Movado Group, Inc. (NYSE: MOV) on Thursday reported a pointy fall in revenue for the second quarter of 2025. The corporate additionally issued monetary steering for fiscal 2025.
The posh watchmaker reported complete gross sales of $159.3 million for the second quarter, in comparison with $160.4 million within the prior yr quarter. There was a gross sales decline in each US and worldwide markets.
Because of this, complete internet revenue plunged to $3.72 million or $0.16 per share within the July quarter from $8.05 million or $0.36 per share in the identical interval final yr. For the complete fiscal yr, the administration expects gross sales to be within the vary of $665 million to $675 million.
Efraim Grinberg, chief government officer of Movado, mentioned, “Whereas elevated advertising and marketing funding coupled with our initiatives to boost retail efficiency drove enchancment in our gross sales pattern from the primary quarter, second-quarter gross sales and earnings had been beneath our expectations because of the difficult shopper spending atmosphere compounded by elevated bills to assist future progress.”
