Research Reports

Q4 FY2026 revenue $191.6M, +5.6% YoY (prepared); full-year revenue $671.3M, +2.7% YoY (prepared)
Q4 adjusted operating income $14.4M, +6.2% YoY (prepared); full-year adjusted operating income $34.8M, +28.7% YoY (prepared)
Q4 gross margin 54.1% (vs. 54.2% prior year); full-year gross margin 54.2% (vs. 54.0% prior year) (CFO)
Q4 U.S. net sales +11.2% YoY; International net sales +1% YoY (constant currency -5.9%) (CFO)
Full-year U.S. net sales +4.3%; International net sales +1.6% (constant currency -1.5%) (CFO)
Company stores Q4 sales +9% YoY, driven by higher average selling prices (CEO)
Movado brand Q4 wholesale sales +25% YoY; Movado e-commerce +18% YoY (CEO)
Operating cash flow $57.9M; Cash $230.5M; No debt (CEO, CFO)
CapEx $4.5M; D&A $9.4M (CFO)
Inventory $158.3M (incl. $3.1M IEEPA tariff); Accounts receivable $102.0M (CFO)
Share repurchases ~208,000 shares in FY2026; $46.1M remaining under authorization (CFO)
Official guidance: No FY2027 outlook provided due to geopolitical and tariff uncertainty (CFO)

"Revenue increased 2.7% to $171,300,000 and adjusted operating income grew 28.7% to $34,800,000, reflecting strong execution across our strategic priorities." (CEO)
"We are seeing increased participation from younger consumers, along with a strong return of women into the category driven by smaller case sizes and jewelry-inspired designs." (CEO)
"We held gross margin nearly flat at 54.1% of sales as compared to 54.2% in the fourth quarter of last year. We absorbed increased U.S. tariffs with favorable channel and product mix." (CFO)
"Given the current economic and geopolitical uncertainty, including the unpredictable impact of the current Middle East conflict and ongoing tariff developments, the company has elected to not provide a fiscal 2027 outlook at this time." (CFO)
"We are very encouraged by the return of consumers to the fashion watch category, particularly women, and we believe we are well positioned to capitalize on that trend." (CEO)

Metric	Value	Speaker/Context
Q4 Revenue	$191.6M	CFO
Q4 Revenue Growth (YoY)	+5.6%	CFO
Full-Year Revenue	$671.3M	CFO
Full-Year Revenue Growth (YoY)	+2.7%	CFO
Q4 Adjusted Operating Income	$14.4M	CFO
Q4 Adjusted Operating Income Growth (YoY)	+6.2%	CFO
Full-Year Adjusted Operating Income	$34.8M	CFO
Full-Year Adjusted Operating Income Growth (YoY)	+28.7%	CEO
Q4 Gross Margin	54.1%	CFO
Full-Year Gross Margin	54.2%	CFO
Q4 U.S. Net Sales Growth (YoY)	+11.2%	CFO
Q4 International Net Sales Growth (YoY)	+1%	CFO
Full-Year U.S. Net Sales Growth (YoY)	+4.3%	CFO
Full-Year International Net Sales Growth (YoY)	+1.6%	CFO
Q4 Diluted EPS	$0.57	CFO
Full-Year Diluted EPS	$1.34	CFO
Operating Cash Flow	$57.9M	CEO
Cash	$230.5M	CFO
CapEx	$4.5M	CFO
D&A	$9.4M	CFO
Inventory	$158.3M	CFO
Accounts Receivable	$102.0M	CFO
Shares Repurchased (FY2026)	~208,000	CFO
Remaining Repurchase Authorization	$46.1M	CFO

Topic: D2C增长、美国销售驱动、关税拖累、股票回购计划
Key points:
- Movado.com 4Q2026增长18%，驱动因素包括消费者参与度提升、新创新产品、自动腕表推动更高平均售价
- 美国净销售增长11.2%，主要为销量驱动，仅实施极小幅度涨价以部分抵消关税
- 关税导致FY2026 COGS增加约$10M，全年毛利率拖累150bps，Q4拖累约180bps；FY2027计划中假设当前10%关税叠加正常关税
- FY2026回购约208,000股，剩余授权约$46M，公司优先保证股息和抵消稀释
Mgmt stance: 中性偏乐观 —— 看到消费者回归和品牌需求，但关税不确定性仍在，回购节奏谨慎

Topic: 瑞士关税影响、批发增长驱动、运营效率展望
Key points:
- 瑞士关税曾短暂升至39%，但公司在此期间极少进口，未带来显著节省；目前实际税率为10%加6-8%关税，最终永久税率不明
- 批发增长由终端需求驱动，零售渠道仍在追货，公司正加速补库存
- 销量增长有助于通过供应链杠杆改善毛利率和销货成本，但公司未提供FY2027具体指引
Mgmt stance: 中性 —— 需求真实但关税政策不稳定，运营效率是内部重点但无量化承诺