's financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same U.S. dollar exchange rate as in effect for the prior-year period for both periods being compared. The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as 'expects,' 'anticipates,' 'believes,' 'targets,' 'goals,' 'projects,' 'intends,' 'plans,' 'seeks,' 'estimates,' 'may,' 'will,' 'should' and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to the Company's ability to implement and maintain effective internal control over financial reporting in the future, plans to remediate the material weakness with respect to the Company's internal control over financial reporting and disclosure controls and procedures, general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company's products are sold, uncertainty regarding such economic and business conditions, including inflation, elevated interest rates, increased commodity prices and tightness in the labor market, trends in consumer debt levels and bad debt write-offs, general uncertainty related to geopolitical concerns, the increase in tariffs and other trade barriers, the impact of international hostilities, including the Russian invasion of Ukraine and war in the Middle East, on global markets, economies and consumer spending, on energy and shipping costs, and on the Company's supply chain and suppliers, supply disruptions, delivery delays and increased shipping costs, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, evolving stakeholder expectations and emerging complex laws on environmental, social, and governance matters, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, including price increases to offset increased costs, the impact of 'smart' watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to fulfill the Company's orders, the loss of or curtailed sales to significant customers, the Company's dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets, risks associated with the Company's minority investments in early-stage growth companies and venture capital funds that invest in such companies, the continuation of the Company's major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation and administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolving regulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business internationally, including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and impacts of currency exchange rate fluctuations and the success of hedging strategies related thereto, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future. (Tables to follow) MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES (In thousands, except for percentage data) (Unaudited) Three Months Ended April 30, % Change 2025 2024 (As Restated) Total net sales, as reported $ 131,769 $ 134,379 -1.9 % Total net sales, constant dollar basis $ 132,999 $ 134,379 -1.0 % Expand MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES (In thousands, except per share data) (Unaudited) Net Sales Gross Profit Total Operating Expenses Operating Income Pre-tax Income Provision for Income Taxes Net Income Attributable to Movado Group, Inc. Diluted EPS Three Months Ended April 30, 2025 As Reported (GAAP) $ 131,769 $ 71,350 $ 71,059 $ 291 $ 1,940 $ 660 $ 1,420 $ 0.06 Cost-Savings Initiative (1) - - (579) 579 579 119 460 0.02 Adjusted Results (Non-GAAP) $ 131,769 $ 71,350 $ 70,480 $ 870 $ 2,519 $ 779 $ 1,880 $ 0.08 Three Months Ended April 30, 2024 (As Restated) As Reported (GAAP) $ 134,379 $ 72,920 $ 70,802 $ 2,118 $ 4,172 $ 2,033 $ 2,015 $ 0.09 (1) Related to the establishment of a provision for a corporate cost-savings initiative. Expand MOVADO GROUP, INC. CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) April 30, April 30, 2025 2025 2024 (As Restated) ASSETS Cash and cash equivalents $ 203,086 $ 208,501 $ 225,372 Trade receivables, net 87,257 93,382 81,016 Inventories 189,298 156,738 165,170 Other current assets 23,971 21,786 22,258 Income taxes receivable 7,395 9,534 8,070 Total current assets 511,007 489,941 501,886 Property, plant and equipment, net 19,949 19,920 19,037 Operating lease right-of-use assets 82,018 86,009 89,155 Deferred and non-current income taxes 44,288 41,330 43,280 Other intangibles, net 5,408 5,537 6,935 Other non-current assets 84,508 86,494 75,702 Total assets $ 747,178 $ 729,231 $ 735,995 LIABILITIES AND EQUITY Accounts payable $ 33,091 $ 34,312 $ 32,999 Accrued liabilities 55,828 42,610 41,726 Accrued payroll and benefits 9,177 7,840 6,190 Current operating