Movado Group, Inc. (NYSE:MOV) Q1 2025 Earnings Conference Call May 30, 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, everyone, and welcome to Movado Group, Inc. First Quarter Fiscal Year 2025 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. 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 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 first quarter conference call. With me today is Sallie DeMarsilis, our COO and CFO. After I review our progress on our strategic growth initiatives, Sallie will review our financial results in greater detail. We would then be glad to answer any questions you might have.

Our results for the first quarter were in line with expectations -- with our expectations. Sales declined by 5.7% to $136.7 million and operating income was $3.3 million versus $10.9 million last year. When we reported fiscal 2024 results in March, we shared our new investment growth strategy in which we would utilize our strong balance sheet and cash position to invest behind our brands and drive growth in our biggest and most important markets.