Movado Group Inc (MOV) 2023 Q4 法說會逐字稿

完整原文

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  • Operator

    Operator

  • Good morning, everyone, and welcome to the Movado Group, Inc. Fourth Quarter 2023 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'd like to turn the call over to Rachel Schacter of ICR. Please go ahead.

    大家早上好,歡迎來到 Movado Group, Inc. 2023 年第四季度收益電話會議。提醒一下,今天的通話正在錄音中,未經公司許可不得全部或部分複制。在這個時候,我想把電話轉給 ICR 的 Rachel Schacter。請繼續。

  • Rachel Schacter - SVP

    Rachel Schacter - SVP

  • 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.

    謝謝。大家,早安。與我通話的是董事長兼首席執行官 Efraim Grinberg;執行副總裁、首席運營官兼首席財務官 Sallie DeMarsilis。

  • 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.

    在我們開始之前,我想提醒大家公司的安全港語言,我相信你們都很熟悉。本次電話會議中包含的陳述並非歷史事實,可被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。由於以下原因,未來的實際結果可能與此類陳述中建議的結果存在重大差異許多風險和不確定性,所有這些都在公司提交給美國證券交易委員會的文件中進行了描述,其中包括今天的新聞稿。如果在本次電話會議中使用任何非 GAAP 財務指標,我們將在我們的新聞稿中提供與該非 GAAP 財務指標最直接可比的 GAAP 財務指標的介紹,作為補充財務信息。現在我想把電話轉給摩凡陀集團董事長兼首席執行官 Efraim Grinberg。

  • Efraim Grinberg - Chairman & CEO

    Efraim Grinberg - Chairman & CEO

  • Great. 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 will then open up the call to questions.

    偉大的。謝謝你,雷切爾。早上好,歡迎來到摩凡陀集團第四季度和 2023 財年年終電話會議。在今天的電話會議上,我將首先回顧我們第四季度和本財年的業績,然後是我們對當前運營環境和戰略舉措的看法。然後 Sallie 將更詳細地審查我們的結果並提供我們的展望。然後我們將開始提問。

  • 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. On an adjusted basis, we delivered $123.2 million of operating profit versus $119.7 million last year. For the fourth quarter, our sales were $194.3 million versus $206 million last year, down 5.7% and 2.8% on a constant currency basis. Our adjusted operating profit for the quarter was $26.8 million compared to $37.9 million. While below last year's exceptional performance, our operating income for the fourth quarter was our second best ever and exceeded fiscal 2020 and 2019's fourth quarter by 222% and 35%, respectively.

    首先,我想表彰我們在世界各地的團隊在不斷變化的全球經濟環境中取得了出色的成果並執行了我們的戰略計劃。在 2023 財年期間,我們看到了美國消費者不再受益於與 COVID 相關的刺激計劃、去年 3 月開始的烏克蘭戰爭帶來的全球逆風、通脹壓力增加和利率上升的影響。此外,我們的業績還受到匯率波動的進一步影響。在此背景下,我們的團隊實現了創紀錄的 7.519 億美元銷售額,按固定匯率計算增長 2.7% 或 7%。在調整後的基礎上,我們實現了 1.232 億美元的營業利潤,而去年為 1.197 億美元。第四季度,我們的銷售額為 1.943 億美元,而去年同期為 2.06 億美元,按固定匯率計算分別下降 5.7% 和 2.8%。我們本季度調整後的營業利潤為 2680 萬美元,而此前為 3790 萬美元。雖然低於去年的出色表現,但我們第四季度的營業收入是我們有史以來第二好的,分別超過 2020 財年和 2019 財年第四季度的 222% 和 35%。

  • We ended the year with $251.6 million in cash and no debt, while returning $62.8 million to our shareholders through our dividend and share repurchase programs. We are pleased that our Board of Directors has approved a $1 special dividend in addition to the regular quarterly dividend of $0.35 per share. This demonstrates our confidence in the future performance of our business. As we had mentioned on our third quarter conference call, we believe that we would continue to see a difficult consumer landscape in the U.S. and Europe, our 2 largest markets. Consumers pulled back on discretionary purchases as more of their disposable income was affected by inflationary pressures and they shifted spend towards other categories like travel and restaurants as they return to a more normalized post-COVID environment. We were pleased that under these circumstances, we exceeded our revised expectations for the fourth quarter revenues and generated very strong cash flow and operating profit.

    我們以 2.516 億美元現金和無債務結束了這一年,同時通過我們的股息和股票回購計劃向我們的股東返還了 6280 萬美元。我們很高興,除了每股 0.35 美元的常規季度股息之外,我們的董事會還批准了 1 美元的特別股息。這顯示了我們對未來業務表現的信心。正如我們在第三季度電話會議上提到的那樣,我們相信我們將繼續看到美國和歐洲這兩個最大市場的艱難消費環境。由於更多的可支配收入受到通脹壓力的影響,消費者減少了可自由支配的購買,並且隨著他們回到更加正常化的後 COVID 環境,他們將支出轉向旅遊和餐飲等其他類別。我們很高興,在這種情況下,我們超出了我們對第四季度收入的修正預期,並產生了非常強勁的現金流和營業利潤。

  • In the U.S., we saw a 6.3% decline in sales during the quarter compared to a very strong fourth quarter in fiscal year 2022. Internationally, we experienced a 5% decline coming off a record quarter last year. Our international revenues were negatively impacted by significant challenges in Germany, the U.K. and France, driven by the war in Ukraine and inflationary pressures. Notably, we had strong performances in Latin America, the Middle East, India and Australia, which partially offset some of the declines during the quarter. On a constant currency basis, our international sales increased 0.6% in the fourth quarter. As we look at fiscal 2024, we expect the economic challenges around the world to continue. Interest rates have increased rapidly over the last year, and they appear to be having the desired effect of slowing down economic growth around the world. We are also beginning to see stresses in the banking system, which will place increased pressures on companies and consumers. In this environment, we will continue to focus on executing on our strategic initiatives of building our brands, growing our regions, driving innovation and continuing to develop our digital footprint.

