Reports Q3 revenue $182.7M vs. $187.7M last year. Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We continued to advance our strategy in the third quarter, unveiling a captivating Movado (MOV) brand-building marketing campaign in September, launching iconic product families across our brand portfolio, and delivering solid growth in our digital channel, all while maintaining a strong balance sheet. Our financial results were held back due to tighter inventory management by our retail partners in the U.S. and Europe and our planned increase in investment spend to support future growth. While we now expect net sales and operating income at the lower end of our previous guidance range, we have taken steps to align our expense base with expected sales, making the difficult decision to reduce headcount as part of a cost-savings initiative. This is expected to generate approximately $6.5 million in annualized savings.” “As we look ahead, our highest priority is to meaningfully improve profitability. We are finalizing plans for fiscal 2026 that focus on efficient brand-building initiatives, key growth opportunities such as jewelry and emerging markets, and a more streamlined expense base,” Mr. Grinberg continued. “We continue to enjoy a strong financial position, concluding the quarter with $181.5 million in cash and no debt, positioning us well to execute our strategic plans moving forward. We are confident in our ability to deliver sustained profitable growth and increased value for our shareholders.”
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