Movado Group Inc (MOV) 2026 Q1 法說會逐字稿

Good day, everybody, and welcome to Movado first quarter and fiscal year 2026 earnings call. As a reminder, today's call is being recorded and may not be reproduced in full or in part without permission from the company. At this time, I would like to turn the conference over to Allison Malkin of ICR. Please go ahead.

大家好，歡迎參加摩凡陀 2026 財年第一季和年度財報電話會議。提醒一下，今天的通話正在錄音，未經公司許可不得全部或部分複製。現在，我想將會議交給 ICR 的 Allison Malkin。請繼續。

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

每個人。與我一起參加電話會議的還有董事長兼執行長 Efraim Grinberg 和執行副總裁兼營運長兼財務長 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.

在我們開始之前，我想提醒大家注意公司的安全港語言，我相信你們都很熟悉。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》所定義的前瞻性陳述。

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. 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.

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所建議的結果有重大差異。所有這些都在公司向美國證券交易委員會提交的文件中進行了描述，其中包括今天的新聞稿。如果本次電話會議中使用了任何非 GAAP 財務指標，我們將在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.

現在我想把電話轉給摩凡陀集團董事長兼執行長 Efraim Grinberg。

Thank you, Allison. Good morning, and welcome to Movado Group's first quarter earnings call. I am joined today by Sallie DeMarsilis, our Executive Vice President and CFO. I will first review our first quarter results and our progress against our strategic initiatives. Sallie will then review our financial results in greater detail. We would then be glad to take questions.

謝謝你，艾莉森。早安，歡迎參加摩凡陀集團第一季財報電話會議。今天與我一同出席的還有我們的執行副總裁兼財務長 Sallie DeMarsilis。我將首先回顧我們的第一季業績以及我們策略性舉措所取得的進展。然後，Sallie 將更詳細地審查我們的財務結果。我們很樂意回答問題。

We are pleased by our performance in the first quarter especially as it involved navigating through an increasingly uncertain global economic environment. For the quarter, we delivered sales of $131.8 million versus $134.4 million last year, down 1.9% or 1% on a constant currency basis.

我們對第一季的表現感到滿意，尤其是在全球經濟環境日益不確定的情況下。本季，我們的銷售額為 1.318 億美元，而去年同期為 1.344 億美元，下降 1.9%（以固定匯率計算為 1%）。

Our adjusted operating income for the first quarter of fiscal 2026 was $870,000 versus operating income of $2.1 million last year. We made good progress on reducing our operating expenses through our cost savings initiatives, although some of the benefits were offset by unrealized losses due to significant currency fluctuations.

我們 2026 財年第一季的調整後營業收入為 87 萬美元，而去年的營業收入為 210 萬美元。我們透過成本節約措施在降低營運費用方面取得了良好進展，儘管部分收益被因大幅貨幣波動造成的未實現損失所抵銷。

Our adjusted earnings per share for the quarter were $0.08, down slightly from $0.09 last year on a lower tax rate. We ended the quarter with $203 million in cash and no debt. We are pleased that our Board approved a dividend of $0.35 per share for the first quarter.

本季我們的調整後每股收益為 0.08 美元，由於稅率較低，略低於去年的 0.09 美元。本季結束時，我們擁有 2.03 億美元現金，且沒有債務。我們很高興董事會批准第一季每股 0.35 美元的股息。

Despite an uncertain retail environment, we continue to execute on our strategic priorities, introducing product innovation, and delivering compelling value for our consumers worldwide. For the first quarter, our US sales were down 1.6%, while international sales were down 2.2% or 0.7% on a constant currency basis.

儘管零售環境不確定，我們仍繼續執行我們的策略重點，推出產品創新，並為全球消費者提供引人注目的價值。第一季度，我們的美國銷售額下降了 1.6%，而國際銷售額下降了 2.2%，以固定匯率計算下降了 0.7%。

We continue to make meaningful progress on our Movado brand refresh, even as we navigate a challenged retail environment. We're particularly pleased with the recent introduction of our new mini Bangle collections and the BOLD Mini Quest, which have received a strong consumer response. These new styles opening at $750 and $595, respectively, are helping to elevate the brand positioning and broaden our reach.

儘管零售環境充滿挑戰，但我們在摩凡陀品牌更新方面仍取得有意義的進展。我們對最近推出的新款迷你手環系列和 BOLD Mini Quest 感到特別高興，它們獲得了消費者的強烈反響。這兩款新鞋的起價分別為 750 美元和 595 美元，有助於提升品牌定位並擴大我們的影響力。

Additionally, the amplification of our partnership with Movado brand ambassador and NBA star Tyrese Halliburton, who is currently making a standout playoff run has further enhanced our visibility. We have been utilizing social media campaigns, leveraging both influencers and dynamic content across Instagram and TikTok to connect with our target consumers and strengthen engagement with more to come this year.

