Movado reports Q3 adjusted EPS 78c vs. $1.31 last year

Reports Q3 revenue $187.7M vs. $211.4M last year. CEO Efraim Grinberg stated, “For Q3, our results were impacted by the challenging retail environment in our largest markets, the United States and Europe. Notwithstanding this, the quarter saw us continue to advance our strategic priorities and invest in our brands while preparing for the all-important holiday selling season. Importantly, the strength of our balance sheet, with $201.0M of cash at quarter-end and no debt, allowed us to remain flexible as we continued to navigate the difficult backdrop. As we look to the final quarter of the year, we believe it is appropriate to moderate our annual outlook to incorporate our expectation for a continuation of the current operating environment across the U.S. and Europe. That said, we believe we are well positioned to capitalize on the holiday season with compelling newness across our watch and jewelry brands. We are particularly enthusiastic about the refreshed branding and advertising campaign in support of the Movado brand. Overall, we see significant opportunity ahead for Movado Group as we update our strategies to address the evolving landscape in the fashion watch category. We remain committed to continuing to drive long-term profitable growth.”