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.
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