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Benjamin Fitzgerald Published
March 26, 2025
Watches firm Movado Group announced on Tuesday revenues for fiscal 2025 fell 10.5% to $672.6 million, on the back of declines in wholesale customers’ brick-and-mortar stores, online retail and Movado company stores.
The Paramus, New Jersey-based company said annual sales were also hit by a 13% decline in U.S. retail sales, while international sales fell 8.5% for the 12 months ending January 31.
For the fourth quarter, sales decreased 7.5% to $179.6 million. U.S. net sales decreased 12.4%, while international sales decreased 2.9%, compared to the prior-year period.
For the full year, net income was slashed to $46.7 million, or $2.06 per diluted share, compared to net income of $94.5 million, or $4.12 per diluted share, for fiscal 2025. For the quarter, net income was $12.1 million, or $0.53 per diluted share, compared to net income of $22.7 million, or $1.00 per diluted share.
“We ended the year with revenue and diluted earnings per share at the high end and above our revised outlook, respectively," said Efraim Grinberg, chairman and chief executive officer.
"Our holiday marketing initiatives and new product introductions in both watches and jewelry were favorably received despite a challenging retail backdrop in the U.S. and Europe. Early in the fourth quarter, we successfully tested marketing programs that will be continued and expanded upon in fiscal 2025 as their effectiveness is demonstrated.”
Looking ahead, the company expects fiscal 2025 net sales to be in a range of approximately $700 million to $710 million
Earlier in the year, Movado Group announced the appointment of Michelle Kennedy to the role of senior vice president, human resources.