此外，我們與摩凡陀品牌大使、NBA 球星泰瑞斯·哈利伯頓 (Tyrese Halliburton) 的合作不斷擴大，泰瑞斯·哈利伯頓目前正在季後賽中表現出色，這進一步提高了我們的知名度。我們一直在利用社群媒體活動，利用 Instagram 和 TikTok 上的影響力人士和動態內容與我們的目標消費者建立聯繫，並在今年加強與更多消費者的互動。

In our licensed brands, we have seen particularly strong growth with sales improving by high single digits. Coach continues to connect with Gen Z and millennials, particularly through our Sammy and [Caps] collections. Our chartered Chronograph collection is expanding the penetration of our men's offerings.

在我們的授權品牌中，我們看到了特別強勁的成長，銷售額實現了高個位數的成長。Coach 繼續與 Z 世代和千禧世代保持聯繫，尤其是透過我們的 Sammy 和 [Caps] 系列。我們特許的計時碼表系列正在擴大我們男士產品的滲透率。

In HUGO BOSS, we continue to drive improving performance with the success of the Skytraveller family for him and the Lucy collection for her while continuing to grow our BOSS jewelry business.

在 HUGO BOSS，我們繼續推動業績提升，男裝 Skytraveller 系列和女裝 Lucy 系列大獲成功，同時繼續發展 BOSS 珠寶業務。

Lacoste continues to grow with the continued success of LC33, the Lacoste Boston family and our best-selling Metropole Bracelet from our jewelry collection.

隨著 LC33、Lacoste Boston 系列以及我們珠寶系列中最暢銷的 Metropole 手鐲的持續成功，Lacoste 不斷發展壯大。

In Calvin Klein, we're focusing on driving our women's business with our iconic Pulse collection and the newly launched Meridian family, a new mini rectangular-shaped watch. We're also seeing a strong response to our new elongated drop collection in CK jewelry.

在 Calvin Klein，我們專注於透過標誌性的 Pulse 系列和新推出的 Meridian 系列（一款新型迷你矩形手錶）來推動女性業務。我們也看到 CK 珠寶的新款細長水滴系列獲得了強烈反響。

In Tommy Hilfiger, we have seen success in our Skeleton watch product families, led by the [Baker] watch -- while our Bank Chronograph and iconic Tommy Hilfiger colors is also performing well. And for women, we have seen a strong response to the new TS Square watch and will be expanding introductions throughout the year.

在 Tommy Hilfiger，我們的 Skeleton 手錶產品系列取得了成功，以 [Baker] 手錶為首——同時我們的 Bank Chronograph 和標誌性的 Tommy Hilfiger 顏色也表現良好。對於女性來說，我們看到了對新款 TS Square 手錶的強烈反響，並將在全年擴大推出範圍。

In Olivia Burton, we have seen strong trends in the US and the UK with consumers responding to our shape cases like our iconic Grosvenor now available in a mini execution and our Grove family.

在 Olivia Burton，我們看到了美國和英國的強勁趨勢，消費者對我們的形狀手機殼反應熱烈，例如我們標誌性的 Grosvenor（現已推出迷你版）和我們的 Grove 系列。

For the quarter, we saw an improved trend in our outlet division, with sales only down 1.7% and that improvement has continued into the second quarter with trends improving throughout the month of May. As we progress through the current quarter and position ourselves for the second half, we are seeing some positive signs, while continuing to navigate a retail and economic environment affected by tariff-related uncertainties.

本季度，我們的奧特萊斯部門呈現改善趨勢，銷售額僅下降 1.7%，並且這種改善趨勢一直延續到第二季​​度，整個 5 月份的趨勢都在改善。隨著我們度過本季並為下半年做好準備，我們看到了一些積極的跡象，同時繼續應對受關稅相關不確定性影響的零售和經濟環境。

At the current temporary US tariff rates, we believe we can partially mitigate the associated cost increases through available levers, including selective price increases. However, we recognize that the current tariff rates are subject to change based upon pending trade negotiations and legal challenges.