    在美國,與 2022 財年非常強勁的第四季度相比,本季度銷售額下降了 6.3%。在國際上,我們經歷了 5% 的下降,較去年創紀錄的季度有所下降。在烏克蘭戰爭和通脹壓力的推動下,我們的國際收入受到德國、英國和法國面臨的重大挑戰的負面影響。值得注意的是,我們在拉丁美洲、中東、印度和澳大利亞的表現強勁,部分抵消了本季度的部分下滑。按固定匯率計算,我們第四季度的國際銷售額增長了 0.6%。展望 2024 財年,我們預計全球經濟挑戰將繼續存在。利率在過去一年迅速上升,似乎正在產生減緩全球經濟增長的預期效果。我們也開始看到銀行系統的壓力,這將給公司和消費者帶來更大的壓力。在這種環境下,我們將繼續專注於執行我們的戰略舉措,包括建立我們的品牌、發展我們的地區、推動創新和繼續發展我們的數字足跡。

  • As we have done in other periods of economic volatility, we will take advantage of our powerful balance sheet to continue to make investments that support our strategy and enable us to emerge in a strong position to drive growth as economic conditions improve. We will invest in our brand-building initiatives, making sure that we focus on our big brands in our biggest regions. Over the year ahead, we're expecting a sales decline of 3.6% to relatively flat with a larger decline in the first half as we anniversary record first half results during the prior year. We expect to see improving trends in the second half as we comp against weaker sales trends.

    正如我們在其他經濟波動時期所做的那樣,我們將利用我們強大的資產負債表繼續進行投資以支持我們的戰略,並使我們能夠在經濟狀況改善時處於推動增長的有利地位。我們將投資於我們的品牌建設計劃,確保我們專注於我們最大地區的大品牌。在未來的一年裡,我們預計銷售額將下降 3.6% 至相對持平,上半年下降幅度更大,因為我們在去年上半年創下了周年紀念記錄。我們預計下半年會出現改善趨勢,因為我們會應對疲軟的銷售趨勢。

  • I would now like to provide some highlights of our various brands and businesses. In Movado, we saw a single-digit decline for the full year as we compared to a very strong growth in the prior year period. We saw stronger results in our higher price points, and we were more challenged in our entry-level price points, which had been increased earlier in the year. Our average unit retail this year grew by approximately 9%. Looking ahead, while we continue to build our aspirational products at the top end of the Movado brand in fiscal 2024, we will also reinvigorate our opening price points in Movado Bold to help drive market share gains. Movado has the largest share in the $500 to $1,500 price point in the U.S. and we are taking the steps to ensure that we protect and build on that position. This spring, we are introducing Bold Horizon, a new slim and refined design that we are very excited about, which opens at $695. We'll support our spring marketing initiatives with television, featuring our new Bold TV commercial and exciting new content for Mother's Day and Father's Day.

    我現在想提供我們各個品牌和業務的一些亮點。在摩凡陀,與去年同期的強勁增長相比,我們看到全年出現個位數下降。我們在更高的價格點上看到了更強勁的結果,而我們在今年早些時候提高的入門級價格點上面臨更大的挑戰。我們今年的平均單位零售量增長了約 9%。展望未來,在 2024 財年我們繼續打造摩凡陀品牌高端產品的同時,我們還將重振摩凡陀 Bold 的開盤價,以幫助推動市場份額的增長。摩凡陀在美國 500 至 1,500 美元的價格點上佔有最大份額,我們正在採取措施確保我們保護並鞏固這一地位。今年春天,我們將推出 Bold Horizon,這是一款令我們非常興奮的全新纖薄精緻設計,起價為 695 美元。我們將通過電視支持我們的春季營銷計劃,包括我們新的 Bold 電視廣告以及母親節和父親節令人興奮的新內容。

  • During the holiday season, we saw encouraging results in our Alpha introductions at our highest price points from Movado, and we will continue to build in that arena. As we proceed throughout this year, we are reinvigorating our brand-building efforts to support our company's most important brands. In our licensed brands, we saw a 3.4% decline and a 1.3% increase on a constant currency basis during the fourth quarter. For the year, we saw an 8.5% increase and a 16.5% increase on a constant currency basis. We are collaborating with the strongest brands in the fashion watch category and we are focused on continuing to gain market share for these brands. In Tommy Hilfiger, we will drive innovation with the introduction of new Tommy Hilfiger watches in bolder and larger sizes for him with 2 exciting new introductions in large at 46 millimeters and wild a 50-millimeter sports offering with a tie dye strap. We will also fill some opening price point gaps with the introductions of Pipa and Norris this spring to attract value-conscious consumers in Europe.

