Movado Group, Inc. (NYSE:MOV) Q4 2023 Earnings Conference Call March 23, 2023 9:00 AM ET
Company Participants
Efraim Grinberg - Chairman & CEO
Sallie DeMarsilis - EVP, COO & CFO
Rachel Schacter - IR
Conference Call Participants
Oliver Chen - TD Cowen
Operator
Good morning, everyone, and welcome to the Movado Group, Incorporated Fourth Quarter 2023 Earnings Conference Call. As a reminder, today’s call is being recorded and may not be reproduced in whole or in part without permission from the company.
At this time, I’d like to turn the call 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 am sure you are 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
Okay, thank you, Rachel. Good morning, and welcome to Movado Group's fourth quarter and fiscal 2023 year-end conference call. For today's call, I will first review our results for the fourth quarter and fiscal year, followed by our thoughts on the current operating environment and our strategic initiatives. Then Sallie will review our results in greater detail and provide our outlook. We'll then open up the call to questions.
I would like to start by recognizing our teams around the world for delivering strong results and executing our strategic plan in an evolving global economic environment. Over the course of fiscal 2023, we saw the effects of a U.S. consumer who is no longer benefiting from COVID-related stimulus programs, global headwinds from the war in Ukraine that began last March, growing inflationary pressures, and rising interest rates. In addition, our results have been further impacted by currency fluctuations. Within that context, our teams delivered a record year of $751.9 million in sales, an increase of 2.7%, or 7% on a constant currency basis.