在目前的美國臨時關稅稅率下，我們相信我們可以透過可用的手段（包括選擇性漲價）部分緩解相關的成本增加。然而，我們認識到目前的關稅稅率可能會根據未決的貿易談判和法律挑戰而改變。

Given the global uncertainty, we are focused on managing the controllables and operating with a high level of flexibility and agility while staying focused on delivering innovation, quality, and value for our consumers. Due to the macroeconomic and tariff-related uncertainty, we're not providing outlook at this time. Still, we see resilience in the category with young consumers embracing trend forward watches and jewelry.

鑑於全球的不確定性，我們專注於管理可控因素並以高度的靈活性和敏捷性運營，同時專注於為消費者提供創新、品質和價值。由於宏觀經濟和關稅相關的不確定性，我們目前不提供展望。儘管如此，我們看到該類別具有韌性，年輕消費者正在接受引領潮流的手錶和珠寶。

Across our portfolio, we have seen strong momentum in women's watch collections and men's jewelry offerings, both of which are helping to drive engagement and growth.

在我們的產品組合中，我們看到女士手錶系列和男士珠寶產品呈現強勁勢頭，這兩者都有助於推動參與和成長。

I would now like to turn the call over to Sallie to walk you through the financials in greater detail. We would then be glad to answer any of the questions you might have.

現在我想將電話轉給 Sallie，讓她向您更詳細地介紹一下財務狀況。我們將很樂意回答您可能提出的任何問題。

Thank you, Efraim, and good morning, everyone. For today's call, I will review our financial results for the first quarter of fiscal 2026. My comments today will focus on adjusted results. Please refer to the description of the special items included in our results for the first quarter of fiscal 2026 and our press release issued earlier today, which also includes a reconciliation table of GAAP and non-GAAP measures.

謝謝你，埃弗拉伊姆，大家早安。在今天的電話會議上，我將回顧我們 2026 財年第一季的財務表現。我今天的評論將集中在調整後的結果。請參閱我們 2026 財年第一季業績中包含的特殊項目的描述以及我們今天早些時候發布的新聞稿，其中還包括 GAAP 和非 GAAP 指標的對帳表。

Overall, we are pleased with our performance for the first quarter of fiscal 2026, although results continue to be negatively impacted by an uncertain economic environment. Despite net sales being down low single digits year over year, we continue to make good progress on our strategic initiatives and maintained an extremely strong balance sheet.

總體而言，我們對 2026 財年第一季的業績感到滿意，儘管業績繼續受到不確定的經濟環境的負面影響。儘管淨銷售額同比下降了個位數，但我們的策略舉措繼續取得良好進展，並保持了極其強勁的資產負債表。

Turning to a review of the quarter. Sales were $131.8 million as compared to $134.4 million last year, a decrease of 1.9%. In constant dollars, the decrease in sales was 1%. Net sales decreased across owned brands and to a lesser extent, company stores, partially offset by an increase in licensed brands.

轉向本季的回顧。銷售額為 1.318 億美元，而去年同期為 1.344 億美元，下降了 1.9%。以不變美元計算，銷售額下降了 1%。自有品牌的淨銷售額有所下降，公司專賣店的淨銷售額也有所下降（下降幅度較小），但授權品牌的淨銷售額有所增長，部分抵消了這一下降。

By geography, US net sales decreased 1.6% as compared to the first quarter of last year. International net sales decreased 2.2%, and on a constant currency basis, international net sales decreased 0.7%. Gross profit as a percent of sales was 54.1% compared to 54.3% in the first quarter of last year.

按地區劃分，美國淨銷售額與去年第一季相比下降了 1.6%。國際淨銷售額下降2.2%，以固定匯率計算，國際淨銷售額下降0.7%。毛利佔銷售額的百分比為 54.1%，而去年第一季為 54.3%。

The year-over-year decrease in the gross margin rate was primarily driven by a negative impact of fluctuations in foreign currency exchange rates, increased shipping costs, and the deleverage of certain fixed costs over lower sales. This was mostly offset by favorable channel and product mix.

毛利率年減主要由於外匯匯率波動、運輸成本增加、銷售額下降導致某些固定成本去槓桿化等負面影響。這主要被有利的通路和產品組合所抵消。

Operating expenses were $70.5 million as compared to $70.8 million for the same period of last year. During the quarter, we made progress on our cost savings initiatives, such as reducing our investment in marketing expenditures and payroll-related costs.

營運費用為 7,050 萬美元，而去年同期為 7,080 萬美元。本季度，我們在成本節約措施方面取得了進展，例如減少行銷支出和薪資相關成本的投資。

These savings, however, were partially offset by unrealized currency losses resulting from highly volatile exchange rates towards the end of the quarter, impacting our outstanding intercompany balances and an increase in performance-based compensation.

