Movado Group Inc (MOV) 2024 Q4 法說會逐字稿

Good day, everybody, and welcome to the Movado Group, Inc. fourth quarter 2024 earnings conference call.

大家好，歡迎參加摩凡陀集團 2024 年第四季財報電話會議。

As a reminder, today's call is being recorded and may not be reproduced in whole or in part without permission from the company.

謹此提醒，今天的通話內容正在錄音中，未經公司許可，不得全部或部分複製。

At this time, I would like to turn the conference over to Cody McAllister of ICR.

現在，我想將會議交給 ICR 的 Cody McAllister。

Please go ahead.

請繼續。

Good morning and welcome to Movado Group's fourth-quarter and year end conference call.

早安，歡迎參加摩凡陀集團第四季和年終電話會議。

With me today is Sallie DeMarsilis, our COO and CFO.

今天和我在一起的是我們的營運長兼財務長薩莉‧德馬西利斯 (Sallie DeMarsilis)。

Today, I'm going to review the highlights of our year end results and the launch of our new investment growth strategy.

今天，我將回顧我們年終業績的亮點以及我們新投資成長策略的推出。

Sallie will then review our financial results as well as provide our financial results for the current year for the fourth quarter and the fiscal year we were pleased to meet our revised expectations.

然後，薩莉將審查我們的財務業績，並提供本年度第四季度和本財年的財務業績，我們很高興達到了修訂後的預期。

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.

該季度銷售額下降 7.5% 至 1.796 億美元，調整後營業收入為 1,380 萬美元，去年為 2,680 萬美元。

For the fiscal year, we delivered sales of $672.6 million, a 10.5% decline from last year.

本財年，我們的銷售額為 6.726 億美元，比去年下降 10.5%。

Adjusted earnings per share were $2.13, including $6.4 million of interest income.

調整後每股收益為 2.13 美元，其中包括 640 萬美元的利息收入。

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 for the past year.

在產生了 7,680 萬美元的營運現金流、減少了 3,820 萬美元的庫存並在年底擁有 2.62 億美元的現金且沒有債務之後，我們繼續保持著非常強勁的資產負債表。

We have been operating in a challenging retail environment in our largest markets, the United States and Europe, a continuation of post-COVID dynamics, a rebound in travel spending, multiyear inflationary pressures and increasing geopolitical uncertainty are all affecting consumer demand for discretionary products.

我們最大的市場（美國和歐洲）的零售環境一直充滿挑戰，後疫情情勢的持續、旅行支出的反彈、多年的通膨壓力和不斷增加的地緣政治不確定性都在影響消費者對非必需品的需求。

As these macroeconomic pressures mounted a significant headwind to our top line in fiscal 2024, we focused on the parts of our business, most directly in our control, strengthening our balance sheet and building for the future.

由於這些宏觀經濟壓力為我們 2024 財年的營收帶來了重大阻力，因此我們專注於我們最直接控制的業務部分，加強我們的資產負債表並為未來建設。

In the fall, we worked with our teams to develop a comprehensive plan to leverage our strong cash position to return the company to growth across our biggest brands and in our biggest markets.

今年秋天，我們與團隊合作制定了一項全面計劃，利用我們強大的現金狀況，使公司在我們最大的品牌和最大的市場中恢復成長。

We have already begun to see positive traction from these efforts.

我們已經開始看到這些努力的正面作用。

During the fourth quarter, we began testing amplified marketing programs to drive improved sell through behind targeted storytelling efforts in Hugo Boss, Tommy Hilfiger, and low-cost in our biggest markets in Europe, Germany, the UK, France and Spain.

第四季度，我們開始測試放大的行銷計劃，透過 Hugo Boss、Tommy Hilfiger 的有針對性的說故事活動以及歐洲、德國、英國、法國和西班牙等最大市場的低成本來推動銷售改善。

These efforts helped trends improved towards the end of fiscal 2024 and into fiscal 2025.

這些努力幫助趨勢在 2024 財年末和 2025 財年有所改善。

We also embarked on our Movado brand refresh and launched a new connecting the dots brand building campaign and early reads are positive as we continue to track results.

我們也開始了摩凡陀品牌更新，並啟動了一項新的「連結點」品牌建立活動，隨著我們繼續追蹤結果，早期的解讀是正面的。

We are seeing encouraging signs, particularly in our own movado.com website, where we returned to growth during the fourth quarter, and we are seeing a strong beginning to fiscal 2025 in fiscal 2025.

我們看到了令人鼓舞的跡象，特別是在我們自己的 movado.com 網站上，我們在第四季度恢復了增長，並且我們在 2025 財年看到了 2025 財年的強勁開局。

Our top priority is reestablishing growth from a bottom.

我們的首要任務是從底部恢復成長。

We believe it is the right time to invest in our compelling portfolio of brands and ensure we are positioned to deliver sustained long-term growth at increasing rates of profitability in the future.

