Movado Group, Inc. (NYSE:MOV) Q1 2024 Results Conference Call May 25, 2023 9:00 AM ET

Company Participants

Rachel Schacter - ICR

Efraim Grinberg - Chairman, CEO

Sallie DeMarsilis - EVP, COO & CFO

Conference Call Participants

Oliver Chen - TD Cowen

Operator

Good day, everybody, and welcome to the Movado Group Incorporated First Quarter 2024 Earnings Conference Call. [Operator Instructions] 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 of the company's safe harbor language, which I'm sure you're all familiar with. The statements contained in this conference call, which are not historical facts, may be 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. Good morning, and welcome to Movado Group's first quarter conference call. With me today is Sallie DeMarsilis, our COO and CFO. After I've had a chance to review the highlights of our first quarter results and our progress on our strategic initiatives, Sallie will then review our financial results in greater detail. We would then be glad to answer any questions you might have.

As we had expected, the macroeconomic environment remained challenging during the beginning of the year, with inflation and rising interest rates continuing to affect purchases made by consumers of discretionary products in our key markets, the United States and Europe.

Against that backdrop, we were pleased with the results that our teams delivered for the first quarter, which met our expectations while continuing to make progress with the key growth priorities we have for our business, delivering sought-after innovation and elevating our brand awareness. This, along with continued expense discipline, has us well positioned to improve our performance as we move throughout the year.