Movado Group(MOV)

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Movado Group(MOV) - 2025 Q1 - Quarterly Results
2024-05-30 11:00
EXHIBIT 99.1 CONTACT: ICR, Inc. Cody McAlester/Allison Malkin 203-682-8200 MOVADO GROUP, INC. ANNOUNCES FIRST QUARTER FISCAL 2025 RESULTS ~ Net Sales of $136.7 million ~ ~ Operating Income of $3.3 million ~ ~ EPS of $0.13 ~ ~ Board Approves Quarterly Dividend of $0.35 Per Share ~ Paramus, NJ – May 30, 2024 -- Movado Group, Inc. (NYSE: MOV) today announced first quarter fiscal 2025 results for the period ended April 30, 2024. Fiscal 2025 First Quarter Highlights Efraim Grinberg, Chairman and Chief Executive ...
Movado Group(MOV) - 2024 Q4 - Earnings Call Transcript
2024-03-26 16:11
Movado Group, Inc. (NYSE:MOV) Q4 2024 Earnings Conference Call March 26, 2024 9:00 AM ET Company Participants Cody McAllister - ICR Efraim Grinberg - Chairman & Chief Executive Officer Sallie DeMarsilis - Executive Vice President, Chief Operating Officer & Chief Financial Officer Conference Call Participants Michael Legg - Benchmark Company Operator Good day, everybody, and welcome to the Movado Group, Incorporated Fourth Quarter 2024 Earnings Conference Call. As a reminder, today's call is being recorded a ...
Movado Group(MOV) - 2024 Q4 - Annual Report
2024-03-26 13:53
Sales and Revenue - Jewelry sales accounted for 7.5% of consolidated net sales in fiscal year 2024[28] - For the fiscal year ended January 31, 2024, licensed brands represented 53.9% of the Company's net sales[111] - The second half of each fiscal year accounted for 54.6%, 54.0%, and 57.9% of the Company's net sales for the years ended January 31, 2024, 2023, and 2022, respectively[113] - The Company’s e-commerce sales, while historically a minority, are expected to continue growing, indicating a shift in sales strategy[119] - The Company operates 51 retail outlet locations in the U.S. and four in Canada, with sales influenced by peak tourist seasons[190] - 56.8% of the Company's total sales are derived from international markets, with Europe accounting for 30.5% of total net sales for fiscal 2024[187][188] Marketing and Branding - Marketing expenses were 19.2%, 16.8%, and 16.3% of net sales in fiscal years 2024, 2023, and 2022, respectively[43] - The Company focuses on digital marketing and enhancing its online presence, including social media and influencer partnerships[43] - The Company has developed a strong brand-building reputation through strategic acquisitions and license agreements since its inception[15] - The Company’s sales strategy includes cooperative advertising programs with wholesale customers, enhancing relationships and facilitating new product introductions[53] - Marketing expenditures are strategically aligned to maintain or increase market share, with a focus on digital advertising and customer acquisition costs[197] Acquisitions and Licensing - The Company has a portfolio of owned brands including Movado, Concord, EBEL, Olivia Burton, and MVMT, as well as licensed brands such as Coach, Tommy Hilfiger, Hugo Boss, Lacoste, and Calvin Klein[14][18] - The Company completed its acquisition of MVMT in October 2018, targeting the millennial consumer with a direct-to-consumer business model[16] - The Company is highly selective in its licensing strategy, entering long-term agreements with powerful brands[17] - The Company has exclusive worldwide licenses for several brands, including COACH and TOMMY HILFIGER, with agreements set to expire between 2024 and 2031, allowing for continued brand expansion[63][64][66] Operational Efficiency - The Watch and Accessory Brands segment includes the design, manufacturing, and distribution of watches and jewelry, while the Company Stores segment encompasses the retail outlet business[45] - The Company emphasizes a flexible manufacturing model, relying on independent manufacturers to meet market demand, ensuring quality control through strict standards[58] - The Company operates a distribution facility in New Jersey that fulfills most orders for the U.S., Canada, and Latin America, and any disruption could materially affect its business[134] - The Company has a web-based system for retail partners to track repair status and service orders, improving customer service and operational efficiency[57] Workforce and Employment - As of January 31, 2024, the Company employed a total of 1,548 individuals globally, with 1,089 full-time employees, indicating a diverse workforce[74] - Approximately 29% of the Company's non-retail employees have been with the Company for over 10 years, reflecting employee retention efforts[75] - The Company maintains a strong focus on diversity and inclusion, with women representing approximately 62% of its global workforce and underrepresented minorities making up about 55% of U.S. employees[83] Financial Performance and Risks - The Company had unfilled orders of $41.0 million as of March 20, 2024, compared to $40.7 million in 2023 and $60.9 million in 2022, indicating a slight increase year-over-year but a decrease from two years ago[52] - Adverse economic conditions, including declines in consumer confidence and spending, could materially affect the Company's operating results, particularly for discretionary items[91][92] - The Company's wholesale business may be negatively impacted by the shift towards online shopping and consolidation in the retail industry, affecting sales to major jewelry store chains and department stores[101][102] - The