然而，這些節省的部分被本季末匯率劇烈波動導致的未實現貨幣損失所抵消，影響了我們未償還的公司間餘額和基於績效的薪酬的增加。

Operating income decreased to $0.9 million as compared to $2.1 million in the first quarter of fiscal 2025. We recorded approximately $1.6 million of other nonoperating income in the first quarter of fiscal 2026, 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.

營業收入從 2025 財年第一季的 210 萬美元下降至 90 萬美元。我們在 2026 財年第一季記錄了約 160 萬美元的其他非營業收入，主要包括我們全球現金部位所賺取的利息，而去年同期為 210 萬美元。

We recorded income tax expense of $0.8 million in the first quarter of fiscal 2026 as compared to $2 million in the first quarter of fiscal 2025. Net income in the first quarter was $1.9 million or $0.08 per diluted share as compared to $2 million or $0.09 per diluted share in the year ago period.

我們在 2026 財年第一季記錄的所得稅費用為 80 萬美元，而 2025 財年第一季的所得稅費用為 200 萬美元。第一季淨收入為 190 萬美元，即每股攤薄收益 0.08 美元，而去年同期淨收入為 200 萬美元，即每股攤薄收益 0.09 美元。

Now turning to our balance sheet. Cash at the end of the first quarter was $203.1 million as compared to $225.4 million at the same period of last year. Accounts receivable was $87.3 million as compared to $81 million for the same period of last year due to timing and mix of business. Inventory at the end of the quarter was up $24.1 million from the same period of last year due to the timing of receipts.

現在轉向我們的資產負債表。第一季末現金為 2.031 億美元，去年同期為 2.254 億美元。由於業務時間和組合的原因，應收帳款為 8,730 萬美元，而去年同期為 8,100 萬美元。由於收貨時間原因，本季末庫存比去年同期增加了 2,410 萬美元。

In the first three months of fiscal 2026, capital expenditures were $1.5 million. We did not repurchase shares under our $50 million share repurchase program during the quarter. As a global company with over 40% of our net sales in the US we continue to closely monitor the changing tariff landscape and evaluate various strategies to mitigate impending cost increases for US imports.

2026財年前三個月，資本支出150萬美元。本季我們沒有根據 5,000 萬美元的股票回購計畫回購股票。作為一家全球性公司，我們的淨銷售額有 40% 以上來自美國，我們將繼續密切關注不斷變化的關稅形勢，並評估各種策略以減輕美國進口即將出現的成本上漲。

Although we remain focused on maintaining the quality and value consumers expect, we will be implementing select price increases while actively engaging with our supply chain partners and customers to respond effectively.

儘管我們仍然專注於維持消費者期望的品質和價值，但我們將實施選擇性價格上漲，同時積極與我們的供應鏈合作夥伴和客戶合作，以有效應對。

Given the current macroeconomic environment and the ongoing uncertainty of the impact of tariffs on our business, the company has elected to not provide fiscal 2026 outlook at this time. I would now like to open the call up for questions.

鑑於當前的宏觀經濟環境以及關稅對我們業務影響的持續不確定性，該公司選擇目前不提供 2026 財年展望。現在我想開始提問。

(Operator Instructions) Hamed Khorsand, BWS Financial.

（操作員指示） Hamed Khorsand，BWS Financial。

Just firstly, if we could just talk about the sales momentum -- could you just provide a little bit more insights to the momentum you were talking about last quarter and the trends you're seeing now and how that isn't really showing up in the actual numbers you're reporting and what's driving that?

首先，如果我們可以談談銷售勢頭——您能否對您上個季度談論的勢頭和您現在看到的趨勢提供更多見解，以及為什麼這些趨勢並沒有真正體現在您報告的實際數字中，以及是什麼推動了這一趨勢？

Well, I think -- and I think we've been clear that the sales are vary by market and by brand, and we're seeing pockets of growth and then pockets of more challenged marketplaces. So I think overall, given the uncertainty in the marketplace and the retail environment, I think we're satisfied right now with where our sales are, but we're focused on improving the trends over the balance of the year.

嗯，我認為——而且我認為我們已經清楚，銷售額因市場和品牌而異，我們看到了一些成長點，然後是一些更具挑戰性的市場。因此我認為總體而言，考慮到市場和零售環境的不確定性，我認為我們對目前的銷售狀況感到滿意，但我們專注於改善今年剩餘時間的趨勢。

And the uncertainties that have been injected into the marketplace, over the last several months, certainly have taken some toll on consumers, especially in the United States and Europe.