    在假期期間,我們在摩凡陀的最高價位上看到了令人鼓舞的 Alpha 推出結果,我們將繼續在該領域進行建設。隨著我們今年的推進,我們正在重振我們的品牌建設工作,以支持我們公司最重要的品牌。在我們的授權品牌中,第四季度按固定匯率計算下降了 3.4%,增長了 1.3%。今年,我們看到了 8.5% 的增長和 16.5% 的增長(按固定匯率計算)。我們正在與時尚手錶類別中最強大的品牌合作,我們專注於繼續為這些品牌贏得市場份額。在 Tommy Hilfiger 中,我們將通過為他推出更大膽、更大尺寸的新款 Tommy Hilfiger 手錶來推動創新,包括 2 款激動人心的新品,分別是 46 毫米大錶款和 50 毫米錶帶紮染錶帶的運動錶款。我們還將在今年春季推出 Pipa 和 Norris,以填補一些開盤價位的空白,以吸引歐洲注重價格的消費者。

  • In Tommy Hilfiger, we are partnering with key influencers in our biggest markets, including a watch and jewelry partnership with European soccer player, Thiago Alcântara, who has over 10 million followers on Instagram. With HUGO BOSS, we will continue to collaborate on the brand's reinvigorated marketing and design efforts. One of the brand's important associations is Matteo Berrettini, the Italian tennis player with a strong social media following. This spring, we'll introduce Centre Court for BOSS in partnership with Matteo. We're also partnering with HUGO BOSS on major events like their recent fashion show in Miami. In BOSS, we will also introduce some key offerings at strong values for the brand below EUR 300.

    在 Tommy Hilfiger 中,我們與我們最大市場中的主要影響者合作,包括與歐洲足球運動員蒂亞戈·阿爾坎塔拉 (Thiago Alcântara) 建立手錶和珠寶合作夥伴關係,後者在 Instagram 上擁有超過 1000 萬粉絲。與 HUGO BOSS 一起,我們將繼續在品牌重振營銷和設計方面進行合作。該品牌的重要關聯之一是 Matteo Berrettini,這位意大利網球運動員在社交媒體上擁有強大的追隨者。今年春天,我們將與 Matteo 合作為 BOSS 推出 Center Court。我們還與 HUGO BOSS 合作舉辦重大活動,例如他們最近在邁阿密舉辦的時裝秀。在 BOSS 中,我們還將為品牌推出一些價值低於 300 歐元的重要產品。

  • In Lacoste, we are expanding our iconic L.12.12 offerings with the introduction of aluminum versions called L.12.12 Go, which allow us to offer beautiful colors in tune with the brand. We will also launch an exciting marketing program to support Lacoste in France for the French Open, where Lacoste is a major sponsor. In Coach, we are introducing some iconic new introductions Katy, a smaller rectangular offering with an innovative new strap and hidden time, a retro design covered watch with Coach's iconic T-Rose design. We have seen improving results in China for Coach as that market has reopened and will support the market with a strong campaign with local collaborations. We are very excited about the potential for our new Calvin Klein brand. Launched in January 2022, CK was our fastest launch ever in our Licensed Brand division. We saw a strong response from our retailers and consumers around the world.

    在 Lacoste,我們正在擴展我們標誌性的 L.12.12 產品,推出名為 L.12.12 Go 的鋁製版本,這使我們能夠提供與品牌相得益彰的美麗色彩。我們還將推出一項激動人心的營銷計劃,以支持法國的 Lacoste 參加法國網球公開賽,Lacoste 是該賽事的主要贊助商。在 Coach 中,我們推出了一些標誌性的新產品 Katy,這是一款較小的矩形產品,帶有創新的新錶帶和隱藏時間,是一款採用 Coach 標誌性 T-Rose 設計的複古設計錶殼。隨著中國市場的重新開放,我們已經看到 Coach 在中國的業績有所改善,並將通過與當地合作的強有力的宣傳活動來支持市場。我們對新 Calvin Klein 品牌的潛力感到非常興奮。 CK 於 2022 年 1 月推出,是我們授權品牌部門有史以來最快的推出。我們看到了來自世界各地的零售商和消費者的強烈反響。

  • This year, we will support the brand with increased marketing efforts and exciting new product introductions, including CK Sensation, a modern shaped watch starting at $160 and CK Force for men, a 45-millimeter sports watch starting at $190. We continue to believe that CK has a tremendous global potential within the watch and jewelry space. In our outlet stores, we had anticipated that we would see a more challenging environment during Q4, somewhat offset by our digital channel. Our brick-and-mortar channel declined by 9.2% for the quarter and 2.3% for the year. Including our digital channel, we grew by 5.1% for the year and 3.4% for the quarter. We continued to deliver strong gross margins in this division while below last year's record setting levels. In our young brands, Olivia Burton and MVMT, we continue to make progress in evolving our strategies to a changing marketplace. We are further along in our Olivia Burton transition as we have introduced a refresh product assortment in watches first with jewelry to follow.

    今年,我們將通過加大營銷力度和推出激動人心的新產品來支持該品牌,其中包括 CK Sensation,一款起價 160 美元的現代造型手錶和 CK Force 男款,一款起價 190 美元的 45 毫米運動手錶。我們仍然相信 CK 在手錶和珠寶領域具有巨大的全球潛力。在我們的直銷店中,我們曾預計在第四季度我們會看到更具挑戰性的環境,但我們的數字渠道會有所抵消。我們的實體渠道本季度下降了 9.2%,全年下降了 2.3%。包括我們的數字渠道在內,我們全年增長 5.1%,本季度增長 3.4%。我們繼續在該部門實現強勁的毛利率,同時低於去年創紀錄的水平。在我們的年輕品牌 Olivia Burton 和 MVMT 中,我們在不斷發展我們的戰略以適應不斷變化的市場方面繼續取得進展。我們在 Olivia Burton 的過渡中走得更遠,因為我們首先在手錶中引入了更新的產品系列,隨後是珠寶。