Company faces intense competition in the watch industry, including from smart watches, which may adversely impact its results of operations and financial condition[103][104] - The Company’s inventory management is critical, as misjudging demand could lead to high inventory levels and adversely affect profitability[124][125] Compliance and Legal Matters - The Company is subject to complex and evolving laws and regulations regarding privacy and data protection, which could result in increased costs and legal claims[85] - The Company is involved in legal proceedings that could result in significant expenses and reputational damage, impacting cash flows[150] - A significant privacy breach could lead to costly enforcement actions and damage the Company's reputation, adversely affecting sales[148] Shareholder and Stock Information - The Grinberg family controls a majority of the voting power of the Company's stock through their significant holdings of class A common stock, influencing shareholder votes[154] - The Company repurchased a total of 111,722 shares of its common stock at a total cost of $3.1 million, averaging $27.89 per share during the fiscal year ended January 31, 2024[176] - The Company has a share repurchase program authorized for up to $50 million through November 23, 2024, depending on market conditions[176] - The cumulative total shareholder return for Movado Group, Inc. was 104.56 as of January 31, 2024, compared to 146.49 for the S&P SmallCap 600 Index, indicating underperformance relative to the index over the five-year period[182] Cybersecurity and IT - The Company has not experienced any material cybersecurity incidents in the last three fiscal years, indicating effective risk management strategies[162] - The Company maintains a Breach Response Team to oversee cybersecurity incident responses, ensuring a structured approach to managing potential threats[160] - The Company is migrating many IT systems to the cloud, which entails risks and could lead to disruptions affecting business operations and sales[136] Economic and Market Conditions - The Company faces risks related to increasing privacy regulations, which may raise operational costs and impact financial results[120] - Changes in consumer discretionary spending and travel factors can significantly affect customer foot traffic and sales at retail outlets[115] - Changes in laws and regulations could impose new requirements and costs, potentially placing the Company at a competitive disadvantage[145]
Movado Group(MOV) - 2024 Q4 - Annual Results
2024-03-26 11:10
EXHIBIT 99.1 ~ Fourth Quarter Net Sales of $179.6 million ~ ~ Fourth Quarter EPS of $0.53 and Fourth Quarter Adjusted EPS of $0.55 ~ CONTACT: ICR, Inc. Cody McAlester/Allison Malkin 203-682-8200 FINAL MOVADO GROUP, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2024 RESULTS ~ Fiscal 2024 Net Sales of $672.6 million ~ ~ Fiscal 2024 EPS of $2.06 and Fiscal 2024 Adjusted EPS of $2.13 ~ ~ Board Declares Quarterly Dividend ~ ~ Launches Investment Growth Strategy ~ Paramus, NJ – March 26, 2024 -- Movado Group, Inc ...
Movado Group(MOV) - 2024 Q3 - Earnings Call Transcript
2023-11-30 17:30
Movado Group, Inc. (NYSE:MOV) Q3 2024 Earnings Conference Call November 30, 2023 9:00 AM ET Company Participants Rachel Schacter - ICR Efraim Grinberg - Chairman & CEO Sallie DeMarsilis - EVP, COO & CFO Conference Call Participants Michael Legg - The Benchmark Company Operator Good day, everyone, and welcome to the Movado Group, Inc. Third Quarter Fiscal 2024 Earnings Conference Call. As a reminder, today's call is being recorded and may not be reproduced in full or in part without permission from the compa ...
Movado Group(MOV) - 2024 Q3 - Quarterly Report
2023-11-30 14:35
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16497 MOVADO GROUP, INC. (Exact Name of Registrant as Specified in its Charter) New York 13-2595932 (State or Other Jurisdiction of Incorpora ...
Movado Group(MOV) - 2024 Q2 - Earnings Call Transcript
2023-08-24 15:47
Movado Group, Inc. (NYSE:MOV) Q2 2024 Earnings Conference Call August 24, 2023 9:00 AM ET Company Participants Rachel Schacter - Investor Relations Efraim Grinberg - Chairman and Chief Executive Officer Sallie DeMarsilis - Executive Vice President, Chief Operating Officer and Chief Financial Officer Conference Call Participants Oliver Chen - TD Cowen Operator Good day, everybody and welcome to the Movado Group, Inc. Second Quarter 2024 Earnings Conference Call. As a reminder, today’s call is being recorded ...
Movado Group(MOV) - 2024 Q2 - Quarterly Report
2023-08-24 13:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16497 MOVADO GROUP, INC. (Exact ...
Movado Group(MOV) - 2024 Q1 - Earnings Call Transcript
2023-05-25 16:40
Movado Group, Inc. (NYSE:MOV) Q1 2024 Results Conference Call May 25, 2023 9:00 AM ET Company Participants Rachel Schacter - ICR Efraim Grinberg - Chairman, CEO Sallie DeMarsilis - EVP, COO & CFO Conference Call Participants Oliver Chen - TD Cowen Operator Good day, everybody, and welcome to the Movado Group Incorporated First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded and may not be reproduced in full or in part without permission from the c ...
Movado Group(MOV) - 2024 Q1 - Quarterly Report
2023-05-25 13:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16497 MOVADO GROUP, INC. (Exact Name of Registrant as Specified in its Charter) New York 13-2595932 (State or Other Jurisdiction of Incorporati ...