我們相信，現在是投資我們引人注目的品牌組合的最佳時機，並確保我們能夠在未來以不斷提高的盈利率實現持續的長期成長。

Our test results from this past fall give us the confidence that we are implementing the right marketing and brand-building investments throughout the coming year.

去年秋天的測試結果讓我們相信，我們在未來一年將實施正確的行銷和品牌建立投資。

While challenges remain in our distribution channels in the US and Europe, we are focused on partnering with our customers to help them expand their business, build consumer demand and increase market share across our brands.

儘管我們在美國和歐洲的分銷管道仍然面臨挑戰，但我們專注於與客戶合作，幫助他們擴展業務、建立消費者需求並增加我們品牌的市場份額。

As such, we have made the decision to leverage our strong balance sheet and financial position and to invest an incremental $25 million over the next four quarters to support new marketing initiatives aimed at driving growth.

因此，我們決定利用我們強大的資產負債表和財務狀況，在未來四個季度追加投資 2500 萬美元，以支持旨在推動成長的新行銷舉措。

We will intensify these efforts as the year progresses to build upon our favorable momentum.

隨著時間的推移，我們將加強這些努力，以鞏固我們的良好勢頭。

While this is expected to cause moderation in profit in the short term, we believe this is the right move to support our brands and customers and importantly, deliver accelerated and consistent growth in the future.

雖然這預計會在短期內導致利潤放緩，但我們相信這是支持我們的品牌和客戶的正確舉措，更重要的是，未來可以實現加速和持續的成長。

For fiscal 2025, our plans call for sales to grow approximately 5% over last year with trends accelerating throughout the year and delivering operating profit of approximately 5%, which includes our incremental brand-building investments.

對於 2025 財年，我們的計畫要求銷售額比去年增長約 5%，全年趨勢加速，並實現約 5% 的營業利潤，其中包括我們增量的品牌建設投資。

We believe we are laying a solid foundation for future growth, both on the top and bottom line, our teams around the world are energized to return the Company to growth this year in the United States.

我們相信，我們正在為未來的成長奠定堅實的基礎，無論是在收入還是利潤上，我們世界各地的團隊都充滿活力，使公司今年在美國恢復成長。

Our strategy is focused on our Movado and coach brands, while in Europe.

在歐洲，我們的策略重點是我們的摩凡陀 (Movado) 和客車品牌。

Our priorities are focused on Tommy Hilfiger, Hugo Boss, and Luca.

我們的重點是 Tommy Hilfiger、Hugo Boss 和 Luca。

This strategy also includes continued worldwide expansion in key markets for our newest brand, Calvin Klein, and our jewelry business across our portfolio.

這項策略還包括我們最新品牌 Calvin Klein 以及我們整個產品組合中的珠寶業務在全球主要市場的持續擴張。

We also expect to continue to grow our overall business in India, the Middle East, Brazil, and Mexico.

我們也期望繼續發展我們在印度、中東、巴西和墨西哥的整體業務。

For each of our brands, we will amplify our marketing messages and storytelling to drive increased productivity in key markets.

對於我們的每個品牌，我們將擴大我們的行銷訊息和故事敘述，以提高關鍵市場的生產力。

Our plans include longer-lasting iconic product introductions and families and increased conversion at the point of sale through targeted marketing messages and cohesive execution at every touch point.

我們的計劃包括更持久的標誌性產品介紹和系列，以及透過有針對性的行銷訊息和每個接觸點的凝聚力執行來提高銷售點的轉換率。

I am also excited about our innovation calendar across our brand portfolio as we progress throughout the year.

隨著我們全年的進步，我也對我們品牌組合的創新日曆感到興奮。

I'll share some of the highlights of these exciting plans for our brands to amplify and support our biggest brand, Movado.

我將分享這些令人興奮的品牌計劃的一些亮點，以擴大和支持我們最大的品牌摩凡陀。

This spring, we will accelerate Movado's continued brand refresh that we embarked.

今年春天，我們將加速摩凡陀的持續品牌更新。

And last fall, we're already seeing increased brand awareness across the market in key demographic targets.

去年秋天，我們已經看到整個市場在關鍵人口目標中的品牌知名度有所提高。

We recently launched our new bold Quest, which has an opening price point of $595.

我們最近推出了新的大膽 Quest，其開盤價為 595 美元。

It is inspired by a 1970s, progressive design featuring an integrated case bracelet combination with boldly color dials.

它的靈感源自 20 世紀 70 年代的前衛設計，採用一體成型錶殼錶帶與色彩大膽的錶盤相結合。

It will be backed by a comprehensive digital and video advertising campaign.

它將得到全面的數位和視訊廣告活動的支持。

We're also introducing a new chronograph to our biggest to our best-selling Movado Bold Horizon 2.0 collection this spring, as we build upon our spring advertising campaign will introduce a new television commercial featuring our museum classic chronograph for him and our museum classic bracelet for her.

