Movado Group Inc (MOV) 2025 Q2 法說會逐字稿

Good day everyone, and welcome to Movado Group, Incorporated second-quarter fiscal year 2025 earnings conference call.

大家好，歡迎參加摩凡陀集團公司 2025 財年第二季財報電話會議。

As a reminder, today's call is being recorded and may not be reproduced in full 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 Allison Malkin with ICR.

現在，我想將會議轉交給 ICR 的艾莉森·馬爾金 (Allison Malkin)。

Please go ahead.

請繼續。

Good morning, everyone.

大家早安。

With me on the call is Efraim Grinberg, Chairman and Chief Executive Officer; and Sallie DeMarsilis, Executive Vice President and Chief Operating Officer and Chief Financial Officer.

與我一起參加電話會議的是董事長兼執行長 Efraim Grinberg；以及執行副總裁兼營運長兼財務長薩莉‧德馬西利斯 (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.

在我們開始之前，我想提醒您注意公司的安全港語言，我相信您都熟悉它。

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.

本次電話會議所包含的陳述並非歷史事實，可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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.

由於存在許多風險和不確定性，未來的實際結果可能與此類聲明中建議的結果存在重大差異，所有這些都在該公司向 SEC 提交的文件（包括今天的新聞稿）中進行了描述。

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.

如果本次電話會議使用任何非 GAAP 財務指標，則將在我們的新聞稿中提供與該非 GAAP 財務指標最直接可比較的 GAAP 財務指標作為補充財務資訊。

Now, I would like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.

現在，我想將電話轉給摩凡陀集團董事長兼執行長 Efraim Grinberg。

Thank you, Allison.

謝謝你，艾莉森。

Good morning and thank you for joining us today.

早安，感謝您今天加入我們。

I am pleased to share our second quarter performance as we make progress advancing our strategy in a challenging consumer spending environment.

我很高興分享我們第二季的業績，因為我們在充滿挑戰的消費者支出環境中推進我們的策略取得了進展。

We improved our sales trends from the first -- to the second quarter, reporting virtually flat net sales on a constant dollar basis to last year.

從第一季到第二季度，我們的銷售趨勢有所改善，以美元不變計算，淨銷售額與去年基本持平。

Our operating profit declined to $3 million, driven by increased marketing investment that are expected to accelerate sales growth in the future.

由於行銷投資的增加預計將加速未來的銷售成長，我們的營業利潤下降至 300 萬美元。

We maintained a healthy gross margin with the rate declining versus the second quarter last year due to the overall mix of our business.

由於我們業務的整體組合，我們保持了健康的毛利率，與去年第二季相比有所下降。

Our balance sheet remains strong with $198 million in cash and no debt.

我們的資產負債表依然強勁，現金為 1.98 億美元，無負債。

Inventory increased from the beginning of the fiscal year to support our sales expectations for the second half of the year.

庫存從財年年初開始增加，以支持我們下半年的銷售預期。

Across geographies, our retail partners placed orders cautiously, especially in Europe and the US, where customers are maintaining lower levels of inventory in a challenging consumer spending environment.

在各個地區，我們的零售合作夥伴都謹慎下訂單，尤其是在歐洲和美國，這些地區的客戶在充滿挑戰的消費支出環境中維持較低的庫存水準。

Despite this, we were pleased to see a favorable response to our increased marketing investment.

儘管如此，我們很高興看到我們增加的行銷投資得到了積極的回應。

We saw increased interest across our brands, with unit volume in our licensed brands increasing by 10%, buoyed by our marketing efforts and the reintroduction of certain price points that we had previously vacated across our brands.

我們看到人們對我們的品牌的興趣增加，在我們的行銷努力以及重新引入我們之前在我們的品牌中騰出的某些價格點的推動下，我們的授權品牌的單位銷量增加了10 %。

In our Movado brand sales grew by 1.4% with growth in the direct-to-consumer channel, including a 21% increase in movado.com, mostly offset by a 6% decline in our wholesale channel.

在我們的直接面向消費者管道的成長中，摩凡陀品牌銷售額成長了 1.4%，其中 movado.com 成長了 21%，但大部分被批發管道下降 6% 所抵消。

While we are pleased that we have improved our retail trends overall, we recognize that the global operating environment remains challenging for retail and the watch category in particular, with a heightened level of uncertainty and we believe this will have an impact on our second half results and are updating our outlook for the balance of the year.

