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.
Movado Group Q2 Net Profit Declines; Trims FY23 Net Sales Outlook
Kirkland Signature Ahi Tuna Wasabi Poke Sold At Costco Recalled
Bay Street Looks Headed For Positive Start
China's BYD Stock Down On Reports Of Warren Buffett's Berkshire Hathaway Sells Out Stake
FTSE 100 Up Marginally; Miners In Demand
CAC 40 Modestly Lower In Cautious Trade
DAX Moderately Lower; Auto Stocks Lose Ground