  • This spring, we are launching a U.K.-based marketing program entitled Post Cards from London to support the brand in the U.K.'s -- in the brand's largest market. We are seeing some encouraging initial results despite the U.K.'s current economic challenges. In MVMT, our teams have seen encouraging results with higher price point watches. We're focused on a strategy that will build the brand to be less dependent upon customer acquisition and more focused on building brand equity as we reinvigorate our brand message geared towards MVMT's MAVERICK consumer. As we look ahead, we believe we will continue to operate in a volatile economic retail and consumer environment in our largest markets, the U.S. and Europe. Despite this, we are focused on the opportunities. With our strong brand portfolio, we intend to focus on investing in our brands and gaining market share against our competitive set while maintaining a disciplined approach to expenses. As a company, we've always been focused on delivering long-term profitable growth. While we see some short-term headwinds, we are confident in our team's ability to deliver over the long term given our strong brand portfolio, great design and strong customer relationships.

    今年春天,我們將在英國推出一項名為“來自倫敦的明信片”的營銷計劃,以支持該品牌在英國的最大市場。儘管英國目前面臨經濟挑戰,但我們看到了一些令人鼓舞的初步結果。在 MVMT 中,我們的團隊看到了更高價位手錶的令人鼓舞的結果。我們專注於一項戰略,該戰略將建立品牌以減少對客戶獲取的依賴,並更加專注於建立品牌資產,因為我們重振了面向 MVMT 的 MAVERICK 消費者的品牌信息。展望未來,我們相信我們將繼續在我們最大的市場美國和歐洲的動盪經濟零售和消費環境中運營。儘管如此,我們仍專注於機會。憑藉我們強大的品牌組合,我們打算專注於投資我們的品牌並在競爭中獲得市場份額,同時保持紀律嚴明的支出方式。作為一家公司,我們一直專注於實現長期盈利增長。雖然我們看到了一些短期的不利因素,但鑑於我們強大的品牌組合、出色的設計和牢固的客戶關係,我們對我們團隊的長期交付能力充滿信心。

  • We have an impressive track record of adapting to a changing environment and maintaining a high level of nimbleness and flexibility. These attributes coupled with our strong balance sheet, will allow us to support our key brand-building initiatives while executing against our priorities, energizing our customers, investing in our people and driving innovation in our digital marketing channels. I will now turn it over to Sallie to review our financial results in greater detail as well as take a look at our outlook. We will then be glad to answer any questions.

    我們在適應不斷變化的環境和保持高度敏捷性和靈活性方面有著令人印象深刻的記錄。這些屬性加上我們強大的資產負債表,將使我們能夠支持我們的關鍵品牌建設計劃,同時執行我們的優先事項,激勵我們的客戶,投資於我們的員工並推動我們數字營銷渠道的創新。我現在將把它交給 Sallie 來更詳細地審查我們的財務業績,並看看我們的前景。我們將很樂意回答任何問題。

  • Sallie A. DeMarsilis - Executive VP, COO & CFO

    Sallie A. DeMarsilis - Executive VP, COO & CFO

  • Thank you, Efraim, and good morning. For today's call, I will review our financial results for the fourth quarter and fiscal 2023 and then discuss our outlook for fiscal 2024. My comments today will focus on adjusted results. Please refer to the description of the special items included in our results for the fourth quarter and full year of fiscal 2023 and fiscal 2022, in our press release issued earlier today which also includes a table for GAAP and non-GAAP measures. Overall, we are pleased with our performance for fiscal 2023, despite being negatively impacted by intensifying economic pressures in certain key markets as the year progressed and by the effects of currency fluctuations. Our financial results were highlighted by an increase in global net sales, strong gross margin performance and operational discipline. We once again ended the year with a strong balance sheet.

    謝謝 Efraim,早上好。在今天的電話會議上,我將回顧我們第四季度和 2023 財年的財務業績,然後討論我們對 2024 財年的展望。我今天的評論將集中在調整後的結果上。請參閱我們今天早些時候發布的新聞稿中對我們 2023 財年和 2022 財年第四季度和全年業績中包含的特殊項目的描述,其中還包括 GAAP 和非 GAAP 措施的表格。總體而言,我們對 2023 財年的業績感到滿意,儘管隨著時間的推移某些主要市場的經濟壓力加劇以及貨幣波動的影響對我們產生了負面影響。全球淨銷售額的增長、強勁的毛利率表現和運營紀律突出了我們的財務業績。我們再次以強勁的資產負債表結束了這一年。

  • Turning to the fourth quarter results. For the fourth quarter of fiscal 2023, sales were $194.3 million as compared to $206 million last year, a decrease of 5.7%. In constant dollars, net sales decreased 2.8%. The decrease in constant currency reflects a sales decline in owned brands, partially offset by increases in licensed brands and in our company stores. As Efraim mentioned, we have not been immune to the effect inflation is having on the consumer in the U.S. as well as across key international markets. To this end, U.S. net sales decreased 6.3% with a decrease in the company's owned brand category, partially offset by an increase in licensed brands and company store sales. International net sales decreased 5% as compared to the fourth quarter of last year. On a constant currency basis, International net sales grew by 0.6% with strong performances in certain markets, such as India, the Middle East and Australia, offset by continued softening in our largest international market, Europe, throughout the quarter due to overall economic uncertainty.

