Movado Group has posted lower sales and profit for the year ended January 31.

The company’s net sales decreased 1.7 per cent to $653.4 million, reflecting declines in US wholesale customers’ brick-and-mortar stores and company-owned outlets.

US net sales slid 4 per cent, while international net sales improved 0.2 per cent.

On the bottom line, operating income decreased by more than half to $20 million and net income fell 55 per cent to $18.4 million.

“Given the ongoing uncertainty within the global retail environment, tariffs, and economic unrest that may ensue, we will continue to focus on the areas that we can control,” said Efraim Grinberg, chairman and CEO.

“Introducing innovation across our watch and jewelry brands globally, executing with discipline, and leveraging our strong balance sheet with $208.5 million in cash and no debt will continue to serve us well as we navigate the current uncertain global economic environment,” he added.

The company did not provide an outlook for the new fiscal year, citing economic uncertainty and the recent tariff developments.