Movado Group Q1 Net Income Declines; Net Sales Down 11.3%

(RTTNews) - Movado Group, Inc. (MOV) reported first quarter net income of $9.1 million, or $0.40 per share, compared to $18.5 million, or $0.79 per share, prior year. Adjusted net income was $9.7 million, or $0.43 per share, compared to $19.1 million, or $0.82 per share, last year.

Net sales decreased 11.3%, or down 10.1% on a constant dollar basis, to $144.9 million.

Efraim Grinberg, CEO, said, "We began the year in line with our expectations amidst a challenging macro environment and following our best-ever first quarter performance last year."

The company continues to expect fiscal 2024 net sales to be in a range of approximately $725.0 million to $750.0 million, and operating income in a range of $80.0 million to $85.0 million.

The company also announced that its Board approved the payment on June 21, 2023 of a cash dividend in the amount of $0.35 for each share of the company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 7, 2023.

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