    轉向第四季度的結果。 2023 財年第四季度銷售額為 1.943 億美元,去年同期為 2.06 億美元,下降 5.7%。按不變美元計算,淨銷售額下降 2.8%。固定匯率的下降反映了自有品牌的銷售額下降,部分被授權品牌和我們公司商店的增長所抵消。正如 Efraim 所提到的,我們未能倖免於通貨膨脹對美國以及主要國際市場消費者的影響。為此,由於公司自有品牌類別的減少,美國淨銷售額下降了 6.3%,部分被許可品牌和公司商店銷售額的增加所抵消。與去年第四季度相比,國際淨銷售額下降了 5%。按固定匯率計算,國際淨銷售額增長 0.6%,印度、中東和澳大利亞等某些市場的強勁表現被我們最大的國際市場歐洲在整個季度因整體經濟不確定性持續疲軟所抵消.

  • Gross profit as a percent of sales was 56.2% compared to 58.7% in the fourth quarter of last year. The decrease in gross margin was primarily driven by unfavorable channel and product mix and the unfavorable impact of foreign currency exchange rates. Operating expenses were $82.4 million as compared to $82.9 million for the same period of last year. The decrease was driven by a decrease in performance-based compensation, partially offset by higher marketing expenses and an increase in payroll-related expenses. Primarily as a result of the reduction in sales and gross margin, operating income decreased by $11.1 million to $26.8 million compared to $37.9 million in the fourth quarter of fiscal 2022. As Efraim mentioned, while the fourth quarter operating income was lower than last year, our fourth quarter of fiscal 2023 was the second most profitable fourth quarter Movado Group has on record.

    毛利潤佔銷售額的百分比為 56.2%,而去年第四季度為 58.7%。毛利率下降主要是由於不利的渠道和產品組合以及外幣匯率的不利影響。運營費用為 8240 萬美元,而去年同期為 8290 萬美元。減少的原因是基於績效的薪酬減少,部分被較高的營銷費用和工資相關費用的增加所抵消。主要由於銷售額和毛利率下降,營業收入從 2022 財年第四季度的 3790 萬美元減少 1110 萬美元至 2680 萬美元。正如 Efraim 提到的,雖然第四季度營業收入低於去年,我們 2023 財年第四季度是摩凡陀集團有記錄以來利潤第二高的第四季度。

  • We reported income tax expense of $4.2 million in the fourth quarter of fiscal 2023 as compared to $6.5 million in the fourth quarter of fiscal 2022. Net income in the fourth quarter was $23.3 million or $1.03 per diluted share as compared to $31.2 million or $1.32 per diluted share in the year ago period. Now turning to our fiscal year results. Sales were $751.9 million, an increase of 2.7% from fiscal 2022. In constant dollars, the increase in net sales was 7%. International sales increased 8.2% or 16.4% on a constant currency basis. U.S. net sales declined by 3.5%. Gross profit was $433.9 million or 57.7% of sales as compared to $419.1 million or 57.2% of sales last year. The increase in gross margin rate was due to favorable channel and product mix, partially offset by the unfavorable changes in foreign currency exchange rates. Operating income was $123.2 million compared to operating income of $119.7 million in fiscal 2022. As a percent of net sales, operating income was 16.4% in fiscal 2023 as compared to 16.3% in fiscal 2022.

    我們報告的 2023 財年第四季度所得稅費用為 420 萬美元,而 2022 財年第四季度為 650 萬美元。第四季度淨收入為 2330 萬美元或每股攤薄收益 1.03 美元,而 3120 萬美元或每股攤薄收益為 1.32 美元去年同期的攤薄份額。現在轉向我們的財年業績。銷售額為 7.519 億美元,比 2022 財年增長 2.7%。按不變美元計算,淨銷售額增長 7%。按固定匯率計算,國際銷售額增長 8.2% 或 16.4%。美國淨銷售額下降了 3.5%。毛利潤為 4.339 億美元,佔銷售額的 57.7%,而去年為 4.191 億美元,佔銷售額的 57.2%。毛利率的上升是由於有利的渠道和產品組合,部分被外幣匯率的不利變化所抵消。營業收入為 1.232 億美元,而 2022 財年的營業收入為 1.197 億美元。營業收入占淨銷售額的百分比在 2023 財年為 16.4%,而 2022 財年為 16.3%。

  • Net income was $96.8 million or $4.22 per diluted share as compared to net income of $93.4 million or $3.94 per diluted share in the year ago period. Now turning to our balance sheet. Cash at the end of the fiscal year was $251.6 million as compared to $277.1 million at the same period of last year. Today, we also announced a special cash dividend of $1 per share in addition to the regular quarterly cash dividend of $0.35 per share. Accounts receivable were $94.3 million compared to $91.6 million at the same period of last year. Inventory at the end of the quarter was up $25.9 million or 16.2% above the same period last year, primarily due to the timing of receipt. We are comfortable with the level and composition of inventory at the end of the year. Capital expenditures were $7.1 million and depreciation and amortization expense was $10.8 million, which included $2.9 million related to the amortization of the remaining acquired intangible assets of Olivia Burton and MVMT.

