Earnings results often indicate what direction a company will take in the months ahead. With Q1 now behind us, let’s have a look at Movado (NYSE:MOV) and its peers.
Within apparel and accessories, not only do styles change more frequently today than decades past as fads travel through social media and the internet but consumers are also shifting the way they buy their goods, favoring omnichannel and e-commerce experiences. Some apparel, accessories, and luxury goods companies have made concerted efforts to adapt while those who are slower to move may fall behind.
The 17 apparel, accessories and luxury goods stocks we track reported an ok Q1; on average, revenues were in line with analyst consensus estimates. while next quarter's revenue guidance was 2.2% below consensus. Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 due to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and apparel, accessories and luxury goods stocks have held roughly steady amidst all this, with share prices up 2.8% on average since the previous earnings results.
Movado (NYSE:MOV) With its watches displayed in 20 museums around the world, Movado (NYSE:MOV) is a watchmaking company with a portfolio of watch brands and accessories.
Movado reported revenues of $136.7 million, down 5.7% year on year, falling short of analysts' expectations by 5.9%. Overall, it was a solid quarter for the company with optimistic earnings guidance for the full year and a decent beat of analysts' earnings estimates.
Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We are pleased with our first quarter results, which are in line with our expectations and reflect the successful execution by our team in a retail environment that continues to be challenging. During the quarter, we drove positive momentum with powerful new product innovation led by the performance of our new Movado Bold Quest and strong double-digit growth at Movado.com, which accelerated with our spring television campaign. As planned, we will begin to ramp up our marketing investments during the second quarter to support our strategic growth opportunities, including an exciting new Movado campaign that will launch in the fall.”
Movado delivered the weakest performance against analyst estimates of the whole group. The stock is down 7.1% since reporting and currently trades at $24.83.
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Best Q1: Stitch Fix (NASDAQ:SFIX) One of the original subscription box companies, Stitch Fix (NASDAQ:SFIX) is an online personal styling and fashion service that curates personalized clothing selections for customers.
Stitch Fix reported revenues of $322.7 million, down 15.8% year on year, outperforming analysts' expectations by 5.4%. It was a very strong quarter for the company with an impressive beat of analysts' earnings estimates and full-year revenue guidance exceeding analysts' expectations.
Stitch Fix pulled off the biggest analyst estimates beat and highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 83.8% since reporting. It currently trades at $4.89.
ThredUp (NASDAQ:TDUP) Founded to revolutionize thrifting, ThredUp (NASDAQ:TDUP) is a leading online fashion resale marketplace that offers a wide selection of gently-used clothing and accessories.
ThredUp reported revenues of $79.59 million, up 4.8% year on year, in line with analysts' expectations. It was a weak quarter for the company with a miss of analysts' earnings estimates and revenue guidance for next quarter missing analysts' expectations.
ThredUp had the weakest full-year guidance update in the group. As expected, the stock is down 1.6% since the results and currently trades at $1.84.
Oxford Industries (NYSE:OXM) The parent company of Tommy Bahama, Oxford Industries (NYSE:OXM) is a lifestyle fashion conglomerate with brands that embody outdoor happiness.
Oxford Industries reported revenues of $398.2 million, down 5.2% year on year, falling short of analysts' expectations by 1.6%. More broadly, it was a weak quarter for the company with underwhelming earnings guidance for the full year and revenue guidance for next quarter missing analysts' expectations.
The stock is flat since reporting and currently trades at $101.35.
Tapestry (NYSE:TPR) Originally founded as Coach, Tapestry (NYSE:TPR) is an American fashion conglomerate with a portfolio of luxury brands offering high-quality accessories and fashion products.
Tapestry reported revenues of $1.48 billion, down 1.8% year on year, falling short of analysts' expectations by 1.1%. Revenue aside, it was a weaker quarter for the company with full-year revenue guidance missing analysts' expectations and a miss of analysts' earnings estimates.
The stock is up 9.8% since reporting and currently trades at $42.83.
This content was originally published on Stock Story
