On April 2nd, a reporter from New Beijing News and Shell Finance noticed that Swiss watchmaker Movado announced its fourth quarter and full year results for the fiscal year 2024 as of January 31, 2024. In the fiscal year 2024, the net sales of Mofantuo decreased by 10.55% from the same period last year to 672.6 million US dollars; The operating profit decreased from $120 million in the same period last year to $54.7 million. Among them, the net sales of Mofantuo in the fourth quarter were 180 million US dollars, and the operating profit was 13.5 million US dollars.
Mofantuo stated that the main reason for the decrease in gross profit margin in the 2024 fiscal year was adverse changes in sales channels and product portfolios, combined with adverse effects such as foreign currency exchange rates, but partially offset by a decrease in transportation costs.
Looking ahead to the fiscal year 2025, Mofantuo is expected to have net sales of $700 million to $710 million, gross profit of approximately 55% of net sales, and operating profit of $32 million to $35 million. The group stated that the majority of revenue growth will occur in the second half of fiscal year 2025, therefore, it is expected that net sales in the first half of fiscal year 2025 will remain the same as the same period in fiscal year 2024.