lease liabilities 19,323 19,263 18,192 Income taxes payable 8,136 8,935 4,263 Total current liabilities 125,555 112,960 103,370 Deferred and non-current income taxes payable 921 1,008 8,143 Non-current operating lease liabilities 72,956 75,508 79,749 Other non-current liabilities 52,346 56,176 52,877 Shareholders' equity 493,228 481,329 489,596 Noncontrolling interest 2,172 2,250 2,260 Total equity 495,400 483,579 491,856 Total liabilities and equity $ 747,178 $ 729,231 $ 735,995 Expand MOVADO GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended April 30, 2025 2024 (As Restated) Cash flows from operating activities: Net income $ 1,280 $ 2,139 Depreciation and amortization 2,280 2,288 Other non-cash adjustments 570 1,239 Changes in working capital (11,650 ) (23,822 ) Changes in non-current assets and liabilities 306 82 Net cash used in operating activities (7,214 ) (18,074 ) Cash flows from investing activities: Capital expenditures (1,533 ) (1,624 ) Long-term investments (1,290 ) (3,123 ) Trademarks and other intangibles (14 ) (49 ) Net cash used in investing activities (2,837 ) (4,796 ) Cash flows from financing activities: Dividends paid - (7,773 ) Stock repurchases - (1,086 ) Stock awards and options exercised and other changes (467 ) (1,058 ) Net cash used in financing activities (467 ) (9,917 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 5,177 (3,948 ) Net change in cash, cash equivalents, and restricted cash (5,341 ) (36,735 ) Cash, cash equivalents, and restricted cash at beginning of period 209,214 262,814 Cash, cash equivalents, and restricted cash at end of period $ 203,873 $ 226,079 Non-cash financing activities: Dividends declared but not paid $ 7,783 $ - Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 203,086 $ 225,372 Restricted cash included in other non-current assets 787 707 Cash, cash equivalents, and restricted cash $ 203,873 $ 226,079 Expand
Yahoo
29-05-2025
- Business
- Yahoo
Movado Group, Inc. Announces First Quarter Fiscal 2026 Results
~ Net Sales of $131.8 million ~ ~ Operating Income of $0.3 million and Adjusted Operating Income of $0.9 million ~ ~ EPS of $0.06 and Adjusted EPS of $0.08 ~ ~ Board Approves Quarterly Dividend of $0.35 Per Share ~ PARAMUS, N.J., May 29, 2025--(BUSINESS WIRE)--Movado Group, Inc. (NYSE: MOV) today announced first quarter fiscal 2026 results for the period ended April 30, 2025. Fiscal 2026 First Quarter Highlights Net sales of $131.8 million versus $134.4 million in the first quarter of fiscal 2025; Gross margin of 54.1% compared to 54.3% in the prior year period; Operating income of $0.3 million, including $0.6 million of expenses related to a cost-savings initiative, compared to $2.1 million in the prior year period; Adjusted operating income of $0.9 million; Diluted earnings per share of $0.06 compared to $0.09 in the prior year period; Adjusted diluted earnings per share of $0.08; and Ended the quarter with cash of $203.1 million and no debt. Efraim Grinberg, Chairman and Chief Executive Officer, stated, "In the first quarter, we navigated a challenging retail environment with discipline and focus, continuing to invest in our iconic brands while driving operational efficiency. We were pleased to execute against our cost savings initiatives while delivering strong product innovation. Overall, our licensed brand portfolio performed very well, reflecting a renewed vibrancy in the fashion watch category. Our Movado brand received a strong response to our new product introductions during the Mother's Day holiday." Mr. Grinberg continued, "As we begin the second quarter, we anticipate continued market volatility, yet we are optimistic about the opportunities that lie ahead, as we introduce compelling innovation across our powerful brand portfolio. We ended the quarter with $203.1 million in cash and no debt, and are pleased to announce that our Board approved a quarterly dividend payment of $0.35 per share. We remain confident in our strategy and our ability to deliver long term profitable growth." Non-GAAP Items (See attached table for GAAP and Non-GAAP measures) First quarter fiscal 2026 results of operations included a $0.6 million pre-tax charge, or $0.5 million after tax, representing $0.02 per diluted share, associated with the establishment of a provision for a corporate cost-savings initiative. In this press release, references to "adjusted" results exclude the impact of the above charge. Please refer to the attached GAAP and Non-GAAP measures table for