Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
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
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.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
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.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
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.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.