今年春天，我們還將為最暢銷的摩凡陀Bold Horizo​​n 2.0 系列推出一款新的計時碼錶，在春季廣告活動的基礎上，我們將推出一個新的電視廣告，其中包括我們為他設計的博物館經典計時碼錶和我們的博物館經典手鍊為了她。

In addition, we will we're already preparing a ground-based breaking evolution of our Movado brand advertising campaign in the third quarter of fiscal 2025 and into fiscal 2026, which we expect will accelerate growth.

此外，我們已準備好在 2025 財年第三季和 2026 財年對摩凡陀品牌廣告活動進行突破性的演變，我們預計這將加速成長。

We look forward to updating you on these initiatives as the year progresses.

隨著時間的推移，我們期待向您通報這些舉措的最新情況。

We are planning for our licensed brands to return to growth this fiscal year with a strong emphasis on Europe, our portfolio's biggest market on a comparable basis, licensed brand sales were down 6.5%, and our objective is to fully reverse this decline this in this current fiscal year, we have very targeted marketing programs for each of our licensed brands with increased investment to support iconic and long-lasting product families in both watches and jewelry.

我們計劃讓我們的授權品牌在本財年恢復成長，重點關注歐洲，這是我們投資組合中可比的最大市場，授權品牌銷售額下降了6.5%，我們的目標是在本財年完全扭轉這種下降趨勢。

In Tommy Hilfiger, we will continue to build on the initial success of the TH. 85 family with product expansion and strong marketing support.

在 Tommy Hilfiger，我們將繼續在 TH 的初步成功的基礎上再接再厲。 85家族擁有產品擴展和強大的行銷支援。

Our spring campaign for Tommy will also feature Lorenzo, a key multifunctional multifunction watch at a sharp opening price point will add Georgia may Jagger to our advertising campaign for both watches and jewelry.

我們為 Tommy 推出的春季廣告活動還將推出 Lorenzo，這是一款開盤價非常高的關鍵多功能手錶，Georgia May Jagger 也將加入我們的手錶和珠寶廣告活動中。

We are collaborating with our key retail partners in the spring with an increased marketing investment to drive sales both at the point of sale and online last holiday, we began to build momentum behind Hugo Boss with the introduction of the Gander family, a modern streamlined design available and automatic and courts movement and a number of fashionable colorways.

我們在春季與我們的主要零售合作夥伴合作，增加行銷投資，以推動銷售點和網路上的銷售。以及多種時尚配色。

We also received a strong response from retailers for our new Sky travel collection on the Hugo Boss jewelry frac.

我們在 Hugo Boss 珠寶壓裂上推出的全新 Sky 旅行系列也收到了零售商的強烈迴響。

We will take advantage of the growing men's jewelry category by introducing bolder iconic looks in Europe.

我們將利用不斷增長的男士珠寶類別，在歐洲推出更大膽的標誌性外觀。

We look to drive growth by emphasizing support behind the candor and Sky travel collections with key retailers in both digital and billboard campaigns in Coach.

我們希望透過在 Coach 的數位和廣告看板活動中強調與主要零售商對 candor 和 Sky 旅行系列背後的支持來推動成長。

Our key emphasis for the spring will be driving growth in the US market, supporting proven families carry and LED.

我們春季的重點將是推動美國市場的成長，支持成熟的家庭攜帶和 LED。

We are also growing our Amazon business for Coach, which we successfully launched late last year.

我們也正在拓展 Coach 的亞馬遜業務，去年年底我們成功推出了 Coach 業務。

In China, we are introducing and launching a new Coach brand ambassador Chinese actress, Fuji Neon, and our focus on expanding our wholesale brick and mortar distribution as the year progresses.

在中國，我們將推出新的 Coach 品牌大使中國女演員富士霓虹 (Fuji Neon)，並專注於隨著時間的推移擴大實體批發分銷。

We will continue to grow our Calvin Klein business this year with an increased emphasis on our iconic elemental jewelry collection and our new lean watch collection as part of our emphasis on expanding automatic watches for all of our brands, we will focus on driving the success of our CK iconic family with translucent skillet and dials the Reveal intricate mechanical movements in addition to investing in key markets like Spain and Germany.

今年，我們將繼續發展 Calvin Klein 業務，更加重視我們標誌性的元素珠寶系列和新的精益手錶系列，作為我們強調擴大所有品牌自動手錶的一部分，我們將專注於推動我們的CK 標誌性系列配備半透明煎鍋和錶盤，除了投資西班牙和德國等主要市場外，還展示複雜的機械機芯。

We are also expanding the presence of CK. in India with our new brand ambassador Indian actors dish up a tiny.

我們也正在擴大 CK 的業務範圍。在印度，我們的新品牌大使印度演員獻上了一小份。

We have made some very strong progress in low-cost over the last few years, and we'll continue that momentum this year with the support of our successful and long-lasting Boston and L. 1212 collections with exciting new spring colorways.