    淨收入為 9680 萬美元或稀釋後每股收益 4.22 美元,而去年同期的淨收入為 9340 萬美元或稀釋後每股收益 3.94 美元。現在轉向我們的資產負債表。財年末現金為 2.516 億美元,上年同期為 2.771 億美元。今天,除了每股 0.35 美元的常規季度現金股息外,我們還宣布了每股 1 美元的特別現金股息。應收賬款為 9430 萬美元,去年同期為 9160 萬美元。本季度末的存貨比去年同期增加 2590 萬美元或 16.2%,這主要是由於收貨時間。我們對年底的庫存水平和構成感到滿意。資本支出為 710 萬美元,折舊和攤銷費用為 1080 萬美元,其中包括與 Olivia Burton 和 MVMT 剩餘收購的無形資產攤銷相關的 290 萬美元。

  • As Efraim mentioned, as we look into fiscal 2024, we remain cautious due to growing economic concern, overall weaker spending environment and increasing interest rates and inflation. Taking these factors into account, we currently expect fiscal 2024 net sales in a range of approximately $725 million to $750 million. Although for the year, we expect a sales decline of 3.6% to relatively flat, we expect a bigger decline in the first half as we anniversary record results during the prior year. We would expect to see first quarter net sales to be down 12% to 15% from the same period of fiscal 2023. Assuming the current composition of channel and product mix, continued pressure on material costs and current FX rates, we expect gross profit of approximately 56% of net sales. We plan to prudently invest in our brand-building initiatives, our employees and our customers while we continue to tightly manage our discretionary spending. And therefore, we expect operating income in a range of $80 million to $85 million.

    正如 Efraim 提到的,在我們展望 2024 財年時,由於對經濟的擔憂加劇、整體支出環境疲軟以及利率和通脹上升,我們仍然持謹慎態度。考慮到這些因素,我們目前預計 2024 財年的淨銷售額約為 7.25 億美元至 7.5 億美元。儘管就今年而言,我們預計銷售額將下降 3.6% 至相對平穩,但我們預計上半年的降幅會更大,因為我們在上一年創下了周年紀念業績。我們預計第一季度淨銷售額將比 2023 財年同期下降 12% 至 15%。假設當前的渠道和產品組合構成、材料成本和當前匯率的持續壓力,我們預計毛利為約占淨銷售額的 56%。我們計劃謹慎地投資於我們的品牌建設計劃、我們的員工和我們的客戶,同時我們繼續嚴格管理我們的可自由支配支出。因此,我們預計營業收入在 8000 萬至 8500 萬美元之間。

  • With our strong balance sheet and global cash position as well as current interest rates, we expect to report approximately $3.5 million of interest income this fiscal year. Assuming no changes to the current tax law regulations, our current outlook assumes a 22% effective tax rate and results in an expected range of earnings of $2.70 to $2.90 per diluted share. As it relates to share repurchases during fiscal 2023, we repurchased approximately 900,000 shares. As of January 31, 2023, we had $21 million remaining under our authorized repurchase program. Subject to prevailing market conditions and the business environment, we plan to utilize our share repurchase plan to offset dilution in fiscal 2024. This outlook does not contemplate significant further impact of economic deterioration and assumes no further significant fluctuations from prevailing foreign currency exchange rates.

    憑藉我們強勁的資產負債表和全球現金狀況以及當前利率,我們預計本財年的利息收入約為 350 萬美元。假設現行稅法規定沒有變化,我們目前的展望假設有效稅率為 22%,預計每股攤薄收益為 2.70 美元至 2.90 美元。由於涉及 2023 財年的股票回購,我們回購了大約 900,000 股股票。截至 2023 年 1 月 31 日,我們的授權回購計劃剩餘 2100 萬美元。根據當前的市場狀況和商業環境,我們計劃利用我們的股票回購計劃來抵消 2024 財年的稀釋。該展望並未考慮經濟惡化的進一步重大影響,並假設現行外幣匯率不會進一步大幅波動。

  • I would now like to open the call up for questions.

    我現在想打開問題的電話。

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from the line of Oliver Chen with TD Cowen.

    (操作員說明)我們的第一個問題來自 TD Cowen 的 Oliver Chen。

  • Oliver Chen - MD & Senior Equity Research Analyst

    Oliver Chen - MD & Senior Equity Research Analyst

  • Regarding the guidance ahead, what's assumed for average unit retail? And Efraim, what do you see as the biggest need for the lower price point execution? And what's happening there, given that consumers are really focused on value, are you concerned about the markdown risk in terms of the assortment out there right now?

    關於未來的指導,平均單位零售的假設是什麼? Efraim,您認為低價執行的最大需求是什麼?考慮到消費者真正關注的是價值,那裡發生了什麼,你是否擔心目前商品種類的降價風險?

  • Efraim Grinberg - Chairman & CEO

    Efraim Grinberg - Chairman & CEO

  • I'm not concerned about markdown risk, although I do believe that the marketplace has been and will continue to be somewhat more promotional through this year as consumers are challenged with inflation. What we've done, and we've done this before as -- in more challenging economic times. Sometimes, we have to refill price points that we have vacated still at very strong gross margin. So that's what we're initiating throughout the year in both our licensed brands and then in several families for Movado Bold so -- and we've generally seen a very good reaction to those programs. So I would not expect, for example, the average unit retail this year to increase. I think that we're not -- I think if we want to motivate consumers, you do have to offer them, today, value and -- at every price point, but it still becomes more challenging to increase your AUR.

    我不擔心降價風險,儘管我確實相信,由於消費者面臨通貨膨脹的挑戰,今年市場已經並將繼續進行更多的促銷活動。在更具挑戰性的經濟時代,我們所做的,以及我們以前做過的事情。有時,我們必須重新填補我們仍然以非常高的毛利率騰出的價格點。所以這就是我們全年在我們的授權品牌以及然後在 Movado Bold 的幾個家庭中發起的——我們通常看到對這些計劃的良好反應。因此,例如,我預計今年的平均單位零售量不會增加。我認為我們不是——我認為如果我們想激勵消費者,你必須在今天為他們提供價值——在每個價位上,但增加你的 AUR 仍然變得更具挑戰性。

  • Oliver Chen - MD & Senior Equity Research Analyst

    Oliver Chen - MD & Senior Equity Research Analyst

  • Got it. Very helpful. And internationally, do you expect Germany, U.K. and France to continue to be cautious and/or get worse? Also, your comments on China were helpful. What are you seeing in that market? And how might that momentum change over time?

