IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
FinancialsMar 21, 2017
Movado to Take More ‘Conservative’ Outlook This Year
With slow sales amid a challenging environment and retailers scaling back on inventory, the company is eliminating positions as it implements cost-saving initiatives.
Though sales were down in fiscal 2017, the company noted a number of successful launches that helped buoy the business, like that of the Esperanza collection. Pictured here is the Women’s Esperanza watch in a yellow gold PVD-finished stainless steel case ($1,295).
Paramus, N.J.--Movado Group said that sales were down in the fourth quarter and full year amid a challenging retail environment, noting that it is eliminating positions in the company as part of a cost-saving initiative.
Anticipating a continued difficult retail environment, shift to e-commerce and a sluggish fashion watch market in in the U.S., the company said it is taking a “more conservative view” for fiscal 2018.
In its earnings results released Monday, the company said sales decreased 12 percent in the U.S. in the fourth quarter ended Jan. 31, and by 9 percent in the region in the full fiscal year.
The “bright spot” for the watch company during the holiday season was its U.S. outlet business, it said, reporting a 7 percent increase there in the fourth quarter.
Globally, net sales were down 9 percent to $130.8 million in the fourth quarter, while operating income was down from $11.5 million in the year-earlier period to $7.4 million this year. Net income was $5.2 million in the three-month period, compared with $7.9 million last year.
In the full-year, net sales decreased 7 percent on a worldwide basis to $552.8 million, compared with $594.9 million in fiscal 2016.
Operating income for fiscal 2017 was $54 million, compared with operating income of $70.1 million in fiscal 2016, and net income was down from $45.1 million in the prior-year period to $35.1 million.
While the company noted a number of successful launches during the past year--such as its Ultra Slim designs across licensed brand portfolios and Movado collection as well as the launch of the Movado Esperanza collection--CEO Efraim Grinberg said in the earnings conference call that the watch category continues to be impacted by decreased traffic to retail partners combined with the introduction of wearables.
“We believe that the digital shift--consumers moving to purchasing on their smartphones and the consumption of digital media--has accelerated greatly over the last 18 months,” he said.
Given these shifts, the company is putting its digital initiative at the top of its priority list, reallocating a much larger portion of marketing dollars into the digital space and accelerating e-commerce growth.
The company also noted in its results that it was struggling from a difficult holiday season from its retail partners and their increased focus on inventory management amid slower store traffic.
As such, it is going to implement a number of “cost-savings initiatives” to
Editors' Picks
Sponsored by
reduce costs and improve profitability, including a decrease in the company’s workforce, primarily impacting its North American and Swiss operations.
Movado said it eliminated 70 positions in the U.S. last week and is in the process of executing a similar program in Switzerland.
Movado said it expects to realize about $12 million of savings in fiscal 2018 from these cost-saving initiatives.
The company also has a few new projects on the docket, including a long-term global partnership with fashion brand Rebecca Minkoff, which will lead to a collaboration on the design, development, distribution and marketing of a line of watches. The collection will launch in North America this summer.
Movado also recently announced a partnership with Google to launch Movado Connect, a smartwatch which will be powered by Android Wear 2.0. The watch is one of the first designed specifically for the platform, the company said, and will launch this fall, introducing five men’s styles starting at $495.
For fiscal 2018, the company anticipates net sales to be in the range of $515 million and $530 million and operating income to be between $50 million and $55 million. Net income, meanwhile, is expected to be approximately $33 million to $36.3 million.
Editor’s Note: This story was updated on March 21 to include the number of positions reduced in the U.S. supplied by Movado Group after the story already was published.
Movado said it eliminated 70 positions in the U.S. last week and is in the process of executing a similar program in Switzerland.
Movado said it expects to realize about $12 million of savings in fiscal 2018 from these cost-saving initiatives.
The company also has a few new projects on the docket, including a long-term global partnership with fashion brand Rebecca Minkoff, which will lead to a collaboration on the design, development, distribution and marketing of a line of watches. The collection will launch in North America this summer.
Movado also recently announced a partnership with Google to launch Movado Connect, a smartwatch which will be powered by Android Wear 2.0. The watch is one of the first designed specifically for the platform, the company said, and will launch this fall, introducing five men’s styles starting at $495.
For fiscal 2018, the company anticipates net sales to be in the range of $515 million and $530 million and operating income to be between $50 million and $55 million. Net income, meanwhile, is expected to be approximately $33 million to $36.3 million.
Editor’s Note: This story was updated on March 21 to include the number of positions reduced in the U.S. supplied by Movado Group after the story already was published.
More on Financials
The Latest
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’The gemstone supplier and manufacturer acquired the remarkable 104-gram Zambian emerald at Gemfields’ auction in May.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