過去幾年，我們在低成本方面取得了一些非常強勁的進展，今年我們將在我們成功且持久的 Boston 和 L. 1212 系列以及令人興奮的新春季配色的支持下繼續這一勢頭。

We have seen a very strong response to the introduction of low-cost jewelry last year and will continue to support that momentum this spring.

去年我們看到低成本珠寶的推出引起了非常強烈的反響，並將在今年春天繼續支持這一勢頭。

We're very excited about a number of new introductions planned for the low-cost brand for the second half of the year.

我們對今年下半年計劃為該低成本品牌推出的一系列新產品感到非常興奮。

Turning to our outlet stores for fiscal '25.

轉向我們 25 財年的直銷店。

We expect sales to be in line with fiscal 24 with a weaker first half, but returning to growth in Q3 as we align some of our distribution strategies during the second half of the year.

我們預計銷售額將與 24 財年保持一致，上半年較弱，但隨著我們在下半年調整一些分銷策略，第三季將恢復成長。

Our outlet division remains very profitable, and we believe the additional marketing support behind our Movado brand will benefit our outlet stores during the third and fourth quarter, driving increased sales and profitability in movement.

我們的直銷店部門仍然非常獲利，我們相信摩凡陀品牌背後的額外行銷支援將使我們的直銷店在第三和第四季受益，推動銷售和獲利能力的成長。

We modified our cost structure in Q3 of last year, resulting in increased profitability.

我們在去年第三季調整了成本結構，從而提高了獲利能力。

We believe that movement will have a significant opportunity for profitable growth as we consolidate the assortment while continuing to delight consumers by driving innovation and excellent quality and value.

我們相信，隨著我們整合產品種類，同時透過推動創新和卓越的品質和價值繼續取悅消費者，運動將擁有實現利潤成長的重大機會。

And lastly, Olivia Burton began to drive improved performance during last year's holiday season with focused products like our new cushion shaped Grosvenor family and our new Extra jewelry assortment this spring, this spring, we will play into this accelerating trend by introducing a new mini Grosvenor that should resonate well with our target consumer.

最後，奧利維亞·伯頓（Olivia Burton）開始在去年的假期期間推動業績的改善，重點產品包括我們新的墊形Grosvenor 系列和今年春天的新Extra 珠寶系列，今年春天，我們將透過推出新的迷你Grosvenor 來順應這一加速趨勢。

Overall, we're very excited about these new growth initiatives underway for fiscal 2025.

總體而言，我們對 2025 財年正在進行的這些新增長舉措感到非常興奮。

As you can see, we are committed to growing our business and our focus on executing and investing behind our strategic initiatives to return Movado Group to a health and healthy level of top line growth.

正如您所看到的，我們致力於發展我們的業務，並專注於執行和投資我們的策略性舉措，以使摩凡陀集團恢復健康的營收成長水準。

Our financial position allows us to strategically deploy capital and invest in our brands and partners while building new awareness and demand for our brand portfolio.

我們的財務狀況使我們能夠策略性地部署資本並投資於我們的品牌和合作夥伴，同時為我們的品牌組合建立新的意識和需求。

While we understand that we will sacrifice short-term profitability in order to invest and support key initiatives where we have already seen success.

雖然我們知道，我們將犧牲短期獲利能力，以投資和支持我們已經成功的關鍵措施。

We believe it is vital that we adopt and aggressively support our growth, our biggest brands and key markets.

我們相信，採用並積極支持我們的發展、我們最大的品牌和主要市場至關重要。

As we continue to invest in our business, we will continue to prioritize our dividend strategy that rewards our long-term investors.

隨著我們繼續投資業務，我們將繼續優先考慮獎勵長期投資者的股息策略。

We are very enthusiastic about the vision that our team has built for the Movado brand as we continue to evolve our connecting the dots campaign and build on the brand refresh that we began last fall.

我們對我們的團隊為摩凡陀品牌打造的願景充滿熱情，我們將繼續發展我們的連點活動，並以去年秋天開始的品牌更新為基礎。

The initial results that we have seen are very encouraging in our licensed brands portfolio.

我們在我們的授權品牌組合中看到的初步結果非常令人鼓舞。

We continue to see the momentum in our developing markets and are committed to return our biggest markets in Europe to growth.

我們繼續看到發展中市場的勢頭，並致力於使歐洲最大的市場恢復成長。

While we know fiscal 2025 will bring continued headwinds both in European wholesale segment and in Europe and in the retail segment more broadly, we believe that there are great opportunities to drive growth and gain market share, and we will take full advantage of those opportunities.

雖然我們知道 2025 財年將為歐洲批發領域以及歐洲和更廣泛的零售領域帶來持續的阻力，但我們相信存在著推動成長和獲得市場份額的巨大機會，我們將充分利用這些機會。

I look forward to updating you on our progress as the year goes on.

我期待著向您通報這一年的最新進展。

I would now like to turn the call over to Sallie to review our financial results in greater detail, as well as our outlook for fiscal 2025.

我現在想將電話轉給 Sallie，以更詳細地審查我們的財務表現以及我們對 2025 財年的展望。

We would then be glad to answer any questions you might have.