    知道了。很有幫助。在國際上,您是否預計德國、英國和法國會繼續保持謹慎和/或變得更糟?另外,您對中國的評論很有幫助。你在那個市場上看到了什麼?隨著時間的推移,這種勢頭會如何變化?

  • Efraim Grinberg - Chairman & CEO

    Efraim Grinberg - Chairman & CEO

  • So I think I'll deal first with Europe. I think it's going to remain challenging for a while. It's -- and what we're seeing is that they obviously have increased inflation rates. You've seen central banks in Europe, raising interest rates, again, to fight -- to try to fight inflation. And from what -- anecdotally, what we can see is the consumers there are actually being hit by higher levels of inflation in food and fuel than in the United States. And so I think that, that will continue to have a further impact in those markets. On the China front, it's a small market for us, but one we believe we've seen some green shoots as it reopens and believe it has a long-term prospect for the company. The Coach brand is very well accepted in China. CK, we are -- we launched last year and while still small, we believe there is a big opportunity for that in China. And we're also -- have a meaningful Movado business in China that we think will grow over time.

    所以我想我會首先處理歐洲問題。我認為這將在一段時間內保持挑戰性。這是——我們所看到的是,他們顯然提高了通貨膨脹率。你已經看到歐洲的中央銀行再次提高利率來對抗 - 試圖對抗通貨膨脹。從什麼 - 有趣的是,我們可以看到那裡的消費者實際上受到比美國更高的食品和燃料通脹水平的打擊。所以我認為,這將繼續對這些市場產生進一步的影響。在中國方面,這對我們來說是一個小市場,但我們相信隨著它重新開放,我們已經看到了一些萌芽,並相信它對公司有長期前景。 Coach品牌在中國非常受歡迎。 CK,我們是——我們去年推出了,雖然規模還很小,但我們相信在中國有很大的機會。而且我們也 - 在中國擁有有意義的摩凡陀業務,我們認為它會隨著時間的推移而增長。

  • Oliver Chen - MD & Senior Equity Research Analyst

    Oliver Chen - MD & Senior Equity Research Analyst

  • Okay. And you called out in your prepared remarks, the situation regarding the banking system. How might that manifest in your opinion, more generally with the consumer? And then more specifically in terms of why you called it out?

    好的。你在準備好的發言中提到了有關銀行系統的情況。在您看來,更普遍的情況是如何體現在消費者身上?然後更具體地說,你為什麼叫它出來?

  • Efraim Grinberg - Chairman & CEO

    Efraim Grinberg - Chairman & CEO

  • Well, I think the higher interest rates and as banks get under stress, at least even just as you read about it and you see it, that will be tough for an extending credit to both consumers, which -- and credit to consumers will become more expensive. You're already seeing that obviously in mortgage rates, but you'll also see it in credit card bills as well. And they'll also be more cautious in extending credit to corporations. And all of that is meant to slow down. We'll have an effect of slowing down the economy. So that's -- I think that's historically happened as interest rates rise, and they've risen very rapidly this year. And I think you know we believe that we'll see a lag effect of those interest rate hikes and a more cautious banking system around the world.

    好吧,我認為更高的利率和銀行承受壓力,至少就像你讀到和看到的那樣,這將很難向兩個消費者提供信貸,而對消費者的信貸將變得更貴。您已經在抵押貸款利率中明顯看到這一點,但您也會在信用卡賬單中看到它。而且他們在向企業提供信貸時也會更加謹慎。所有這一切都是為了放慢速度。我們將產生減緩經濟的效果。所以那是——我認為這在歷史上是隨著利率上升而發生的,而且今年利率上升得非常快。而且我想你知道我們相信我們會看到這些加息的滯後效應以及全球銀行體系更加謹慎。

  • Oliver Chen - MD & Senior Equity Research Analyst

    Oliver Chen - MD & Senior Equity Research Analyst

  • Okay. And last one on the North America wholesale front, we've seen a fair bit of volatility and some of the retailers and department stores are over-inventoried in certain categories. What are you seeing there? And what's your forecast for how that channel will look?

    好的。最後一個是北美批發方面,我們看到了相當大的波動,一些零售商和百貨公司在某些類別中庫存過多。你在那裡看到什麼?您對該頻道的外觀有何預測?

  • Efraim Grinberg - Chairman & CEO

    Efraim Grinberg - Chairman & CEO

  • So we're -- we've done very well within the department store channel and expect to continue to do well. But I think it will be -- they will be very focused on inventory throughout the year and on managing to their sales trends as they have been and as they should be. So I think their inventories are in a pretty healthy place. But I think one of the things that the consumer in the U.S. is -- has, first of all, alternatives in terms of they're now spending money on experiences, but even irregardless of that, you've seen inflation take a toll on consumers and then the anniversary of stimulus, which had built a tremendous amount of savings with the American consumer, and those savings are now being depleted by inflation as well. So I think it's why we had already in the third quarter, believed that you would see an impact of this in the holiday period. And we -- although we did better than we had originally forecasted, we did see the impact of that -- of all these measures on the consumer.