a detailed reconciliation of the Company's reported results to its adjusted, non-GAAP results. First Quarter Fiscal 2026 Results (See attached table for GAAP and Non-GAAP measures) Net sales decreased 1.9% to $131.8 million, or decreased 1.0% on a constant dollar basis, compared to $134.4 million in the first quarter of fiscal 2025. The decrease in net sales reflected declines in owned brands and Movado Company Stores, partially offset by an increase in licensed brands. U.S. net sales decreased 1.6% as compared to the first quarter of last year. International net sales decreased 2.2% (a decrease of 0.7% on a constant dollar basis) as compared to the first quarter of last year. Gross profit was $71.4 million, or 54.1% of net sales, compared to $72.9 million, or 54.3% of net sales in the first quarter of fiscal 2025. The decrease in gross margin percentage was primarily the result of the negative impact of fluctuations in foreign exchange rates, increased shipping costs and the decreased leverage of certain fixed costs as a result of lower sales, partially offset by favorable changes in channel and product mix. Operating expenses were $71.1 million in the first quarter of fiscal 2026 compared to $70.8 million in the first quarter of fiscal 2025. This increase was primarily due to an increase in foreign exchange losses that reflect a highly volatile exchange rate environment and an increase in performance-based compensation, partially offset by lower payroll-related and marketing expenses. As a percentage of sales, operating expenses increased to 53.9% of sales from 52.7% in the prior year period primarily due to lower sales. For the first quarter of fiscal 2026, adjusted operating expenses were $70.5 million, or 53.5% of sales. Operating income was $0.3 million compared to $2.1 million in the first quarter of fiscal 2025. Adjusted operating income was $0.9 million in the first quarter of fiscal 2026. The Company recorded a tax provision of $0.7 million in the first quarter of fiscal 2026 compared to a tax provision of $2.0 million in the first quarter of fiscal 2025. Based on adjusted pre-tax income, the adjusted tax provision in the first quarter of fiscal 2026 was $0.8 million, or an adjusted tax rate of 30.9%. The tax rate in the first quarter of fiscal 2025 was 48.7%. Net income for the first quarter of fiscal 2026 was $1.4 million, or $0.06 per diluted share, compared to net income of $2.0 million, or $0.09 per diluted share, in the first quarter of fiscal 2025. Adjusted net income for the first quarter of fiscal 2026 was $1.9 million, or $0.08 per diluted share. Quarterly Dividend and Share Repurchase Program The Company also announced that on May 29, 2025, the Board of Directors approved the payment on June 26, 2025 of a cash dividend in the amount of $0.35 for each share of the Company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 12, 2025. During the first quarter of fiscal 2026, the Company did not repurchase shares under its December 5, 2024 share repurchase program. As of April 30, 2025, the Company had $50.0 million remaining available under the share repurchase program. Fiscal 2026 Outlook Given the current economic uncertainty and the unpredictable impact of tariff developments on the Company's business, the Company has elected not to provide a fiscal 2026 outlook at this time. However, the Company is planning to take actions to partially mitigate the impact of the recent tariff changes, including select price increases at the wholesale and retail levels. Conference Call The Company's management will host a conference call and audio webcast to discuss its results today, May 29, 2025 at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at The webcast will be archived on the Company's website approximately one hour after the conclusion of the call. Additionally, a telephonic replay of the call will be available at 1:00 p.m. ET on May 29, 2025 until 11:59 p.m. ET on June 12, 2025 and can be accessed by dialing (844) 512-2921 and entering replay number 13754012. Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, and LACOSTE®, watches, and, to a lesser extent jewelry and other accessories, and operates Movado Company Stores in the United States and Canada. In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States ("GAAP"). Specifically, the Company is presenting adjusted operating expenses, adjusted operating income, adjusted pre-tax income, adjusted tax provision, adjusted net income and adjusted diluted earnings per share, which are operating expenses, operating income, pre-tax income, tax provision, net income and diluted earnings per share, respectively, under GAAP, adjusted to eliminate the establishment of a provision for a cost-savings initiative. The Company believes the adjusted measures are useful because they give investors information about the Company's financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same U.S. dollar exchange rate as in effect for the prior-year period for both periods being compared. The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "expects," "anticipates," "believes," "targets," "goals," "projects," "intends," "plans," "seeks," "estimates," "may," "will," "should" and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to the Company's ability to implement and maintain effective internal control over financial reporting in the future, plans to remediate the material weakness with respect to the Company's internal control over financial reporting and disclosure controls and procedures, general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company's products are sold, uncertainty regarding such economic and business conditions, including inflation, elevated interest rates, increased commodity prices and tightness in the labor market, trends in consumer debt levels and bad debt write-offs, general uncertainty related to geopolitical concerns, the increase in tariffs and other trade barriers, the impact of international hostilities, including the Russian invasion of Ukraine and war in the Middle East, on global markets, economies and consumer spending, on energy and shipping costs, and on the Company's supply chain and suppliers, supply disruptions, delivery delays and increased shipping costs, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, evolving stakeholder expectations and emerging complex laws on environmental, social, and governance matters, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, including price increases to offset increased costs, the impact of "smart" watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to fulfill the Company's orders, the loss of or curtailed sales to significant customers, the Company's dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets, risks associated with the Company's minority investments in early-stage growth companies and venture capital funds that invest in such companies, the continuation of the Company's major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation and administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolving regulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business internationally, including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and impacts of currency exchange rate fluctuations and the success of hedging strategies related thereto, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future. (Tables to follow) MOVADO GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended April 30, 2025 2024 (As Restated) Net sales $ 131,769 $ 134,379 Cost of sales 60,419 61,459 Gross profit 71,350 72,920 Total operating expenses 71,059 70,802 Operating income 291 2,118 Non-operating income/(expense): Other income, net 1,760 2,172 Interest expense (111 ) (118 ) Income before income taxes 1,940 4,172 Provision for income taxes 660 2,033 Net income 1,280 2,139 Less: Net (loss)/income attributable to noncontrolling interests (140 ) 124 Net income attributable to Movado Group, Inc. $ 1,420 $ 2,015 Diluted Income Per Share Information Net income per share attributable to Movado Group, Inc. $ 0.06 $ 0.09 Weighted diluted average shares outstanding 22,499 22,673 MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES (In thousands, except for percentage data) (Unaudited) Three Months Ended April 30, % Change 2025 2024 (As Restated) Total net sales, as reported $ 131,769 $ 134,379 -1.9 % Total net sales, constant dollar basis $ 132,999 $ 134,379 -1.0 % MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES (In thousands, except per share data) (Unaudited) Net Sales Gross Profit Total OperatingExpenses OperatingIncome Pre-tax Income Provision for IncomeTaxes Net IncomeAttributable toMovado Group, Inc. Diluted EPS Three Months Ended April 30, 2025 As Reported (GAAP) $ 131,769 $ 71,350 $ 71,059 $ 291 $ 1,940 $ 660 $ 1,420 $ 0.06 Cost-Savings Initiative (1) - - (579) 579 579 119 460 0.02 Adjusted Results (Non-GAAP) $ 131,769 $ 71,350 $ 70,480 $ 870 $ 2,519 $ 779 $ 1,880 $ 0.08 Three