我們很樂意回答您可能提出的任何問題。

Thank you, Cody, and good morning for today's call.

謝謝你，科迪，早安，今天的電話。

I will review our financial results for the fourth quarter and fiscal 2020 24 and then discuss our outlook for fiscal 2025.

我將回顧我們第四季和 2020 財年的財務表現 24，然後討論我們對 2025 財年的展望。

My comments today will focus on adjusted results.

我今天的評論將集中在調整後的結果。

Please refer to the description of the special items included in our results for the fourth quarter and full year of fiscal 2024 and fiscal 2023.

請參閱我們2024財年和2023財年第四季和全年業績中包含的特殊項目的說明。

In our press release issued earlier today, which also includes a table for GAAP and non-GAAP measures.

在我們今天早些時候發布的新聞稿中，其中還包括 GAAP 和非 GAAP 指標的表格。

Overall, our performance for fiscal 2024 was negatively impacted by a challenging retail environment despite being down year over year we continued to make good progress on our strategic initiatives and maintained an extremely strong balance sheet.

總體而言，我們 2024 財年的業績受到充滿挑戰的零售環境的負面影響，儘管同比下滑，但我們繼續在戰略舉措上取得良好進展，並保持了極其強勁的資產負債表。

Turning to the fourth quarter results, which were in line with our updated expectations for the fourth quarter of fiscal 2024, sales were $179.6 million as compared to $194.3 million last year.

至於第四季業績，銷售額為 1.796 億美元，而去年為 1.943 億美元，符合我們對 2024 財年第四季的最新預期。

A decrease of 7.5% in constant dollars.

以不變美元計算下降 7.5%。

Net sales decreased 9%.

淨銷售額下降 9%。

The decrease reflects the sales decline in owned brands, licensed brands and in our Company stores by geography, US net sales decreased 12.4%.

這一下降反映了自有品牌、授權品牌以及我們公司各地區商店的銷售額下降，美國淨銷售額下降了 12.4%。

International net sales decreased 2.9% as compared to the fourth quarter of last year.

國際淨銷售額較去年第四季下降 2.9%。

On a constant currency basis, international net sales decreased by 5.8% with continued challenges and our biggest and our largest international markets.

以固定匯率計算，由於持續的挑戰和我們最大的國際市場，國際淨銷售額下降了 5.8%。

Europe gross profit as a percent of sales was 53.9% compared to 56.2% in the fourth quarter of last year.

歐洲毛利佔銷售額的百分比為 53.9%，去年第四季為 56.2%。

The decrease in gross margin was primarily driven by decreased leverage of higher fixed costs over lower sales the unfavorable impact of foreign currency exchange rates and unfavorable channel and product mix.

毛利率下降的主要原因是固定成本上升對銷售額下降的槓桿作用下降、外幣匯率的不利影響以及不利的通路和產品組合。

Operating expenses were $82.9 million as compared to 82.4 million of the same period of last year.

營運費用為 8,290 萬美元，去年同期為 8,240 萬美元。

The increase was driven by higher marketing expenses and an increase in payroll-related expenses, nearly fully offset by a decrease in performance-based compensation, primarily as a result of the reduction in sales and gross margin.

這一增長是由行銷費用增加和工資相關費用增加所推動的，但幾乎完全被基於績效的薪酬減少所抵消，這主要是由於銷售額和毛利率的下降。

Operating income decreased by 13 million to 13.8 million as compared to $26.8 million in the fourth quarter of fiscal 2023.

營業收入較 2023 財年第四季的 2,680 萬美元減少 1,300 萬美元，至 1,380 萬美元。

We reported approximately $1.8 million of other nonoperating income in the fourth quarter of fiscal 2024, which was primarily comprised of interest earned on our global cash positions as compared to $1.4 million during the same period of last year.

我們報告 2024 財年第四季的其他非營業收入約為 180 萬美元，其中主要包括我們的全球現金部位所賺取的利息，而去年同期為 140 萬美元。

We recorded income tax expense of $2.8 million in the fourth quarter of fiscal 2024 as compared to $4.2 million in the fourth quarter of fiscal 2023.

2024 財年第四季我們的所得稅費用為 280 萬美元，而 2023 財年第四季的所得稅費用為 420 萬美元。

Net income in the fourth quarter was $12.4 million or $0.55 per diluted share as compared to $23.3 million or $1.3 per diluted share in the year-ago period.

第四季淨利為 1,240 萬美元，即稀釋後每股收益 0.55 美元，而去年同期淨利潤為 2,330 萬美元，即稀釋後每股收益 1.3 美元。

Now turning to our fiscal year results, sales were $672.6 million, a decrease of 10.5% from fiscal 2023 in constant dollars the decrease in net sales was 11.7%.

現在來看我們的財年業績，銷售額為 6.726 億美元，以固定匯率計算比 2023 財年下降 10.5%，淨銷售額下降 11.7%。

Us net sales declined by 13.1%.

