Movado Group, Inc. (NYSE:MOV) Q4 2024 Earnings Conference Call March 26, 2024 9:00 AM ET
Company Participants
Cody McAllister - ICR
Efraim Grinberg - Chairman & Chief Executive Officer
Sallie DeMarsilis - Executive Vice President, Chief Operating Officer & Chief Financial Officer
Conference Call Participants
Michael Legg - Benchmark Company
Operator
Good day, everybody, and welcome to the Movado Group, Incorporated Fourth 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 Cody McAllister of ICR. Please go ahead.
Cody McAllister
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. 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 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 direct comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release.
Now, I would like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.
Efraim Grinberg
Thank you, Cody. Good morning, and welcome to Movado Group's fourth quarter and year-end conference call. With me today is Sallie DeMarsilis, our COO and CFO. Today, I'm going to review the highlights of our year-end results and the launch of our new investment growth strategy. Sallie will then review our financial results as well as provide our financial outlook for the current year.
For the fourth quarter and the fiscal year, we were pleased to meet our revised financial expectations. For the quarter, sales declined by 7.5% to $179.6 million and adjusted operating income was $13.8 million versus $26.8 million last year.
For the fiscal year, we delivered sales of $672.6 million, a 10.5% decline from last year. Adjusted earnings per share, $2.13, including $6.4 million of interest income. We continue to maintain a very strong balance sheet, after generating $76.8 million of operating cash flow, reducing inventory by $38.2 million and ending the year with $262 million of cash and no debt.