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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.