美國淨銷售額下降 13.1%。

International net sales decreased 8.5%, 10.6% on a constant currency basis, gross profit was $370.4 million or 55.1% of sales as compared to $433.9 million or 57.7% of sales last year.

國際淨銷售額下降 8.5%，以固定匯率計算下降 10.6%，毛利為 3.704 億美元，佔銷售額的 55.1%，而去年為 4.339 億美元，佔銷售額的 57.7%。

The decrease in the gross margin rate was due to unfavorable channel and product mix, decreased leverage of higher fixed costs over lower sales and unfavorable changes in foreign currency exchange rates, partially offset by reduced shipping costs.

毛利率下降是由於不利的通路和產品結構、固定成本上升對銷售額下降的槓桿作用下降以及外幣匯率的不利變化，但部分被運輸成本下降所抵消。

Operating income was $56.8 million compared to operating income of $123.2 million in fiscal 2023.

營業收入為 5,680 萬美元，而 2023 財年營業收入為 1.232 億美元。

We reported approximately $6 million of other non-operating income in fiscal 2024, which was primarily comprised of interest earned on our global cash position as compared to $2.1 million during the same period of last year.

我們在 2024 財年報告了約 600 萬美元的其他非營業收入，其中主要包括我們的全球現金頭寸賺取的利息，而去年同期為 210 萬美元。

Net income of $48.3 million or $2.13 per diluted share as compared to net income of 96.8 million or $4.22 per diluted share in the year-ago period.

淨利潤為 4,830 萬美元，即稀釋後每股收益 2.13 美元，而去年同期淨利潤為 9,680 萬美元，即稀釋後每股收益 4.22 美元。

Now turning to our balance sheet, cash at the end of the fiscal year was $262.1 million as compared to $251.6 million at the same period of last year.

現在來看看我們的資產負債表，本財年末的現金為 2.621 億美元，去年同期為 2.516 億美元。

During fiscal 2024, we had positive cash flow from operations of $76.8 million.

2024 財年，我們的營運現金流為 7,680 萬美元。

Accounts receivable were $104.5 million as compared to $$94.3 million in the same period of last year due to timing and mix of business inventory at the end of the quarter was down 38.2 million or 20.5% below the same period of last year, primarily due to the timing of receipts and the alignment with sales.

應收帳款為 1.045 億美元，而去年同期為 9,430 萬美元，原因是季末業務庫存的時間安排和組合減少了 3,820 萬美元，比去年同期減少了 20.5%，主要是由於收貨時間以及與銷售的一致性。

Capital expenditures were $8.2 million and depreciation and amortization expense was $9.6 million, which included $2.1 million related to the amortization of the remaining acquired intangible assets of Olivia Burton and movements.

資本支出為 820 萬美元，折舊和攤提費用為 960 萬美元，其中包括與 Olivia Burton 剩餘收購無形資產攤銷和變動相關的 210 萬美元。

Victor mentioned, as we look into fiscal 2025, we will use the strength of our balance sheet to invest an incremental spend of approximately $25 million in marketing and brand-building initiatives to drive long-term growth with a focus on our biggest brands in our most important commercial markets.

Victor 提到，在展望 2025 財年時，我們將利用資產負債表的實力，在行銷和品牌建設計劃上投資約 2500 萬美元的增量支出，以推動長期成長，重點關注我們的最大品牌最重要的商業市場。

While we expect this investment will impact profitability.

雖然我們預計這項投資將影響獲利能力。

In the short term, we anticipate it will increase market share and drive growth over time.

在短期內，我們預計它將增加市場份額並隨著時間的推移推動成長。

We currently expect fiscal 2025 annual net sales in a range of approximately $700 million to $710 million in gross margin of approximately 55%.

我們目前預計 2025 財年的年度淨銷售額約為 7 億至 7.1 億美元，毛利率約為 55%。

In addition to the increased investment in marketing and brand-building, our fiscal 2025 operating expenses.

除了增加行銷和品牌建立的投資外，我們還增加了 2025 財年的營運支出。

They are expected to be negatively impacted by performance-based compensation and an increase in other payroll-related costs, primarily as a result of higher operating expenses, partially offset by higher gross profit dollars.

預計他們將受到基於績效的薪酬和其他工資相關成本增加的負面影響，這主要是由於營運費用增加，但部分被毛利增加所抵消。

We expect operating income in a range of approximately $32 million to $35 million.

我們預計營業收入約為 3,200 萬美元至 3,500 萬美元。

Assuming no changes to current tax regulations, the company anticipates an effective tax rate of approximately 22% for the fiscal year and earnings in a range of approximately $1.20 to $1.30 per diluted share.

假設現行稅收法規沒有變化，該公司預計本財年的有效稅率約為 22%，攤薄後每股收益約為 1.20 至 1.30 美元。

As mentioned, we expect the incremental marketing spend to drive long-term top line growth.