Months Ended April 30, 2024 (As Restated) As Reported (GAAP) $ 134,379 $ 72,920 $ 70,802 $ 2,118 $ 4,172 $ 2,033 $ 2,015 $ 0.09 (1) Related to the establishment of a provision for a corporate cost-savings initiative. MOVADO GROUP, INC. CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) April 30, January 31, April 30, 2025 2025 2024 (As Restated) ASSETS Cash and cash equivalents $ 203,086 $ 208,501 $ 225,372 Trade receivables, net 87,257 93,382 81,016 Inventories 189,298 156,738 165,170 Other current assets 23,971 21,786 22,258 Income taxes receivable 7,395 9,534 8,070 Total current assets 511,007 489,941 501,886 Property, plant and equipment, net 19,949 19,920 19,037 Operating lease right-of-use assets 82,018 86,009 89,155 Deferred and non-current income taxes 44,288 41,330 43,280 Other intangibles, net 5,408 5,537 6,935 Other non-current assets 84,508 86,494 75,702 Total assets $ 747,178 $ 729,231 $ 735,995 LIABILITIES AND EQUITY Accounts payable $ 33,091 $ 34,312 $ 32,999 Accrued liabilities 55,828 42,610 41,726 Accrued payroll and benefits 9,177 7,840 6,190 Current operating lease liabilities 19,323 19,263 18,192 Income taxes payable 8,136 8,935 4,263 Total current liabilities 125,555 112,960 103,370 Deferred and non-current income taxes payable 921 1,008 8,143 Non-current operating lease liabilities 72,956 75,508 79,749 Other non-current liabilities 52,346 56,176 52,877 Shareholders' equity 493,228 481,329 489,596 Noncontrolling interest 2,172 2,250 2,260 Total equity 495,400 483,579 491,856 Total liabilities and equity $ 747,178 $ 729,231 $ 735,995 MOVADO GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended April 30, 2025 2024 (As Restated) Cash flows from operating activities: Net income $ 1,280 $ 2,139 Depreciation and amortization 2,280 2,288 Other non-cash adjustments 570 1,239 Changes in working capital (11,650 ) (23,822 ) Changes in non-current assets and liabilities 306 82 Net cash used in operating activities (7,214 ) (18,074 ) Cash flows from investing activities: Capital expenditures (1,533 ) (1,624 ) Long-term investments (1,290 ) (3,123 ) Trademarks and other intangibles (14 ) (49 ) Net cash used in investing activities (2,837 ) (4,796 ) Cash flows from financing activities: Dividends paid - (7,773 ) Stock repurchases - (1,086 ) Stock awards and options exercised and other changes (467 ) (1,058 ) Net cash used in financing activities (467 ) (9,917 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 5,177 (3,948 ) Net change in cash, cash equivalents, and restricted cash (5,341 ) (36,735 ) Cash, cash equivalents, and restricted cash at beginning of period 209,214 262,814 Cash, cash equivalents, and restricted cash at end of period $ 203,873 $ 226,079 Non-cash financing activities: Dividends declared but not paid $ 7,783 $ - Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 203,086 $ 225,372 Restricted cash included in other non-current assets 787 707 Cash, cash equivalents, and restricted cash $ 203,873 $ 226,079 View source version on Contacts ICR, Malkin203-682-8200
Business Wire
22-05-2025
- Business
- Business Wire
Movado Group, Inc. Announces Date of Conference Call and Webcast for First Quarter Fiscal Year 2026 Results
BUSINESS WIRE)--Movado Group, Inc. (NYSE: MOV) invites investors to listen to a broadcast of the Company's conference call to discuss first quarter fiscal year 2026 earnings results on Thursday, May 29, 2025, at 9:00 a.m. Eastern Time. A press release detailing the Company's first quarter fiscal year 2026 results will be issued before the market opens and prior to the call. The conference call will be hosted by Efraim Grinberg, Chairman and Chief Executive Officer, and Sallie DeMarsilis, Executive Vice President and Chief Financial Officer. Investors and analysts interested in participating on the call are invited to dial (877) 407-0784 and reference conference ID number 13754012 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at The webcast will be archived online within one hour of the completion of the conference call and remain available for 90 days. Additionally, a telephonic re-play of the call will be available at 1:00 p.m. ET on May 29, 2025, until 11:59 p.m. ET on June 12, 2025 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13754012. Movado Group, Inc. designs, sources, and globally distributes and sells MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS® and LACOSTE® watches and, to a lesser extent, jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.
