It is located in Marin County, California.
Movado’s Q2 Sales Drop 12 Percent
The Paramus, N.J.-based watch company’s net sales totaled $128.1 million, compared with $145.6 million in the same period last year.
Paramus, N.J.--Movado Group Inc. recorded a double-digit decline in sales in the second quarter as consumer demand for watches remains soft and again lowered its outlook for the year.
The Paramus, N.J.-based watch company reported Thursday that second quarter net sales totaled $128.1 million compared with $145.6 million in the second quarter of last year, a decrease of 12 percent (11 percent on a constant dollar basis).
Net income dropped 48 percent, from $12.1 million to $6.3 million.
For the first half of the year, Movado has seen sales decline 9 percent (8 percent on a constant dollar basis) while net income has totaled $9.6 million, compared with $15.7 million in the same period last year.
In a company statement, Chairman and CEO Efraim Grinberg called the retail and economic environment challenging but noted that Movado’s second quarter performance was consistent with its outlook.
He also said that both Movado-brand watches and the company’s licensed brands, a list that includes names such as Tommy Hilfiger and Coach, continue to outperform other watches at retail.
Like Signet Jewelers, Movado is lowering its guidance for the full year. The watch company now expects sales of $550 to $560 million, down from the $565-$580 million projected following the release of its first quarter results.
“Given the challenging marketplace, we still see a number of headwinds and feel it is prudent to lower our full-year outlook,” Grinberg said.
Movado Group Inc. is based in Paramus, N.J. and designs, sources and distributes Movado, Ebel, Concord and ESQ Movado watches, as well as watches for Coach, Tommy Hilfiger, Hugo Boss, Juicy Couture, Lacoste and Scuderia Ferrari. The company also operates Movado stores in the United States.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.