雖然我們很高興我們整體上改善了零售趨勢，但我們認識到全球經營環境對零售業尤其是手錶類別仍然充滿挑戰，不確定性加劇，我們相信這將對我們下半年的業績產生影響並正在更新我們對今年剩餘時間的展望。

We remain confident in the initiatives that we have put in place to support our brands as these investments are continuing to strengthen our position in the marketplace and should lead to market share growth in a difficult consumer spending backdrop.

我們對為支持我們的品牌而採取的舉措仍然充滿信心，因為這些投資將繼續加強我們在市場中的地位，並應在消費者支出困難的背景下帶來市場份額的成長。

While the initiatives are beginning to deliver improving results, they are not at the level we had planned impacted by the difficult macro environment.

雖然這些措施已開始帶來改善的結果，但受困難的宏觀環境的影響，它們並未達到我們計劃的水平。

As we look at the balance of the year, we will be focused on beginning to bring our operating expenses in line with sales while laying a solid foundation for continued support of our brand building efforts.

展望今年的剩餘時間，我們將專注於開始使我們的營運費用與銷售額保持一致，同時為繼續支持我們的品牌建立工作奠定堅實的基礎。

In our Movado brand, we are excited to launch our new icons advertising campaign that we announced yesterday in a separate press release.

在我們的摩凡陀品牌中，我們很高興推出我們昨天在另一份新聞稿中宣布的新圖標廣告活動。

Movado has had a long association with iconic brand ambassadors from Kerry Washington to Derek Jeter and Pete Sampras.

摩凡陀 (Movado) 與克里華盛頓 (Kerry Washington)、德里克傑特 (Derek Jeter) 和皮特桑普拉斯 (Pete Sampras) 等標誌性品牌大使有著長期合作關係。

We are introducing five new ambassadors into a new advertising campaign entitled, When I Move You Move, featuring Ludacris, Jessica Alba, Julianne Moore, Christian McCaffrey, and Tyrese Haliburton.

我們將在名為“When I Move You Move”的新廣告活動中引入五位新大使，包括盧達克里斯、傑西卡·阿爾芭、朱麗安·摩爾、克里斯蒂安·麥卡弗里和泰瑞斯·哈利伯頓。

The ad campaign will also feature Ludacris' iconic song, Stand Up. This will be the most comprehensive brand campaign that we have ever launched, and we will have a 360-degree media campaign throughout the holiday season, including the most important digital and social platforms, print magazines, billboards, and both digital and linear TV.

該廣告活動還將採用盧達克里斯的標誌性歌曲《Stand Up》。這將是我們有史以來推出的最全面的品牌活動，我們將在整個假期期間進行360度的媒體活動，包括最重要的數位和社交平台、印刷雜誌、廣告看板以及數位和線性電視。

We are very excited to see the results and are confident that we will continue to build on Movado's strong brand equity and to introduce new consumers to the Movado brand both online and in-store.

我們很高興看到結果，並相信我們將繼續鞏固摩凡陀強大的品牌資產，並在網路和店內向新消費者介紹摩凡陀品牌。

The positive press coverage that we received online yesterday was the most that we have ever received, seven publications reaching a potential of over 245 million readers.

昨天我們在網路上收到的正面新聞報導是我們收到的最多的，七份出版物的潛在讀者數量超過 2.45 億。

In addition to our new campaign, we also have a number of exciting new products that we will introduce at retail, including line extensions in our very successful BOLD Quest collection.

除了我們的新活動之外，我們還將在零售店推出許多令人興奮的新產品，包括我們非常成功的 BOLD Quest 系列的產品線延伸。

This includes a smaller size of 35 millimeters, a new chronograph, and a beautiful new automatic version for the holidays.

其中包括 35 毫米的較小尺寸、新的計時碼錶以及適合節日的漂亮的新自動腕錶版本。

We have seen strong success in our Heritage collection, and we will be introducing a new Calendoplan S Automatic assortment.

