Movado Group reported a modest quarter for QQ2 2025, with net sales of $159.3 million, essentially flat year-over-year on a constant-dollar basis, and an operating profit of $3.0 million. Gross margin remained healthy at 54.2% but declined slightly versus the prior-year period due to unfavorable channel and product mix, while SG&A investments rose by roughly $3.7 million to support brand-building and product initiatives. The Movado brand delivered a modest 1.4% top-line gain (with Movado.com up 21%), while wholesale declined ~6%, and licensed brands rose about 10%. Licensing strength, jewelry outperformance, and a broad new marketing push underpin the company’s strategy to stabilize trends and drive market share gains in a slowing consumer environment. Management reaffirmed full-year guidance: net sales of $665–$675 million, gross margin near 54%, and operating income of $23–$26 million, with earnings per diluted share of $0.90–$1.00, aided by a previously announced Movado brand marketing initiative and product introductions. The balance sheet remains robust with about $199 million in cash and no debt, though working capital dynamics and investments are weighing near-term free cash flow. Management underscored a long-range plan to align expenses with sales while investing in brand-building and product innovation to accelerate a return to profitable, sustainable growth.