Movado Seeing Good Reaction to Smartwatch, Though Margins Not High, CEO Says
Retail reaction has been “excellent” to Movado’s debut of its first Android Wear smartwatch, CEO Efraim Grinberg said on a Thursday earnings call. The company plans to introduce the smartwatch, called Movado Connect, in Q3 (see 1703080045). The category isn't…
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material to the company, and margins aren't “as attractive” as in “traditional” watches, said Grinberg. Movado shares fell nearly 6 percent midday Friday before recovering to finish the day 3.4 percent lower at $21.40 after the company missed its revenue and earnings targets for Q1 ended April 30.