我們在 Heritage 系列中取得了巨大成功，我們將推出新的 Calendoplan S 自動系列。

With shaped watches performing well in the marketplace.

異形手錶在市場上表現良好。

We will be introducing our first tank collection in BOLD Evolution, which has received a strong reception from our retailers.

我們將在 BOLD Evolution 中推出我們的第一個坦克系列，該系列受到了我們零售商的熱烈歡迎。

In addition to Movado, improving its performance during the first half of the year in the United States.

除了摩凡陀，上半年在美國的業績也有所改善。

The brand is also seeing a strong response from consumers in India as we begin to grow that market.

隨著我們開始拓展印度市場，該品牌也得到了印度消費者的強烈迴響。

As we look at our licensed brand businesses, we continue to partner with some of the -- some extraordinary brands like Coach, Tommy Hilfiger, Hugo Boss, Lacoste, and Calvin Klein.

當我們審視我們的授權品牌業務時，我們繼續與一些非凡的品牌合作，如 Coach、Tommy Hilfiger、Hugo Boss、Lacoste 和 Calvin Klein。

While the fashion watch category has been challenging, we were able to grow our business by 2.5% for the quarter.

儘管時尚手錶類別一直充滿挑戰，但我們本季的業務仍實現了 2.5% 的成長。

We continue to focus on developing and introducing iconic product in both watches and jewelry and collaborating with our brand partners on our marketing efforts.

我們繼續專注於開發和推出手錶和珠寶領域的標誌性產品，並與我們的品牌合作夥伴合作進行行銷工作。

Hugo Boss highlights for the coming second half of the year include continued support of the Sky Traveller and Candor families and the introduction of our new BOSSMATIC family.

Hugo Boss 下半年的亮點包括 Sky Traveler 和 Candor 系列的持續支援以及新 BOSSMATIC 系列的推出。

BOSSMATIC is a diver inspired family that features our hybrid automatic movement powered by the motion of the wearer with the accuracy of a quartz watch.

BOSSMATIC 是一個受潛水員啟發的系列，採用混合自動機芯，由佩戴者的運動提供動力，具有石英錶的精確度。

BOSSMATIC will feature a six-month power reserve our retailers are very excited about the BOSSMATIC family, and it will be featured in a limited number of our retailers in every market.

BOSSMATIC 將具有六個月的動力儲備，我們的零售商對 BOSSMATIC 系列感到非常興奮，並且它將在每個市場的有限數量的零售商中銷售。

In Tommy Hilfiger, we will continue to support our iconic TH85 collection and will introduce innovation such as our new chronograph.

在 Tommy Hilfiger，我們將繼續支援我們標誌性的 TH85 系列，並將推出創新產品，例如我們的新款計時碼錶。

We will also be introducing new models to our growing Baker family.

我們也將向不斷壯大的貝克家族推出新型號。

Our Lacoste brand continues to perform very well in both watches and jewelry.

我們的 Lacoste 品牌在手錶和珠寶領域繼續表現出色。

We are very excited to be introducing this fall the LC33 family of ana-digi sports watches.

我們非常高興能在今年秋天推出 LC33 系列 ana-digi 運動手錶。

Available in multiple colorways, the LC33 is featured on silicone strap and will be marketed with the tagline, unleash your inner crocodile.

LC33 有多種顏色可供選擇，配有矽膠錶帶，並將以「釋放你內心的鱷魚」為口號進行行銷。

We will be collaborating closely with our partners around the world with this significant launch.

我們將透過這項重要的發布與世界各地的合作夥伴密切合作。

Our results for our Coach Brand have been strong for the first half of the year and we will continue with exciting launches as the year progresses.

我們的 Coach 品牌上半年業績強勁，隨著時間的推移，我們將繼續推出令人興奮的產品。

In our men's collection, we have introduced, Charter, a fabulous automatic watch opening at $295 featuring Coach Brand ambassador Jayson Tatum in our marketing campaign.

在我們的男士系列中，我們推出了 Charter，一款精美的自動手錶，售價 295 美元，在我們的營銷活動中由 Coach 品牌大使傑森·塔圖姆 (Jayson Tatum) 代言。

In line with the trend supporting shape cases, our customers are really excited by the introduction of our new oval family Sammy.

