Movado Q3 Profit More Than Doubles, Lifts Dividend, FY22 View - Quick Facts

Luxury watch maker Movado Group, Inc. (MOV) reported Tuesday that its third-quarter net income was $31.4 million or $1.33 per share, higher than last year's $14.8 million or $0.63 per share.

Adjusted net income was $32.1 million or $1.36 per share, compared to $16.4 million or $0.70 per share a year ago.

Net sales increased 28.2 percent to $217.7 million from $169.9 million in the prior year.

Total net sales increased 5.9 percent as compared to pre-pandemic third quarter fiscal 2020 with an 8.3 percent increase in U.S. net sales and a 4.1 percent increase in International net sales.

Looking ahead, for fiscal 2022, the company raised its outlook and currently expects net sales in a range of approximately $715 million to $720 million, and earnings per share of approximately $3.35 to $3.45.

The company previously expected full-year sales of $680 million-$695 million and earnings per share between $2.75 and $2.90.

Further, Movado said its Board of Directors approved a 25 percent increase to the regular quarterly cash dividend to $0.25 per share from $0.20 per share. The dividend will be paid on December 17 to
shareholders of record as of the close of business on December 3.

The company also announced that its Board has approved a new share buyback program of up to $50 million of its shares.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Retail giant Walmart is set to expand its drone delivery network to 34 sites across six states in the U.S. by the end the year through its partnership with drone delivery company DroneUp. The deliveries will reach about 4 million U.S. households in Arizona, Arkansas, Florida, Texas, Utah and Virginia. Blue Moose of Boulder LLC recalled one lot of 7 oz units of its "Spinach Artichoke Parmesan Dip" for potentially containing undeclared tree nut (Cashew) and soy allergens, the U.S. Food and Drug Administration or FDA said in a statement. The recall was initiated due to mislabeling issue where a small run Spinach Artichoke Cashew Dip was labeled as Spinach Artichoke Parmesan Dip. Samsung Electronics announced that Google Assistant will be available for Galaxy Watch4 starting Tuesday. The South Korean electronics major has entered into partnership with Google to build a unified Wear OS platform for a seamless connection across Android devices. Starting Tuesday, Google Assistant will be available in 10 markets.
Follow RTT