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Luxury watch manufacturer Movado Group, Inc. (NYSE: MOV ) reported a decline in net income for the third quarter of 2023 as sales fell 3%. The company also lowered its guidance for fiscal 2023.
Net sales fell to $211.4 million in the three months from $217.7 million in the prior quarter. The US and international divisions recorded negative growth.
Reflecting weak top-line performance, adjusted third-quarter earnings fell to $1.31 per share from $1.36 per share a year ago. On an unadjusted basis, net income was $30.11 million or $1.28 per share, compared to $31.79 million or $1.33 per share last year.
Efraim Grinberg, chief executive of Movado, said, “the disciplined execution of our strategy resulted in topline growth in constant currency and solid profitability in an increasingly difficult macro environment. We maintained healthy gross margin levels and managed costs, which resulted in operating margins which adjusted 18.4% in the quarter.
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