與支援形狀外殼的趨勢一致，我們的客戶對我們新的橢圓形系列 Sammy 的推出感到非常興奮。

Finally, in CK, we will continue to place a greater emphasis on women's watches and jewelry with the introduction of the CK Pulse collection and the expansion of our iconic Twisted Bezel, which will now be available in an oval bangle version.

最後，在 CK，我們將繼續更加重視女士手錶和珠寶，推出 CK Pulse 系列，並擴展我們標誌性的扭曲錶圈（現在將推出橢圓形手鐲版本）。

During the second quarter, our outlet stores were on plan with a decline in brick-and-mortar store sales offset by growth in our digital business.

第二季度，我們的直銷店按計畫進行，實體店銷售額的下降被我們數位業務的成長所抵銷。

During the second half of the year, we expect that the additional marketing behind the Movado brand will benefit our direct-to-consumer channels, including our outlet store channel particularly in the fourth quarter.

在今年下半年，我們預計摩凡陀品牌背後的額外行銷將有利於我們的直接面向消費者的管道，包括我們的直銷店管道，特別是在第四季度。

Overall, while we recognize it will take time to achieve our desired results, we are making progress and are confident in our strategic plan, including growing unit volumes and improving sales trends in certain of our retail channels.

總體而言，雖然我們認識到實現預期結果需要時間，但我們正在取得進展，並對我們的策略計劃充滿信心，包括增加銷售量和改善某些零售通路的銷售趨勢。

We are adjusting to the consumer landscape, bringing our expenses more in line to begin to improve our financial metrics while continuing to support our brands and our customers.

我們正在適應消費者格局，使我們的支出更加合理，以開始改善我們的財務指標，同時繼續支持我們的品牌和客戶。

We believe that the increased spending in our brand building efforts will enable us to jumpstart our Movado brand and ensure that our fashion business is positioned to deliver accelerated growth as the market improves.

我們相信，品牌建立投入的增加將使我們能夠快速啟動我們的摩凡陀品牌，並確保我們的時尚業務能夠隨著市場的改善而加速成長。

This year has been an investment year and as we begin to plan for next year, we will ensure that our expenses are in line with anticipated sales, allowing us to return to profitable, sustainable growth.

今年是投資年，當我們開始規劃明年時，我們將確保我們的支出與預期銷售相符，使我們能夠恢復盈利、可持續成長。

I would now like to turn the call over to Sallie.

我現在想把電話轉給莎莉。

Thank you, Efraim, and good morning, everyone.

謝謝你，埃夫拉伊姆，大家早安。

For today's call, I will review our financial results for the second quarter and year-to-date period of fiscal 2025 and then I will provide an update on our outlook for the year.

在今天的電話會議中，我將回顧 2025 財年第二季和年初至今的財務業績，然後提供我們今年展望的最新資訊。

Net sales in the second quarter improved sequentially from the first quarter as our marketing and product initiatives gained traction.

隨著我們的行銷和產品計劃獲得牽引力，第二季的淨銷售額比第一季連續改善。

Overall, our top-line performance was slightly below the second quarter of fiscal 2024 with net sales being down 0.7% and profitability impacted by our increased marketing investments.

整體而言，我們的營收業績略低於 2024 財年第二季度，淨銷售額下降 0.7%，獲利能力受到行銷投資增加的影響。

While we continue to operate in a dynamic global environment, we are pleased with the progress we are making on our initiatives and believe that our efforts have positioned us well for the future.

雖然我們繼續在充滿活力的全球環境中運營，但我們對我們的舉措所取得的進展感到高興，並相信我們的努力為我們的未來奠定了良好的基礎。

Turning to a review of the quarter.

轉向本季的回顧。

Sales were $159.3 million as compared to $160.4 million last year, a decrease of 0.7%.

銷售額為 1.593 億美元，較去年的 1.604 億美元下降 0.7%。

In constant dollars, the decrease in net sales was 0.3%.

以不變美元計算，淨銷售額下降 0.3%。

Net sales decreased across owned brands and company stores, partially offset by an increase in net sales in licensed brands.

自有品牌和公司商店的淨銷售額下降，部分被授權品牌淨銷售額的成長所抵銷。

By geography, US net sales decreased 0.3% as compared to the second quarter of last year.

