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Performance was driven by a resurgence in the fashion watch category, particularly among younger consumers who are increasingly attracted to traditional watch designs.

Sales growth of 8.1% was supported by robust retailer replenishment following a stronger-than-expected Q4, alongside double-digit growth in direct-to-consumer channels.

Gross margin expansion of 320 basis points resulted from a favorable channel and product mix, specifically higher full-price selling and growth in owned brands.

The Middle East remains a significant headwind due to ongoing conflict; excluding this region, constant currency growth for licensed brands would have been 9.2% versus the reported 6.5%.

Strategic focus on 'trend-right' innovation, such as smaller case sizes and distinctive shapes, is successfully attracting Gen Z consumers to brands like Coach and Calvin Klein.

Management attributed the significant jump in adjusted operating profit to strong execution against strategic priorities and increased leverage of costs over higher sales volumes.

Management expects sales growth to moderate in the second quarter on a constant currency basis following the heavy replenishment activity seen in Q1.

Full-year gross margins are expected to be higher than the previous year, though management cautioned that the 57.3% rate achieved in Q1 may not be sustained at that exact level.

The company is focused on replenishing sold-out Movado brand inventory by summer to prepare for the critical Father's Day and holiday selling seasons.

Strategic initiatives for the remainder of the year include reducing SKU counts and rationalizing the supplier base to drive long-term operational efficiency.

Guidance remains suspended due to macroeconomic and geopolitical uncertainty, specifically the unpredictable nature of the Middle East conflict.

The Board approved a $0.05 increase in the quarterly dividend to $0.40 per share, reflecting confidence in the company's $225.3 million cash position and zero debt.

Q1 results included temporary gross margin favorability from the elimination of IEEFA tariffs on residual inventory in U.S. warehouses.

Management has elected not to recognize a potential $10 million gain from IEEFA tariff recoveries until the cash refund is actually received.

Operating expenses increased to $74.1 million, driven primarily by higher marketing investments and performance-based compensation.

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Management expects margins for the rest of the year to settle between last year's levels and the Q1 peak.

Structural improvements are being driven by SKU rationalization and supplier consolidation, which are intended to provide long-term benefits beyond temporary mix shifts.

The company has been shifting its product roadmap toward smaller sizes for 18 months, noting that younger consumers entering the market are driving this trend.

Management believes this shift is a global phenomenon that portends well for the long-term health of the traditional watch category.

The Q1 surge was partly due to retailers needing to refill stock after a strong holiday season, which led to unanticipated inventory shortages in the Movado brand.

This replenishment is viewed as a timing shift that may lead to more balanced scheduling in the second half of the year.