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Luxury watch manufacturer, Movado Group, Inc. (NYSE: MOV ) has reported a decline in sales and net income for the fourth quarter of 2023. The company also provided guidance for fiscal 2024.
Net sales fell to $194.3 million in the three months from $205.9 million in the year-ago quarter. The US and international divisions recorded negative growth.
Reflecting weak top-line performance, fourth-quarter earnings fell to $1.03 per share from $1.32 per share a year ago. On an unadjusted basis, net income was $22.7 million or $1.00 per share, compared to $31.4 million or $1.33 per share last year.
Efraim Grinberg, Movado’s chief executive officer, said, “These results follow our record performance in fiscal 2022 and reflect the strength of our global brand portfolio and disciplined strategy execution by our organization. I am very proud of our team for their contribution in today’s operating environment.
Previous Performance
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