Movado Group Q2 Net Profit Declines; 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 declined to $8.05 billion or $0.36 per share from $24.0 million or $1.05 per share in the prior-year quarter.
Excluding items, earnings for the quarter were $0.38 per share, compared to $1.07 per share in the year-ago quarter.
Net sales for the quarter decreased 12.3 percent to $160.39 million from $182.80 million in the same quarter last year. It declined 13.8 percent on a constant dollar basis.
Looking ahead to fiscal 2024, the Company currently expects net sales to be between $690 million to $700 million, down from its previous outlook range of $725 million to $750 million to reflect the continued expected impact of the challenging consumer discretionary environment on the business.
The Company also announced that the Board of Directors approved the payment on September 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 September 7, 2022.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Movado Group Q2 Net Profit Rises; Trims FY23 Net Sales Outlook
NZ Dollar Falls Against Majors
European Shares Extend Gains As UK Retail Sales Rise
Asian Shares Mixed Ahead Of Trump-Xi Call
Yen Rises As BoJ Keeps Rate Unchanged
Yen Rises Against Majors
European Economic News Preview: UK Retail Sales & PSNB Data Due
