Movado Group, Inc. (NYSE:MOV) Q2 2024 Earnings Conference Call August 24, 2023 9:00 AM ET

Company Participants

Rachel Schacter - Investor Relations

Efraim Grinberg - Chairman and Chief Executive Officer

Sallie DeMarsilis - Executive Vice President, Chief Operating Officer and Chief Financial Officer

Conference Call Participants

Oliver Chen - TD Cowen

Operator

Good day, everybody and welcome to the Movado Group, Inc. Second Quarter 2024 Earnings Conference Call. As a reminder, today’s call is being recorded and may not be reproduced in full or in part without permission from the company. At this time, I would like to turn the conference over to Rachel Schacter of ICR. Please go ahead.

Rachel Schacter

Thank you. Good morning, everyone. With me on the call is Efraim Grinberg, Chairman and Chief Executive Officer and Sallie DeMarsilis, Executive Vice President, Chief Operating Officer and Chief Financial Officer.

Before we get started, I would like to remind you the company’s Safe Harbor language, which I am sure you are all familiar with. The statements contained in this conference call which are not historical facts, maybe deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties, all of which are described in the company’s filings with the SEC, which includes today’s press release. If any non-GAAP financial measure is used on this call, a presentation of the most directly comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release.

Now, I’d like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.

Efraim Grinberg

Thank you, Rachel. Welcome to Movado Group’s second quarter conference call. With me today is Sallie DeMarsilis, our COO and CFO. After I review the highlights of the quarter and our strategies and initiatives for the second half, Sallie will review our financial results and outlook in greater detail.

Our second quarter performance reflects our strong execution in a difficult operating environment with net sales within our expectation. The retail environment in our category remained challenging during the second quarter, particularly in the United States and Europe, our largest markets. While economic numbers have remained stable, discretionary purchases have been challenged by inflation and a greater allocation of consumers’ resources to travel and dining.