logo
  

Movado Profit Declines; Slashes Annual Sales Guidance

Luxury watchmaker Movado Group, Inc. (MOV) Tuesday reported lower profit in the third quarter, impacted by decline in revenue. The company also cut its full-year revenue outlook.

Profit for the quarter decreased to $29.29 million, or $1.28 per share from $31.41 million, or $1.33 per share in the same quarter a year ago. Excluding one-time items, earnings were $29.83 million or $1.31 per share.

Net sales were down 2.9% year-on-year to $211.4 million. However, on constant currency basis, it increased 3.4% to $225.1 million from $217.7 million last year, due to growth in sales to international wholesale customers and in Movado Company Stores.

Looking forward, Movado has lowered its full-year sales outlook to $740 million-$750 million from the previous outlook of $780 million-$790 million, citing the prevailing foreign exchange headwinds and the uncertain retail environment.

Additionally, the company has declared a dividend of $0.35 per share, to be paid on December 16, to shareholders on record as of December 2.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
RELATED NEWS
Follow RTT