如前所述，我們預期增量行銷支出將推動長期營收成長。

However, sales trends are expected to improve behind the spend as the year progresses.

然而，隨著時間的推移，銷售趨勢預計將隨著支出的成長而改善。

The company therefore, expects net sales for the first half of fiscal 2025 to be relatively flat on a year-over-year basis, beginning with the first quarter of fiscal 2025 outlook will no longer limit for the amortization of acquired intangible assets related to the acquisitions of Olivia Burton and movements.

因此，該公司預計 2025 財年上半年的淨銷售額將比去年同期相對持平，從 2025 財年第一季開始，展望將不再限制與收購相關的無形資產攤銷收購奧利維亞伯頓和運動。

The Company has provided a recast of its GAAP and non-GAAP measures for each of the quarters of fiscal 2020 for the full fiscal year 2024 in the earnings release issued earlier today.

該公司在今天稍早發布的財報中，對 2020 財年每個季度的 GAAP 和非 GAAP 指標以及 2024 財年的數據進行了重新調整。

As it relates to share repurchases during fiscal 2024, we repurchased approximately 112,000 shares.

由於涉及 2024 財年的股票回購，我們回購了約 112,000 股股票。

As of January 31st, 2024, we had $17.9 million remaining under our authorized share repurchase program, subject to prevailing market conditions and the business environment, we plan to utilize our share repurchase plan to offset dilution in fiscal 2025.

截至 2024 年 1 月 31 日，我們的授權股票回購計畫尚有 1,790 萬美元，根據當前市場狀況和商業環境，我們計劃利用股票回購計畫來抵銷 2025 財年的稀釋。

This outlook does not contemplate significant further impact of economic deterioration and assumes no further significant fluctuations from prevailing foreign currency exchange rates.

此前景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出現重大波動。

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

我現在想打開電話提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Michael Legg, The Benchmark Company.

邁克爾·萊格，基準公司。

Thanks.

謝謝。

Good morning.

早安.

Congrats on the quarter.

恭喜本季。

I wanted to dive into the brand refresh a little bit with the $25 million spend.

我想用 2500 萬美元的花費來深入研究品牌更新。

Can you first tell us what did that $25 million?

您能先告訴我們這 2500 萬美元做了什麼嗎？

What does that compare to for marketing spend for fiscal '24?

這與 24 財年的行銷支出相比如何？

So I think it's an incremental CAD$25 million marketing spend.

因此，我認為行銷支出將增加 2,500 萬加元。

So on, we're raising our percentage of advertising this year.

因此，我們今年將提高廣告的比例。

But at the year, we just finished was a little over 19% as a percent of sales in the year coming up.

但在這一年，我們剛完成的銷售額佔下一年銷售額的百分比略高於 19%。

That will be a little bit over 22% of sales for marketing spend.

這將略高於銷售額的 22% 用於行銷支出。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then it did that sort of early January or when is it being phased in?

然後在一月初就這樣做了，或者什麼時候分階段實施？

What's the timing of it?

其時間安排是怎樣的？

No, it's mostly going to be second, third and fourth quarter.

不，主要是在第二、第三和第四季。

We obviously started spending some in the first quarter of the year, but it will accelerate as the year goes on, but we will spend significantly more of this spring then than we did than we did last year, especially as we invest behind some of the initiatives that we tested last holiday season.

顯然，我們在今年第一季開始支出一些，但隨著時間的推移，支出將會加速，但今年春天我們的支出將比去年多得多，特別是當我們投資於一些項目時我們在上個假期測試過的措施。

Okay.

好的。

And then you're obviously, it's a long term focus on the brand refresh.

顯然，這是對品牌更新的長期關注。

Can you can you I just wanted to kind of understand like if we didn't put this extra $25 million spend in place, what do you think would have happened to sales?

我只是想了解一下，如果我們沒有額外投入 2500 萬美元，您認為銷售會發生什麼？

Is this I'm just trying to understand the state of the consumer today with the higher debt with the low interest rates if we get interest rate cuts, what that may mean.

我只是想了解當今消費者的狀況，如果我們降息的話，債務較高，利率較低，這可能意味著什麼。

So just kind of give me an overview of where you see the consumer and if you didn't do this spend what you think might have happened?

請給我概述一下您在哪裡看到消費者，如果您不這樣做，您認為可能會發生什麼？

Sure.

當然。

So well, I think this is forward-looking.

好吧，我認為這是前瞻性的。

So we're doing this spend in the next in the next four quarters.

因此，我們將在接下來的四個季度中進行這筆支出。

And on I think what we're trying to do is make sure that we invest behind our brands for the long term, both in the US and Europe, where we see opportunities not only to build for the future, but also over the next and four quarters to gain significant market share in both the fashion watch category and the accessible luxury watch category with the Movado brand predominantly in the United States and so on.

我認為我們正在努力做的是確保我們在美國和歐洲對我們的品牌進行長期投資，我們不僅看到了為未來而建立的機會，而且還看到了未來和未來的機會。和廉價奢華手錶類別中都獲得了顯著的市場份額，其中摩凡陀品牌主要在美國等地。

I think the consumer's been somewhat struggling for awhile.

