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.
Consequently, complete internet earnings 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, “While increased marketing investment coupled with our initiatives to enhance retail performance drove improvement in our sales trend from the first quarter, second-quarter sales and earnings were below our expectations due to the challenging consumer spending environment compounded by increased expenses to support future growth.”