    所以我們 - 我們在百貨商店渠道中做得很好,並希望繼續做得很好。但我認為這將是——他們將非常關注全年的庫存,並按照過去和應該的方式管理他們的銷售趨勢。所以我認為他們的庫存非常健康。但我認為美國消費者的一件事是——首先,他們有其他選擇,他們現在正在花錢購買體驗,但即便如此,你已經看到通貨膨脹對消費者造成了影響消費者,然後是刺激計劃週年紀念日,美國消費者積累了大量儲蓄,而這些儲蓄現在也因通貨膨脹而耗盡。所以我認為這就是為什麼我們已經在第三季度,相信你會在假期期間看到這種影響。我們——雖然我們做得比我們最初預測的要好,但我們確實看到了所有這些措施對消費者的影響。

  • Oliver Chen - MD & Senior Equity Research Analyst

    Oliver Chen - MD & Senior Equity Research Analyst

  • Okay. And Sallie, as we model next year on the gross margin line, what should we understand about the comparisons and also the back half versus first half? And lastly, as we think about the revenue lines between wholesale and your direct-to-consumer retail, any call outs in terms of what we should pay attention to when we're modeling our quarters?

    好的。 Sallie,當我們明年在毛利率線上建模時,我們應該了解比較以及後半部分與上半年的哪些內容?最後,當我們考慮批發和直接面向消費者的零售之間的收入線時,我們在為季度建模時應該注意什麼?

  • Sallie A. DeMarsilis - Executive VP, COO & CFO

    Sallie A. DeMarsilis - Executive VP, COO & CFO

  • Thanks, Oliver. So overall, it's a -- we feel 56% is the right gross margin for the year. We do have some choppiness in the past -- this past year and the year before with certain quarters being significantly stronger. So the comparisons can be interesting to say the least, even this fourth quarter that we just finished, last year fourth quarter was our absolute highest this company has ever seen. But this most recent fourth quarter was still significantly up from fiscal '21 and fiscal '20. So I guess, quarters do matter. We don't have any call outs individually that there's anything significant happening in any one of the quarters from a promotional cadence or anything else. So it should be fairly level, specific comparisons to last year could be a little choppy based on how -- I'm sorry, not last year, fiscal '23, how the quarters break out for fiscal '23. But we still will have, obviously, mix really being the contributing factor as U.S. wholesale generally has been our highest gross margin contributor.

    謝謝,奧利弗。所以總的來說,這是一個——我們認為 56% 是今年合適的毛利率。過去我們確實有一些動盪——過去一年和前一年,某些季度明顯更強勁。因此,至少可以說比較很有趣,即使是我們剛剛結束的第四季度,去年第四季度也是我們公司有史以來的絕對最高水平。但最近的第四季度仍顯著高於 21 財年和 20 財年。所以我想,宿舍確實很重要。我們沒有單獨呼籲任何一個季度因促銷節奏或其他任何事情而發生任何重大事件。所以它應該是相當水平的,與去年的具體比較可能會有點不穩定——對不起,不是去年,23 財年,23 財年的季度如何突破。但顯然,我們仍然會有真正的混合因素,因為美國批發通常是我們最高的毛利率貢獻者。

  • I think your other question had to do with cadence of revenues and breaking it down by maybe bigger channel pieces. I think I'll mention something, I'm sure Efraim will jump in. Once again, the comparisons to last year are what makes this year challenging. We had record-setting revenues in the first 2 quarters of this year, so fiscal '23. So it makes the comparisons in fiscal '24 quite difficult, plus we have the uncertainty hitting right now that's causing some stress.

    我認為你的另一個問題與收入節奏有關,並將其分解為更大的渠道部分。我想我會提到一些事情,我相信 Efraim 會插話。再一次,與去年的比較使今年充滿挑戰。我們在今年前兩個季度的收入創下了紀錄,所以 23 財年。因此,這使得 24 財年的比較變得非常困難,而且我們現在面臨的不確定性正在造成一些壓力。

  • Efraim Grinberg - Chairman & CEO

    Efraim Grinberg - Chairman & CEO

  • And I'll add to that, that I do believe that people have returned to brick-and-mortar channels. And so you'll see a balancing out between sales in the brick-and-mortar channel and in -- on websites and as well -- remember for about 2 years, they could only really buy -- or they would only really buy on websites or predominantly, and we're seeing a return to a more balanced approach. People -- I think what -- the good thing is that it's kind of said, well, brick-and-mortar still is going to be here for a long, long time and people are still going to purchase within that channel. So I think you'll just see a more balancing out, out of that as well. And I think I would imagine that our ratio of sales, of our own sales that are direct to the consumer. And will remain fairly similar to what it was last year.

    我還要補充一點,我相信人們已經回到了實體渠道。所以你會看到實體渠道和網站銷售之間的平衡 - 記住大約 2 年,他們只能真正購買 - 或者他們只會真正購買網站或主要,我們看到回歸到更平衡的方法。人們——我想——好消息是,好吧,實體店仍然會存在很長很長一段時間,人們仍然會在那個渠道內購買。所以我認為你也會從中看到更多的平衡。而且我想我會想像我們的銷售額比例,我們自己的銷售額是直接面向消費者的。並將與去年非常相似。

  • Yes. Thank you, Oliver. Okay. Thank you. I would like to thank all of you for being with us this morning, and we look forward to seeing you again for our first quarter conference call. Thank you.

    是的。謝謝你,奧利弗。好的。謝謝。我要感謝大家今天早上與我們在一起,我們期待在第一季度電話會議上再次見到您。謝謝。

  • Operator

    Operator

  • Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

    謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。