Yahoo
18-04-2025
- Business
- Yahoo
Unpacking Q4 Earnings: Movado (NYSE:MOV) In The Context Of Other Apparel and Accessories Stocks
The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let's take a look at how Movado (NYSE:MOV) and the rest of the apparel and accessories stocks fared in Q4. Thanks to social media and the internet, not only are styles changing more frequently today than in decades past but also consumers are shifting the way they buy their goods, favoring omnichannel and e-commerce experiences. Some apparel and accessories companies have made concerted efforts to adapt while those who are slower to move may fall behind. The 17 apparel and accessories stocks we track reported a satisfactory Q4. As a group, revenues beat analysts' consensus estimates by 2.1% while next quarter's revenue guidance was in line. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 16.5% since the latest earnings results. With its watches displayed in 20 museums around the world, Movado (NYSE:MOV) is a watchmaking company with a portfolio of watch brands and accessories. Movado reported revenues of $174.7 million, up 1.9% year on year. This print fell short of analysts' expectations by 3.8%. Overall, it was a disappointing quarter for the company with a miss of analysts' EPS estimates. Efraim Grinberg, Chairman and Chief Executive Officer, stated: 'Despite a challenging macroeconomic backdrop, we delivered net sales growth in the fourth quarter and also expanded gross profit margin while increasing marketing spend in support of future growth. As we communicated when reporting third quarter results in December, we increased our focus on reducing go-forward operating expenses. As of our fiscal year end, we had already implemented actions that are expected to deliver $10 million in annualized savings while increasing efficiency across our enterprise in order to generate higher productivity and profitability. Additionally, we will bring our marketing spend to be more in line with sales in fiscal 2026, with planned spend being reduced by a range of $15 million to $20 million relative to fiscal 2025.' Movado delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 2.7% since reporting and currently trades at $13.35. Read our full report on Movado here, it's free. Owner of The North Face, Vans, and Supreme, VF Corp (NYSE:VFC) is a clothing conglomerate specializing in branded lifestyle apparel, footwear, and accessories. VF Corp reported revenues of $2.83 billion, up 1.9% year on year, outperforming analysts' expectations by 1.2%. The business had a stunning quarter with a solid beat of analysts' constant currency revenue and EPS estimates. The stock is down 60.5% since reporting. It currently trades at $10.49. Is now the time to buy VF Corp? Access our full analysis of the earnings results here, it's free. Originally founded as a hat store in 1938, Columbia Sportswear (NASDAQ:COLM) is a manufacturer of outerwear, sportswear, and footwear designed for outdoor enthusiasts. Columbia Sportswear reported revenues of $1.10 billion, up 3.5% year on year, exceeding analysts' expectations by 1.4%. Still, it was a slower quarter as it posted full-year EPS guidance missing analysts' expectations and a miss of analysts' EPS estimates. As expected, the stock is down 23.7% since the results and currently trades at $65.52. Read our full analysis of Columbia Sportswear's results here. Credited for inventing the first pair of blue jeans in 1873, Levi's (NYSE:LEVI) is an apparel company renowned for its iconic denim products and classic American style. Levi's reported revenues of $1.53 billion, up 3.1% year on year. This number came in 0.8% below analysts' expectations. Zooming out, it was actually a very strong quarter as it logged an impressive beat of analysts' constant currency revenue and EPS estimates. The stock is up 9.1% since reporting and currently trades at $14.70. Read our full, actionable report on Levi's here, it's free. Founded in 1996 by a former University of Maryland football player, Under Armour (NYSE:UAA) is an apparel brand specializing in sportswear designed to improve athletic performance. Under Armour reported revenues of $1.40 billion, down 5.7% year on year. This print beat analysts' expectations by 4.5%. Overall, it was an exceptional quarter as it also produced a solid beat of analysts' constant currency revenue estimates and an impressive beat of analysts' EPS estimates. Under Armour had the slowest revenue growth among its peers. The stock is down 29.4% since reporting and currently trades at $5.82. Read our full, actionable report on Under Armour here, it's free. The Fed's interest rate hikes throughout 2022 and 2023 have successfully cooled post-pandemic inflation, bringing it closer to the 2% target. Inflationary pressures have eased without tipping the economy into a recession, suggesting a soft landing. This stability, paired with recent rate cuts (0.5% in September 2024 and 0.25% in November 2024), fueled a strong year for the stock market in 2024. The markets surged further after Donald Trump's presidential victory in November, with major indices reaching record highs in the days following the election. Still, questions remain about the direction of economic policy, as potential tariffs and corporate tax changes add uncertainty for 2025. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here. Sign in to access your portfolio
