Movado Group Stock Price, News & Analysis

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.

Movado Group, Inc. (NYSE: MOV) will host a conference call on May 26, 2022, at 9:00 a.m. Eastern Time to discuss its first quarter fiscal 2023 earnings results. A press release with detailed financial results will be issued before the market opens. The call will be led by Efraim Grinberg, Chairman and CEO, and Sallie DeMarsilis, Executive VP and CFO. Investors can participate by dialing (877) 407-0784, referencing conference ID 13729949. The call will also be available via live webcast at www.movadogroup.com.

Movado Group, Inc. announced the appointment of Stéphane Gerschel as the new Chief Marketing Officer, effective April 18, 2022. Gerschel brings extensive experience from luxury brands, aiming to enhance brand awareness and strengthen the Movado brand globally. His previous roles include leadership at Pomellato and LVMH. This position became vacant after the passing of long-time executive Mary Leach in February 2021. The leadership change is expected to drive the company’s digital advancement and expansion in the watch and jewelry sectors.

Movado Group, Inc. (NYSE: MOV) reported a 44.6% increase in fiscal 2022 net sales, reaching $732.4 million. The company achieved Fiscal 2022 EPS of $3.87 and adjusted EPS of $3.94. In the fourth quarter, net sales rose 15.5% to $206.0 million with EPS of $1.33. The board approved a 40% increase in the quarterly dividend to $0.35 per share. Despite challenges like inflation and geopolitical tensions, Movado is optimistic about future growth and plans to accelerate its share repurchase program, supported by a solid cash position of $277.1 million.

Movado Group announced the appointment of Eran Cohen as the new CEO of its MVMT brand, effective March 16th. Mr. Cohen, previously CEO at St. John Knits, brings extensive experience in brand building and customer experience. He will operate from MVMT’s headquarters in Los Angeles, CA, reporting to Behzad Soltani, EVP Commercial President and CTO of Movado Group. Chairman Efraim Grinberg expressed optimism about Cohen's role in executing strategic priorities for MVMT, aiming for sustainable and profitable growth.

Movado Group, Inc. (NYSE: MOV) will hold a conference call on March 24, 2022, at 9:00 a.m. ET to discuss its fourth quarter and fiscal 2022 earnings results. The earnings press release will be available before the market opens on the same day. Efraim Grinberg, Chairman and CEO, and Sallie DeMarsilis, COO and CFO, will host the call. Investors can join the call by dialing (877) 407-0784 and using conference ID 13727469. The call will also be webcast live and archived for 90 days.