By Karen Roman
Movado Group, Inc. (NYSE: MOV) maintained guidance for fiscal 2025 with net sales between $700 million and $710 million, gross profit margin around 55% and operating income between $32 million to $35 million.
Net sales decreased 5.7% to $136.7 million in the first quarter, it said. Gross profit reached $75.5 million compared to $82 million in the same period the year prior, while gross profit margin was 55.3% in contrast to 56.6%, it said.
Operating income was $3.3 million in comparison to $10.9 million, while operating expenses were $72.2 million in contrast to $71.1 million due to higher payroll-related expenditures, it reported.
“We remain committed to executing our growth strategy, with our strong financial position allowing us to invest in targeted areas,” said Efraim Grinberg, Movado’s Chairman and CEO. “We expect our amplified marketing messaging to grow brand awareness and deliver a return to sales growth in the second half of the year.”
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