Movado Group, Inc. (MOV) reported third quarter net income of $17.4 million, or $0.77 per share, compared to $29.3 million, or $1.28 per share, last year. Adjusted net income was $17.7 million, or $0.78 per share compared to $29.8 million, or $1.31 per share.
Third quarter net sales decreased 11.2% to $187.7 million, or decreased 13.5% on a constant dollar basis from a year ago. The company said the decrease in net sales reflected declines in wholesale customers' brick and mortar stores, online retail and Movado Company Stores. U.S. net sales decreased 12.3%. International net sales decreased 10.4%, or down 14.4% on a constant dollar basis.
For fiscal 2024, the company currently expects: earnings of $1.85 to $2.00 per share, as compared to previous expectation of $2.15 to $2.25 per share. Net sales are projected in a range of approximately $665.0 million to $675.0 million, as compared to previous expectation for net sales in the range of $690.0 million to $700.0 million.
The company also announced that on November 30, 2023, the Board approved the payment on December 26, 2023 of a cash dividend in the amount of $0.35 for each share of the outstanding common stock and class A common stock held by shareholders of record as of the close of business on December 12, 2023.
The company ended the quarter with cash of $201.0 million and no debt.
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