我認為消費者已經有些掙扎了一段時間了。

And historically, what we have found as a company is the home in these times if we come take certain initiatives and invest and change on how we run our business model that will pay off historically and are coming out of recessions.

從歷史上看，如果我們採取某些舉措並投資並改變我們的商業模式運作方式，那麼我們作為一家公司所發現的就是這些時代的家，這將在歷史上獲得回報並走出衰退。

We've done very well, we're not in technically in a recession.

我們做得很好，從技術上講我們並沒有陷入衰退。

I do believe that the consumer's challenge and I think as we make these investments, they will certainly pay off for the future.

我確實相信消費者面臨的挑戰，我認為當我們進行這些投資時，它們肯定會在未來得到回報。

Okay.

好的。

Great.

偉大的。

And then obviously your home, your gross margins, do you know, getting promotional and pricing, but what are you seeing from a competitive perspective on pricing in the industry?

然後顯然你的家，你的毛利率，你知道嗎，得到促銷和定價，但是從行業定價的競爭角度來看，你看到了什麼？

I think the market is promotional, but it has been for a number of years.

我認為市場正在促銷，但已經持續了很多年了。

So coming out, I think at the beginning of COVID, it was not coming out of COVID, but then there were shortages.

所以出來，我認為在新冠疫情開始的時候，它並不是從新冠疫情中出來的，但後來出現了短缺。

But over the last two years, it's already been promotional.

但近兩年，它已經開始促銷了。

I don't think it will be increasingly more promotional that there are some competitors who are stressed, and we may see some some more promotionality from from them.

我不認為一些競爭對手有壓力，促銷活動不會越來越多，我們可能會看到他們進行更多的促銷活動。

But that's the I think that our ability to invest behind these marketing efforts, particularly in our in our largest markets.

但這就是我認為我們投資這些行銷努力的能力，特別是在我們最大的市場。

The United States and Europe, I think, is what's really going to differentiate us as a company and differentiate us from our competitors.

我認為，美國和歐洲才是真正讓我們作為一家公司脫穎而出、區別於競爭對手的地方。

I'm not looking for guidance here, but obviously this is a long-term campaign.

我不是在這裡尋求指導，但顯然這是一項長期活動。

What do you think it means for the longer term at '25 sites, you have fiscal '25, '26 type numbers.

從長遠來看，您認為這對 '25 網站意味著什麼，您擁有 '25、'26 類型的財務數字。

What do you think this puts you at you get this campaign done.

您認為這對您完成此活動有何幫助？

So I think look, the idea behind this, Mike, I think and we alluded to that in my comments is that it will pay some long-term dividends.

所以我認為，麥克，我認為這背後的想法（我們在評論中提到過）是，它將帶來一些長期紅利。

And I would expect that we'll be able to leverage our marketing investments over time.

我希望隨著時間的推移，我們將能夠利用我們的行銷投資。

So that while they've gone up this year to 22% but I think that over the next few years, that will come down as a percentage of sales.

因此，雖然今年的比例已上升至 22%，但我認為在接下來的幾年裡，這一比例將下降佔銷售額的百分比。

And I think and driving growth is really important for us as a company and I don't think that we would that we can drive success by by shrinking our expenses to drive success.

我認為，推動成長對我們作為一家公司來說非常重要，我認為我們不會透過削減開支來推動成功。

And fortunately, and we've built a really strong balance sheet that allows us to take some of our cash and reinvest this year from behind the brands in the Company and growing the business organically.

幸運的是，我們已經建立了一個非常強大的資產負債表，使我們能夠在今年從公司品牌背後拿出一些現金進行再投資，並有機地發展業務。

Okay, great.

好的，太好了。

Congrats.

恭喜。

Look forward to 24.

期待24號。

Thanks again.

再次感謝。

Thank you, Mike.

謝謝你，麥克。

Thank you.

謝謝。

And we have reached the end of the question and answer session, and I'll now turn the call back over to management for closing.

我們的問答環節已經結束，我現在將把電話轉回給管理層以結束。

Thank you.

謝謝。

Thank you very much for listening with us today and for participating.

非常感謝您今天與我們一起聆聽並參與。

I want to apologize again for the technical difficulties on.

我想再次對技術上的困難表示歉意。

But I can tell you that we at Movado Group are very excited about the initiatives that we're embarking on and driving on our growth strategy.

但我可以告訴您，摩凡陀集團對我們正在實施並推動我們的成長策略的舉措感到非常興奮。

And so we look forward to updating you throughout the year.

因此，我們期待全年為您提供最新資訊。

Again, thank you very much.

再次非常感謝。

Thank you.

謝謝。

And this concludes today's conference and you may disconnect your lines at this time.

今天的會議到此結束，此時您可以掛斷電話了。

Thank you for your participation.

感謝您的參與。