按地區劃分，美國淨銷售額較去年第二季下降 0.3%。

International net sales decreased 0.9%, on a constant currency basis, international net sales decreased 0.3%.

國際淨銷售額下降 0.9%，以固定匯率計算，國際淨銷售額下降 0.3%。

Gross profit as a percent of sales was 54.2% compared to 55.7% in the second quarter of last year.

毛利佔銷售額的百分比為 54.2%，而去年第二季為 55.7%。

The decrease in gross margin rate as compared to the same period of last year was primarily driven by unfavorable channel and product mix.

毛利率較去年同期下降主要是由於通路和產品結構不利所致。

Operating expenses were $83.3 million as compared to $79.6 million for the same period of last year.

營運費用為 8,330 萬美元，去年同期為 7,960 萬美元。

The increase was driven by an increase investment in marketing, partially offset by a decrease in performance-based compensation.

這一增長是由行銷投資的增加所推動的，但部分被基於績效的薪酬的減少所抵消。

Operating income decreased to $3 million as compared to $9.6 million in the second quarter of fiscal 2024.

營業收入從 2024 財年第二季的 960 萬美元下降至 300 萬美元。

We recorded approximately $1.8 million of other non-operating income in the second quarter of fiscal 2025, which is primarily comprised of interest earned on our global cash position.

2025 財年第二季度，我們錄得約 180 萬美元的其他非營業收入，其中主要包括我們的全球現金部位所賺取的利息。

We recorded income tax expense of $900,000 in the second quarter of fiscal 2025 as compared to $2.9 million in the second quarter of fiscal 2024.

2025 財年第二季我們的所得稅費用為 90 萬美元，而 2024 財年第二季的所得稅費用為 290 萬美元。

Net income in the second quarter was $3.7 million, or $0.16 per diluted share as compared to $8 million, or $0.36 per diluted share in the year ago period.

第二季淨利為 370 萬美元，即稀釋後每股收益 0.16 美元，去年同期淨利為 800 萬美元，即稀釋後每股收益 0.36 美元。

Now, turning to our year-to-date results.

現在，轉向我們今年迄今為止的結果。

Sales for the six-month period ended July 31, 2024 were $296 million as compared to $305.3 million last year.

截至 2024 年 7 月 31 日的六個月期間銷售額為 2.96 億美元，而去年為 3.053 億美元。

Total net sales decreased 3.1% as compared to the six-month period of fiscal 2024.

與 2024 財年的六個月相比，淨銷售總額下降了 3.1%。

International sales decreased 3.1% and US net sales declined by 3%.

國際銷售額下降 3.1%，美國淨銷售額下降 3%。

Gross profit was $161.9 million, or 54.7% of sales as compared to $171.3 million, or 56.1% of sales last year.

毛利為 1.619 億美元，佔銷售額的 54.7%，而去年為 1.713 億美元，佔銷售額的 56.1%。

The decrease in gross margin rate for the first six months was primarily due to unfavorable channel and product mix and the deleverage of higher fixed costs over lower sales.

前六個月毛利率下降主要是由於不利的通路和產品結構以及固定成本上升對銷售額下降的去槓桿作用。

This was partially offset by decreased shipping costs.

這被運輸成本下降部分抵銷。

Operating expenses were $155.5 million as compared to $150.7 million for the same period of last year.

營運費用為 1.555 億美元，去年同期為 1.507 億美元。

The increase was driven by an increased investment in marketing and higher payroll related costs, partially offset by a decrease in performance-based compensation.

這一增長是由於行銷投資增加和工資相關成本增加所致，但部分被基於績效的薪酬減少所抵消。

For the six months ended July 31, 2024, operating income was $6.3 million compared to $20.5 million in fiscal 2024.

截至 2024 年 7 月 31 日的六個月，營業收入為 630 萬美元，而 2024 財年為 2,050 萬美元。

We recorded approximately $3.8 million of other non-operating income in the six-month period of fiscal 2025, which is primarily comprised of interest earned on our global cash position.

在 2025 財年的六個月期間，我們記錄了約 380 萬美元的其他非營業收入，其中主要包括我們的全球現金部位所賺取的利息。

Net income was $6.6 million or $0.29 per diluted share as compared to $17.2 million, or $0.76 per diluted share in the year ago period.

