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Movado Stock Up 12% On Strong Q4 Results

Shares of Movado Group Inc. (MOV) are surging over 12% Thursday morning, after the company reported strong Q4 results. The stock, which has been trading between $22.01 and $48.66 for the past one year, is currently trading at $38.64, up $4.07 or 11.77%. Trading volume is soaring over 150K versus an average volume of 129K shares.

The company's Q4 net income was $31.4 million, or $1.33 per share, compared to $30.3 million, or $1.29 per share, last year. Adjusted net income increased to $31.2 million, or $1.32 per share, from $19.7 million, or $0.84 per share, a year ago.

Net sales grew 15.5% to $206.0 million from $178.3 million, prior year. U.S. net sales increased 18.5%, while International net sales increased 12.7%.

For fiscal 2023, the company expects net sales to be in a range of about $780 million - $800 million.

The company's Board approved a 40% increase to the regular quarterly cash dividend to $0.35 per share from $0.25 per share. A $0.35 dividend will be paid on April 20, 2022 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 April 6, 2022.

"We also plan to execute our share repurchase plan at an accelerated pace, subject to prevailing market conditions," said Efraim Grinberg, CEO.

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