Movado’s Q2 Sales Took 44% Hit From Pandemic’s Store Closures

COVID-19 sent Movado fiscal Q2 sales tumbling 44% from store closures and the reduction of discretionary consumer spending, said the watchmaker Thursday. Sales in Q2 ended July 31 were better than “our internal expectations,” said CEO Efraim Grinberg on an investor call. Movado cut quarterly spending by $30 million, partly through a 24% reduction of its “corporate head count,” he said. “We have reopened all of our stores and are achieving high levels of productivity, despite reduced operating hours.” Movado is getting “strong results” from its e-commerce “initiatives,” said Grinberg. Movado.com sales were up 128% for the quarter, “and we continue to see those trends accelerate,” he said.