MOV - Why Movado Stock Was Down This Week
2023-03-24 08:15:40 ET
Movado (NYSE: MOV) investors lost ground to a rising market this week. The watch specialist is now in negative territory so far this year, down 13% compared to the wider market's 2.8% increase, according to data provided by S&P Global Market Intelligence . Shares are also trailing the S&P 500 over the past full year.
This week's decline was sparked by a lukewarm reception on Wall Street to Movado's Q4 earnings update.
The company announced early Thursday that sales trends turned negative in the selling period that ended in late January. Revenue declined to $194 million from $206 million as demand softened in key markets like the U.S. and Europe. Movado also posted weaker profitability thanks to this demand pressure.
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Why Movado Stock Was Down This Week