淨利潤為 660 萬美元，即稀釋後每股收益 0.29 美元，而去年同期淨利潤為 1,720 萬美元，即稀釋後每股收益 0.76 美元。

Now, turning to our balance sheet.

現在，轉向我們的資產負債表。

Cash at the end of the second quarter was $198.3 million as compared to $218.9 million at the same period last year.

第二季末現金為 1.983 億美元，去年同期為 2.189 億美元。

Accounts receivable was $109.8 million, up $14 million from the same period of last year, primarily due to timing and mix of business.

應收帳款為 1.098 億美元，比去年同期增加 1,400 萬美元，主要是由於時間安排和業務組合所致。

Inventory at the end of the quarter was down $5.1 million, or 2.8% below the same period of last year.

本季末庫存減少 510 萬美元，比去年同期減少 2.8%。

We are comfortable with the composition and balance of our inventory at quarter end.

我們對季末庫存的組成和平衡感到滿意。

In the first six months of fiscal 2025, capital expenditures were $3.9 million, and we repurchased approximately 39,000 shares under our share repurchase program.

2025 財年的前六個月，資本支出為 390 萬美元，我們根據股票回購計畫回購了約 39,000 股股票。

As of July 31, 2024, we had $16.8 million remaining under our authorized share repurchase program.

截至 2024 年 7 月 31 日，我們的授權股票回購計畫剩餘 1,680 萬美元。

Subject to prevailing market conditions and the business environment, we plan to utilize our share repurchase plan to offset dilution in fiscal 2025.

根據當前市場狀況和商業環境，我們計劃利用股票回購計劃來抵消 2025 財年的稀釋。

Now, I would like to discuss our updated outlook for the balance of the year.

現在，我想討論一下我們對今年剩餘時間的最新展望。

As Efraim mentioned, we are operating in a consumer environment that is challenging for retail and the watch category, and our larger customers are maintaining lower levels of inventory.

正如 Efraim 所提到的，我們所處的消費環境對零售和手錶類別來說充滿挑戰，而且我們的大客戶保持著較低的庫存水準。

Net sales are currently expected to be in a range of $665 million to $675 million, with our second half sales expected to be flat to up low single digits as compared to last year, an improvement from the first half decline of 3.1%.

目前預計淨銷售額將在 6.65 億美元至 6.75 億美元之間，下半年銷售額預計將與去年持平或出現低個位數成長，較上半年 3.1% 的下降有所改善。

We expect gross profit of approximately 54% of sales for the year and operating income in a range of $23 million to $26 million.

我們預計今年的毛利約為銷售額的 54%，營業收入在 2,300 萬美元至 2,600 萬美元之間。

This expectation for operating income includes beginning to bring our expenses to be more in line with our sales and to improve our financial metrics while continuing to support our brands and our customers.

對營業收入的預期包括開始使我們的支出與我們的銷售額更加一致，並改善我們的財務指標，同時繼續支持我們的品牌和客戶。

Based on our global footprint and our estimated jurisdictional taxable income, we now expect our effective tax rate to be 25% with an expected range of earnings of $0.90 to $1 per diluted share.

根據我們的全球足跡和估計的司法管轄區應稅收入，我們現在預計有效稅率為 25%，稀釋後每股盈餘的預期範圍為 0.90 美元至 1 美元。

As we look towards next fiscal year, we are committed to improving our financial performance.

展望下一個財年，我們致力於改善我們的財務表現。

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

我現在想打開電話提問。

(Operator Instructions) Michael Legg, The Benchmark Company.

（操作員說明）Michael Legg，Benchmark 公司。

Thanks.

謝謝。

Good morning.

早安.

Good morning.

早安.

You mentioned coming out of this period with your increased market share, market share growth.

您提到隨著市場佔有率的增加，市場佔有率的成長，走出了這個時期。

Can you talk what you're seeing from the competition today from a pricing perspective, from a viability perspective, and anything from a geographic perspective also?

您能從定價角度、生存能力角度以及地理角度談談您從今天的競爭中看到的情況嗎？

Thanks.

謝謝。

Sure.

