Movado Group Q2 Net Profit Rises; Trims FY23 Net Sales Outlook

(RTTNews) - Luxury watch maker Movado Group, Inc. (MOV) reported Thursday that net income attributable to Movado for the second quarter grew to $24.0 million or $1.05 per share from $19.41 million or $0.82 per share in the prior-year quarter.

Excluding items, earnings for the quarter were $1.07 per share, compared to $0.85 per share in the year-ago quarter.

Net sales for the quarter increased 5.1 percent to $182.80 million from $173.87 million in the same quarter last year. It grew 10.5 percent on a constant dollar basis.

Looking ahead to fiscal 2023, given the prevailing foreign exchange headwinds, the Company currently expects net sales to be between $780 million to $790 million, compared to its previous outlook range of $780 million to $800 million.

The Company also announced that the Board of Directors approved the payment on September 21, 2022 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 September 7, 2022.