Reports Q4 revenue $194.3M vs. $206M last year. CEO Efraim Grinberg stated, "We managed our business well throughout the year, driving Movado Group to a record year for net sales and operating income with expansion in gross profit margin, as compared to FY22. We achieved this while generating Q4 results that, as expected, moderated from the fourth quarter of the prior year. These results follow a record performance in FY22 and reflect the power of our global portfolio of brands and the disciplined execution of our strategy by our organization.,,As we look ahead, we believe we will continue to face a difficult retail market in our largest regions, the U.S. and Europe…While we continue to maintain a disciplined approach to managing expenses and inventory levels, we will make the marketing investments behind our biggest brands to ensure that we emerge from the current environment in the strongest position and lay a solid foundation for future growth. Our strong balance sheet, with over $251M in cash and no debt, allows us to navigate through this period of uncertainty while continuing to invest behind our brands, our teams and our customers. We are pleased that our Board of Directors approved a special dividend of $1.00 per share, in addition to our regular quarterly dividend of 35c per share, demonstrating confidence in the future performance of our business and returning value to our shareholders."
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