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Movado’s Q2 Sales Rebound Despite Tariff Impact
CEO Efraim Grinberg noted a resurgence in the fashion watch market.
A campaign image from the 2023 spring/summer Calvin Klein watch and jewelry collection, a licensed brand in Movado’s portfolio. Movado Group’s net sales rose 3 percent year-over-year in its recent Q2 results.
Paramus, N.J.—Movado Group’s sales rebounded in its second quarter, despite the impact of tariffs on its business.
On an earnings call Thursday morning, Movado CEO Efraim Grinberg talked tariffs, the growing popularity of fashion watches, and what’s new for its owned and licensed brands.
The retailer took a $2.2 million hit from tariff expenses in Q2, said CEO Efraim Grinberg on the company’s earnings call Thursday morning.
“Although we’ve taken certain actions to partially offset tariffs, those actions will predominantly impact future periods,” he said.
The retailer announced in April that it would raise prices on select timepieces to offset the impact of tariffs.
Notably, the 39 percent tariff on Swiss imports was announced after its Q2 had ended.
“During the second quarter, we built a strong position in inventory of Swiss-made watches in the United States and would expect a substantial portion of this year’s needs are covered,” said Grinberg.
Movado will continue to monitor the situation and remains hopeful that the Swiss tariff rates will be lowered, he said.
In the second quarter ending July 31, Movado’s net sales rose 3 percent year-over-year (1 percent on a constant dollar basis) to $161.8 million.
Movado attributed the rise to an increase in sales of its licensed brands and sales at its owned stores, though it was partially offset by a decrease in sales of its owned brands.
The company’s brand portfolio includes Movado, Ebel, and Concord, as well as licensed brands like Coach and Tommy Hilfiger.
For the first half of the year, net sales were up 1 percent (less than 1 percent on a constant dollar basis) to $293.6 million, which it attributed to higher volume demand from its wholesale customers.
Second-quarter net sales in the U.S. were down 2 percent as the company focused on “rebalancing our chain jewelry store distribution,” said Grinberg.
International sales were up 7 percent in the quarter (4 percent on a constant dollar basis), led by a strong performance in Europe, Latin America, and India.
The international sales increases were offset by its Middle East business, which is rebuilding following a recent incident at a subsidiary branch in Dubai that led the company to have to restate a few years’ worth of financial results.
For the first half of the year, U.S. sales were down 2 percent while international sales were up 3 percent in the quarter (2 percent on a constant dollar basis).
“International markets led our performance, driven by our licensed brands, with particular strength in our women’s watch collections and men’s jewelry. We also experienced growth in our global digital business,” said Grinberg in a statement.
Related stories will be right here …
On an earnings call Thursday morning, Movado CEO Efraim Grinberg talked tariffs, the growing popularity of fashion watches, and what’s new for its owned and licensed brands.
The retailer took a $2.2 million hit from tariff expenses in Q2, said CEO Efraim Grinberg on the company’s earnings call Thursday morning.
“Although we’ve taken certain actions to partially offset tariffs, those actions will predominantly impact future periods,” he said.
The retailer announced in April that it would raise prices on select timepieces to offset the impact of tariffs.
Notably, the 39 percent tariff on Swiss imports was announced after its Q2 had ended.
“During the second quarter, we built a strong position in inventory of Swiss-made watches in the United States and would expect a substantial portion of this year’s needs are covered,” said Grinberg.
Movado will continue to monitor the situation and remains hopeful that the Swiss tariff rates will be lowered, he said.
In the second quarter ending July 31, Movado’s net sales rose 3 percent year-over-year (1 percent on a constant dollar basis) to $161.8 million.
Movado attributed the rise to an increase in sales of its licensed brands and sales at its owned stores, though it was partially offset by a decrease in sales of its owned brands.
The company’s brand portfolio includes Movado, Ebel, and Concord, as well as licensed brands like Coach and Tommy Hilfiger.
For the first half of the year, net sales were up 1 percent (less than 1 percent on a constant dollar basis) to $293.6 million, which it attributed to higher volume demand from its wholesale customers.
Second-quarter net sales in the U.S. were down 2 percent as the company focused on “rebalancing our chain jewelry store distribution,” said Grinberg.
International sales were up 7 percent in the quarter (4 percent on a constant dollar basis), led by a strong performance in Europe, Latin America, and India.
The international sales increases were offset by its Middle East business, which is rebuilding following a recent incident at a subsidiary branch in Dubai that led the company to have to restate a few years’ worth of financial results.
For the first half of the year, U.S. sales were down 2 percent while international sales were up 3 percent in the quarter (2 percent on a constant dollar basis).
“International markets led our performance, driven by our licensed brands, with particular strength in our women’s watch collections and men’s jewelry. We also experienced growth in our global digital business,” said Grinberg in a statement.
Its namesake Movado brand saw sales drop 6 percent in the quarter.
However, Grinberg said the brand is making progress on its rebrand, noting a strong e-commerce performance with the Movado brand returning to growth in its department store channel.
The brand has seen success in its women’s watches, including the new bangle watch, as well as its “Bold” and “Heritage” collections.
There will also be new marketing content featuring its celebrity ambassadors, which include actresses Jessica Alba and Julianne Moore, Grammy-winning rapper and actor Ludacris, Christian McCaffrey of the San Francisco 49ers, and Tyrese Haliburton of the Indiana Pacers.
Its licensed brands saw sales jump 9 percent (7 percent on a constant currency basis).
“We're seeing a return to the fashion watch and jewelry category with increased interest by Gen Z consumers across digital platforms like TikTok, Reels, and YouTube,” said Grinberg.
Hugo Boss saw growth in its “Time Traveler” and “Candor” lines as well as its new women’s watches, particularly the “Mae” line which features small, square-shaped watches.
The Tommy Hilfiger brand has been refocusing on its women’s watch category, said Grinberg, with its “Mia” and “Moira” lines doing well. For men, its 70’s-inspired “Chronograph Hudson” collection is doing well and will be featured in its holiday campaign.
Lacoste is introducing new watch models, but its jewelry offerings were the standout, exceeding expectations, said Grinberg. The “Metropole” bracelet is a notable best-seller.
Calvin Klein is introducing some smaller watches, including a new mini version of its “Pulse” collection and a new 18mm contemporary collection “that has really piqued our retailers' attention,” he added.
Its Coach offerings have performed “extremely well,” especially in the U.S. with momentum in Europe. It will introduce new products in the second half of the year and expand its “Charter” collection for men.
Sales at Movado’s outlet division were up 2 percent in the second quarter, said Grinberg, noting an improved performance in its U.S. department stores and e-commerce.
Looking at other financial metrics, gross profit in Q2 was $87.6 million, or 54 percent of net sales, compared with $85.3 million, or 54 percent of net sales, in the previous second quarter.
In the first half of the year, gross profit was $158.9 million, or 54 percent of net sales, compared with $158.2 million, or 54 percent of net sales, in the previous second quarter.
The decreases in gross margin percentage were primarily due to the increased U.S. tariffs, said Movado, as well as the negative impact of currency fluctuations.
Looking to the year ahead, Movado declined to provide financial guidance due to “the current economic uncertainty and the unpredictable impact of tariff developments.”
“As we enter the second half of the year, we recognize that uncertainty remains around tariffs and the broader retail environment,” said Grinberg.
“At the same time, we're excited by the new products we have introduced and encouraged by the resurgence we are seeing in the fashion watch market.”
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