當然。

So I think what we're seeing is the watch category overall, from luxury down to accessible, has become challenging.

因此，我認為我們所看到的是，整個手錶類別，從奢華到平易近人，已經變得充滿挑戰。

What occurred initially, probably in the fashion watch category, has now spread a little bit to the luxury category as well, and you're seeing those numbers particularly come out of Switzerland.

最初發生的情況可能發生在時尚手錶類別，現在也已擴展到奢侈品類別，而且您會看到這些數字尤其來自瑞士。

I think what we're also seeing is that we have executed pretty well in the fashion watch category and so we've seen gains there.

我認為我們也看到，我們在時尚手錶類別中的表現相當出色，因此我們在這方面看到了收益。

While other of our competitors within the fashion watch category are challenged.

而我們時尚手錶類別的其他競爭對手則面臨挑戰。

But as we all know, European markets are challenged.

但眾所周知，歐洲市場面臨挑戰。

The US economy and employment is beginning to show some signs of stress.

美國經濟和就業開始顯現出一些壓力跡象。

So there are a number of different factors involved.

因此，涉及許多不同的因素。

And then we've seen good growth in markets like Latin America, Mexico, India, developing markets, where, as you read, the economic numbers have improved.

然後我們看到了拉丁美洲、墨西哥、印度等發展中市場的良好成長，正如您所讀到的那樣，這些市場的經濟數據有所改善。

And I think our strategies have worked.

我認為我們的策略已經奏效。

They've just not worked to the extent that we would have liked them to.

它們只是沒有達到我們希望的效果。

We're really excited about the Movado campaign that we launched yesterday.

我們對昨天推出的摩凡陀活動感到非常興奮。

The positive reviews and coverage.

正面的評論和報導。

I urge all of you to go on our website or to look up some of the articles that have been written about our ad campaign.

我敦促大家造訪我們的網站或尋找一些有關我們廣告活動的文章。

It's gotten very, very strong reviews and we're really excited about the prospects that this campaign will yield for the Movado brand overall.

它得到了非常非常強烈的評價，我們對這次活動將為摩凡陀品牌帶來的整體前景感到非常興奮。

Okay.

好的。

Great.

偉大的。

And then just, you mentioned the media campaign in India there.

然後，您提到了印度的媒體宣傳活動。

Can you talk about, I assume that the media campaign is global.

你能談談嗎，我認為媒體宣傳活動是全球性的。

Just comment on that.

只是對此發表評論。

And then second, on the India opportunity, can you just expand a little bit on the opportunity there?

其次，關於印度的機會，你能稍微擴大一下那裡的機會嗎？

Sure.

當然。

The Movado campaign is predominantly in North America.

摩凡陀的活動主要在北美進行。

We will run the campaign in India as well, and some of it will spread to China and other markets.

我們也將在印度開展該活動，其中一些活動將擴展到中國和其他市場。

But Movado is for us about 90% domestic.

但摩凡陀對我們來說90%左右都是國產的。

And although I do believe that this campaign will present international opportunities in the future, as well as our product assortment and innovation.

儘管我確實相信這次活動將帶來未來的國際機會，以及我們的產品種類和創新。

So that campaign is mostly based in the United States.

因此，該活動主要以美國為基地。

And we'll run throughout the fall, really launching this month on digital platforms as well as outdoor.

我們將在整個秋季運行，並於本月在數位平台和戶外平台上真正推出。

And then we'll add in TV and other media into the important holiday season.

然後我們將在重要的假期中加入電視和其他媒體。

Okay, great.

好的，太好了。

And then just on jewelry.

然後就是珠寶。

I didn't hear anything on jewelry.

沒聽說有什麼關於珠寶的。

Is that something kind of taking a backseat to the consumer returns or how's jewelry doing?

這是否是某種讓消費者退貨或珠寶表現如何的事情退居二線？

The jewelry is actually outperforming watches, in our fashion brands and seems to be doing very well.

在我們的時尚品牌中，珠寶的表現實際上優於手錶，而且似乎表現得很好。

Our innovation has been good, and we think that, that still continues to present a big opportunity for the company as we grow that business particularly strong in markets like Europe and Mexico and markets like that.

