Movado Group Stock Price, News & Analysis

Movado Group, Inc. (NYSE: MOV) has announced the promotion of Margot Grinberg to President of the Movado Brand and Senior Vice President of E-Commerce. Previously serving as Vice President for E-Commerce, Merchandising, and Digital Marketing, Grinberg will now oversee day-to-day operations and develop growth strategies for the brand. Alan Chinich continues as President of the North American region. Grinberg has been with the company since 2014, demonstrating leadership in driving brand innovation and expanding the digital business.

Movado Group, Inc. (NYSE: MOV) will participate in the 25th Annual ICR Conference from January 9 to January 11, 2023, in Orlando, Florida. Efraim Grinberg, Chairman and CEO, along with Sallie DeMarsilis, Executive VP and CFO, will present on January 9 at 1:30 PM Eastern Time. The company designs and sells luxury watches under various brands, including Movado, MVMT, and Calvin Klein, alongside operating Movado Company Stores in the U.S. and Canada.

Movado hosted the Turn 2 Foundation's 'Jeter's Leaders' program, providing high school students with an Orchestral Tribute to Notorious B.I.G. at Lincoln Center. This event, held on December 4, included discussions on the arts' role in social justice, featuring notable speakers and was moderated by Movado's corporate responsibility director. Derek Jeter emphasized the importance of arts in education, and Movado’s CEO expressed excitement for the continuing partnership with the foundation, which has contributed over $35 million towards youth empowerment since its establishment in 1996.

Movado Group, Inc. reported third-quarter results for fiscal 2023, with net sales of $211.4 million, down 2.9% from the previous year, but up 3.4% in constant currency. Operating income reached $38.3 million, while EPS was $1.28, slightly lower than last year's $1.33. The company updated its fiscal 2023 outlook, anticipating net sales between $740 million and $750 million, down from $780 million to $790 million. Additionally, it declared a quarterly dividend of $0.35 per share.

Movado Group, Inc. (NYSE: MOV) will host a conference call on November 22, 2022, at 9:00 a.m. ET to discuss its third quarter fiscal 2023 earnings. A press release with earnings details will be issued before markets open. The call will feature CEO Efraim Grinberg and CFO Sallie DeMarsilis. Interested parties can join by dialing (877) 407-0784 and referencing conference ID 13734526. The call will also be available via webcast on the company’s website and archived for 90 days.

Movado Group, Inc. (NYSE: MOV) reported strong financial results for the second quarter and first half of fiscal 2023, with net sales increasing by 5.1% to $182.8 million, and operating income rising to $30.7 million. The earnings per share increased to $1.05 compared to $0.82 in the prior year. Despite a 5.4% decline in U.S. net sales, international sales surged 15.3%. The company anticipates net sales of $780-$790 million for the year, slightly down from prior guidance amid foreign exchange concerns.

Movado Group, Inc. (NYSE: MOV) will host a conference call on August 25, 2022, at 9:00 a.m. ET to discuss its second quarter fiscal 2023 earnings results. Prior to the call, a press release outlining the earnings will be released. The call will be led by Efraim Grinberg, Chairman and CEO, and Sallie DeMarsilis, Chief Operating Officer and CFO. Investors can join the call by dialing (877) 407-0784 and using conference ID 13732416. The conference call will also be available via webcast.

Movado Group reported a 21.2% increase in net sales to $163.4 million for Q1 FY2023, driven by growth in both wholesale and company stores. The company achieved a gross margin expansion of 420 bps to 59.2%, with operating income rising to $25.3 million compared to $13.3 million the previous year. Diluted EPS increased to $0.79, up from $0.40.

The Board declared a quarterly dividend of $0.35 per share. Looking forward, Movado anticipates FY2023 net sales between $780 million and $800 million.

Movado Group, Inc. (NYSE: MOV) has released its 2022 Corporate Responsibility report, outlining its Make Time plan for 2025, which aims to empower its workforce, enhance product sustainability, and enrich community engagement through FY26. Key initiatives include promoting diversity, reducing plastic use, and measuring carbon emissions. The company has invested in ESG governance software to improve transparency and track progress against its goals. The full report is available on their website.