Movado Group annual sales plunge 10% on U.S., international declines

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Movado Group annual sales plunge: Prominent Paramus, New Jersey-based watchmaker Movado Group reported a decline of 10.5% in fiscal 2024 revenues to $672.6 million on Tuesday. Sales at wholesale clients’ physical locations, internet retailers, and Movado company stores all contributed to this drop.

In the twelve months ended January 31, the corporation reported a 13% decline in retail sales in the United States and an 8.5% decline in sales internationally, which had a multiplicative effect on yearly revenues.

Sales dropped 7.5% to $179.6 million in the last quarter. When compared to the same period last year, net sales in the United States fell 12.4% while sales abroad fell 2.9%.

Falling from $94.5 million, or $4.12 per diluted share, in fiscal 2023 to $46.7 million, or $2.06 per diluted share, for the entire fiscal year is a stark contrast. The quarterly net income also declined, falling from $22.7 million, or $1.00 per diluted share, to $12.1 million, or $0.53 per diluted share.

Chairman and CEO Efraim Grinberg addressed the company’s performance, noting that Movado completed the year with revenue and diluted profits per share matching or exceeding forecasts, despite headwinds in the U.S. and European retail markets. This, according to Grinberg, was due to the fact that the holiday marketing campaigns and the debuts of new jewelry and watch products were both quite successful.

Movado predicts that fiscal 2025 net sales would be around $700 million to $710 million. Michelle Kennedy was also named senior vice president of human resources earlier in the fiscal year, according to the company’s announcement.

Emily Mitchell

Emily's passion for fashion journalism and her keen eye for runway trends make her the ultimate source for the latest fashion news and exclusive insights into the glamorous world of catwalks.

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