我們的創新一直很好，我們認為，隨著我們在歐洲和墨西哥等市場的業務發展尤其強勁，這仍然為公司提供了巨大的機會。

So we're excited about that opportunity.

所以我們對這個機會感到很興奮。

And then we will reset our Movado jewelry assortment beginning next year that we're really excited about as well.

然後，我們將從明年開始重置我們的摩凡陀珠寶系列，我們對此也感到非常興奮。

Okay.

好的。

And then a couple of financials on the guidance.

然後是有關指導的一些財務數據。

I assume that does not factor any interest rate cuts into it.

我認為這不考慮任何降息因素。

It's just more of a steady state with the consumer.

這只是消費者的一種較穩定的狀態。

Can you give us a little insight into that?

可以跟我們介紹一下嗎？

I mean, I think, my personal opinion is that the interest rates increases and -- have occurred over a several year period.

我的意思是，我認為，我個人的觀點是利率上升，而且是在幾年的時間內發生的。

I would imagine that the declines will happen in a similar fashion.

我認為下降也會以類似的方式發生。

Unless things get economically, the numbers get significantly worse.

除非經濟狀況好轉，否則數字會變得更糟。

And I don't think that has an immediate impact on consumers.

我認為這不會對消費者產生直接影響。

That takes a little longer to have an impact on consumers, just as rate hikes do.

就像升息一樣，這需要更長的時間才能對消費者產生影響。

So I think that there will certainly be a benefit as rates begin to come down, but it doesn't happen immediately from a retail perspective.

因此，我認為，隨著利率開始下降，肯定會有好處，但從零售角度來看，這不會立即發生。

And then just last question.

然後是最後一個問題。

Your stock buyback has 16.8 million left.

你的股票回購還剩1680萬。

You use it to offset any dilution from issued shares.

您可以用它來抵消已發行股票的任何稀釋。

What would it take for you to be more aggressive in the share buyback?

您怎樣才能更積極地回購股票？

At what level of stock?

庫存處於什麼水準？

I don't really think it's about a level.

我覺得根本不是一個等級的問題。

I think it's about a level of confidence in the environment versus just our own execution and performance.

我認為這是對環境的信心程度，而不是我們自己的執行力和表現。

And quite frankly, I think we have to, we will, I know, do a better job on executing and managing our investments as we begin to look at next year.

坦白說，我認為我們必須，我知道，當我們開始展望明年時，我們將在執行和管理我們的投資方面做得更好。

We're not, we have no need to -- we will curtail some this fall, but we are not touching our Movado campaign, believe that strongly and the importance of that and the benefit to the brand.

我們沒有，我們沒有必要——我們將在今年秋天削減一些，但我們不會觸及我們的摩凡陀行銷活動，我們堅信這一點的重要性以及對品牌的好處。

So we sought opportunities to invest in our business, but obviously the value of the shares we believe is represent a good value.

因此，我們尋找投資我們業務的機會，但顯然我們認為股票的價值代表了良好的價值。

So we will certainly look at that as the year progresses and as we see the market begin to evolve.

因此，隨著時間的推移以及我們看到市場開始發展，我們肯定會關注這一點。

Great.

偉大的。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would like to turn the conference back over to Efraim Grinberg for closing remarks.

我想將會議轉交給埃夫拉伊姆·格林伯格 (Efraim Grinberg) 致閉幕詞。

Thank you all for joining us today.

感謝大家今天加入我們。

And as I said, we look forward to improving our operating performance as we begin to look into next year.

正如我所說，當我們開始展望明年時，我們期待著改善我們的經營績效。

And I encourage all of you to please visit the movado.com website and you will get to really see what we have done.

我鼓勵大家造訪 movado.com 網站，您將真正了解我們所做的事情。

It's the first time that we completely integrate a campaign at the level that we've done it here.

這是我們第一次以我們在這裡所做的水平完全整合行銷活動。

And as I said, it's gotten really, really positive review from marketing media as well as a number of different editorials in the marketplace.

正如我所說，它得到了行銷媒體以及市場上許多不同社論的非常非常積極的評價。

Thank you again for joining us today.

再次感謝您今天加入我們。

Thank you.

謝謝。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect at this time and thank you for your participation.

此時您可以斷開連接，感謝您的參與。