and second Thank the in greater review highlights today Group’s Rachel. for our you, and our outlook Welcome With second CFO. to and financial the will After I review of strategies quarter me COO our call. conference initiatives Movado detail. half, is results quarter and Sallie Sallie DeMarsilis, the
environment and largest within in second expectation. challenging with our the our during particularly reflects strong the sales markets. The performance United category in our in execution difficult quarter States our second operating remained a Europe, Our retail quarter, environment net
by a and inflation While purchases economic allocation been resources consumers’ travel have discretionary greater dining. and to of remained challenged have stable, numbers
a moment. our at will in refresh in excited Movado, second especially initiatives, remain discuss we greater which I about detail Overall, half our brand
are given expected we of our lowering the year continued which However, the moderate is economic for to and of balance cautiousness partners, the shipments our outlook retail uncertainty.
the a Turning of review to quarter.
Second $XXX.X million operating declined by our last geographic by in and million perspective, the quarter year $XX.X versus profit net from From last year. adjusted the million U.S. by wholesale $XX.X declined sales XX.X% sales to a XX.X% by and XX.X% was internationally. driven channel
almost economic balance that with the $XXX and and remain Europe. million brands to and cash despite debt, to Our allowing no remains extremely invest challenges in in U.S. sheet in continue us our strong regions the
$XX.X X a flow the from positive the from year. and company cash reduction months, inventory For the operations period generated of million same in last
will extremely our we continue to expense management. in disciplined Importantly, be
price points, important embarking our very our the As the now made. we the have collection we launch last had years with the With family, new a will most in brand we a best-selling From and for $XXX. the collection have pleased XX first on our at over is brand conference collection we of Evolution Evolution call, we sharper mentioned new in introduction we in this are begun launched Bold Included refresh Bold since perspective, ago. that progress product Movado refresh X.X. fall, of opens products this
ways. a brand the exciting a are collections color We also Bold original TRXX in variety refreshing with of design new and
we titanium are will diver at launching retail the $X,XXX. a of that at new our top addition, In end assortment, Bold
collection, has Chronograph very a core we just strong start. off that museum gotten Movado our to In a classic launched collection
brand-building beginning September. brand of the over total update a campaign which our launch with next introducing new in initiatives we’re for earlier, Movado mentioned marketing new includes the brand, out quarters, that we’ll I As roll few the
this first part time of a in the years. for As magazines number of return to will initiative, we
Angeles and complement Los launch an will digital our we presence in strong addition, In Chicago campaign campaigns. York, to Miami, outdoor New in
the fourth Movado TV. our the both digital will a with linear During years. several most program be in campaign brand we in round and behind the have This flagship made significant out significant will quarter, investment we
significant media While consume where we that believe has have media, the outlets. important recent consumers engage our as incorporating our is customers a mix shifting found multiple efforts that we with demonstrated history brand-building to media broad
our During to the important note movado.com is to it quarter, returned growth. that business
our decline challenging retail up a where we’re a America, both single-digit from year-to-date in period a With quarter year. last for experienced spring against North strong in we and outlet the environment stores,
opening too We have were where also of priced. we were with slowed intentionally down believe that channel, the sharply our we outlet products digital growth
will long-term the As brands. take our of for always, we health the right decisions
In deliver support our with innovation strong licensed category marketing and compelling awareness our our we’ll brand brands, powerful programs with fashion partners licensed portfolio. to value, we for brand build continue regional to
the European For key our have billboards the at fall, marketing watches we supporting planned point and sale. strong venues, of markets, in and jewelry our in digital initiatives both
seen saw while performance quarter, we strong the points. spring Middle growth India price return our and our Tommy challenging, opening In For we particularly the results remained from Hilfiger, strong Europe have a China. East in to a and in introductions,
$XXX. fall, the excited her, about and we’re for introduction the both multifunction that of him models For begin for Clark Lexi at
BOSS partner we efforts. to HUGO to them and are brand these with continuing amplify continues The on messaging, its
Troper and We a our to Gregor consumers families. seen reception have strong from
the these continue opening Candor new family will new we Sport Automatic our leading support the X introduce families as well collection $XXX. under Chronograph Lux to For and fall, top as
will efforts. we sale as point digital amplify messaging of the well at brand the BOSS, For supporting marketing as our our with
holiday this ambassador, Waterhouse. brand partner We Suki are excited BOSS will for with new season, we the that
Cadie we seen our have family. success Coach, with In
family the a him are strong both Elliot for which at her. fall, is introducing $XXX. and new we For our Elliot collection, opens
globally seen Jennifer continuing during are Gao have and Lopez our We efforts China, first with growth on to Curley we Coach in half. partner marketing strong where the with
by generation third XX.XX our sell-through inspired our very Lacoste well of Lacoste polos. we where seen of is collection have performing iconic brand’s at retail, strong the
our diver family from This called results excellent women. for and automatic both seen of sporty jewelry new collection $XXX and Lacoste we at men Spin. also introduction retailing a fall, introduce XX.XX will have We
we are pleased family In and saw a Sensation for we into spring, progress the of year our second strong This of our introduction sales retail jewelry our shaped case Calvin the featured category. uniquely watch with Klein, performance with design.
sale Lila men, featuring our brand Burton, our outdoor, fall, be campaign multi-eye and consumer In a For in we and UK remain the our the This touch packaging leader we our been digital are new fashion Black, retail new modern well a the supporting are right all new in point Olivia campaign. are website results We product across from key and marketing with brand and strong U.S. design. points on of has and we in confident and our seeing will refresh partners. all influencer, the families, heading into Moss. new and model direction with
very long second of we efforts the in compares While term. committed was challenging, knew awareness year customer We half. last to comping strong the results and and we very with increased our were in the against easier a over to brand-building and our yield beginning strategy half believe medium remain drive the that year first and
have new programs. we creative half year We plans our of very initiatives, that our for brands sharper are the product around marketing in across the put in the excited place values second and
to markets, for feel we a in operating are brands that retail in important supporting largest in and long-term. environment our we invest is challenging the it While our company
Movado We brand-building to particularly the efforts our are about excited support brand.
We are improves. as order to business will the economic strong investment environment willing remain make to this in our ensure that
share do repurchase to us shareholders allows sheet to value that balance strong program. return our to Our dividend while our and continuing through
will prudently We and diligently still have as the manage our we in operating past. done operate expenses
like the would turn over I to to now Sallie. call