過去幾個月來，市場上出現的不確定性無疑對消費者造成了一定影響，尤其是在美國和歐洲。

I guess what I'm trying to get to is like you implemented this marketing strategy last year to increase sales momentum, it seemed like things were going great. Is tariffs that much of an impact on the consumer as far as your markets are concerned?

我想我想表達的是，就像你去年實施了這種行銷策略來增加銷售動能一樣，事情似乎進展順利。就你們的市場而言，關稅對消費者的影響大嗎？

Well, I think that we never expected the journey that we implemented to be a short-term strategy, but longer term. And I think we're seeing a lot of interest from consumers in newness, in innovation, in new -- in smaller watches, we're seeing a renewed interest from younger consumers.

嗯，我認為我們從來沒有想到我們所實施的旅程是一個短期策略，而是一個長期策略。我認為，我們看到消費者對新穎性、創新性和新小型手錶產生了濃厚的興趣，我們看到年輕消費者對小型手錶重新產生了興趣。

So I think those are positive things. I think the challenges are the discretionary purchases are challenged and value still continues to be really important. So we are focused on delivering value for our consumers.

所以我認為這些都是正面的事情。我認為挑戰在於自由支配的購買受到挑戰，而價值仍然非常重要。因此，我們專注於為消費者提供價值。

And I would say that this journey that we're on from a brand-building perspective -- that doesn't happen overnight. And what we are doing this year is rationalizing our expense infrastructure to deliver a better financial performance over the year.

我想說，從品牌建立的角度來看，我們所經歷的這段旅程並非一朝一夕就能實現的。我們今年所做的就是合理化我們的費用基礎設施，以便全年實現更好的財務表現。

And that was going to be my segue there is, when will there be lining up between earnings per share and the cash dividend, earnings are still lagging the dividend right now?

這就是我要說的過渡，每股收益和現金股息什麼時候才能保持一致，現在收益仍然落後於股息嗎？

I think the benefit that we have is that we obviously have a very strong balance sheet and a really strong cash position. We built inventory over the quarter. I would expect that to come down by the end of the year, which produces more cash. We're also in very focused and always have been on delivering strong operating cash flow.

我認為我們的優勢在於我們顯然擁有非常強勁的資產負債表和非常強勁的現金狀況。我們在本季建立了庫存。我預計這一數字到年底會下降，從而產生更多現金。我們也非常注重並始終致力於實現強勁的經營現金流。

I would think that as we go towards the second half of the year, we'll see improved operating cash flow, and that should ultimately continue to strengthen our balance sheet. I think the more difficult part right now is that it's difficult to predict the current economic environment we saw last night, even that the current tariffs were ruled illegal by trade court, which is the federal court.

我認為，隨著進入下半年，我們將看到營運現金流的改善，最終將繼續加強我們的資產負債表。我認為現在更困難的部分是，我們很難預測昨晚看到的當前經濟環境，即使當前的關稅被貿易法庭（即聯邦法院）裁定為非法。

So that in itself, although that's probably a positive from a business perspective. If it holds, that creates even more uncertainty.

因此，從商業角度來看，這本身可能是件好事。如果這一觀點成立，那麼將會產生更大的不確定性。

Okay. And then lastly, you were talking about this unrealized loss in the foreign exchange. Will that be realized as a loss? Or will that eventually be neutralized in some way?

好的。最後，您談到了外匯中的未實現損失。這是否會被視為損失？或者最終會以某種方式被消除？

Yes. So resulted -- that resulted from a sharp decline really in the value of the US dollar at the end of the quarter due to headlines that hit really out of the -- out of Washington. So it was unrealized. It will be -- we will make sure that we mitigate that risk going forward and take advantage of any other maybe offsetting increases in future quarters.

是的。因此，結果是——由於華盛頓的頭條新聞，美元價值在本季末大幅下跌。所以它沒有實現。我們將確保降低未來的風險，並利用未來幾季中任何其他可能抵消的成長。

So it will only be realized when paid basically. It's because we are such a multinational company and have currency situations and interactions between all of our entities around the globe.

所以基本上只有付款了才會實現。這是因為我們是一家跨國公司，並且我們在全球的所有實體之間都有貨幣狀況和互動。

That will conclude our question-and-answer session. I would like to turn the conference back over to Efraim for closing remarks.

我們的問答環節到此結束。我想將會議交還給埃弗拉姆，請他致閉幕詞。

Thank you all for participating with us today, and we look forward to talking with you after our second quarter. Thank you again.

感謝大家今天的參與，我們期待在第二季結束後與大家交談。再次感謝您。

This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。