Movado Group, Inc. Announces Third Quarter Results

Rhea-AI Summary

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.

Positive

• International sales increased by 10.2% in constant currency.
• Gross profit margin maintained at 57.3%.
• Operating expenses reduced by $1.4 million.
• Strong balance sheet with $186.7 million cash and no debt.

Negative

• Net sales decreased by 2.9% compared to last year.
• U.S. net sales fell by 5.9%.
• Adjusted EPS decreased from $1.36 to $1.31.

~ Net Sales of $211.4 million; $225.1 million in Constant Currency ~

~ Operating Income of $38.3 million or 18.1% of Net Sales ~

~ EPS of $1.28 and Adjusted EPS of $1.31 ~

~ Company Updates Outlook ~

~ Board Declares Quarterly Dividend ~

PARAMUS, N.J.--(BUSINESS WIRE)-- Movado Group, Inc. (NYSE: MOV) today announced third quarter and nine-month results for the periods ended October 31, 2022.

Fiscal 2023 Third Quarter Highlights (See table below for GAAP and Non-GAAP measures)

• Reported net sales of $211.4 million, representing a decrease of 2.9% versus third quarter fiscal 2022;
• Delivered net sales growth of 3.4% on a constant dollar basis;
• Generated gross margin of 57.3% compared to 57.7% in the prior year period;
• Reduced operating expenses by $1.4 million;
• Generated adjusted operating income of $38.9 million, or 18.4% of sales;
• Delivered adjusted diluted earnings per share of $1.31 as compared to $1.36 in the prior year period; and
• Maintained a strong balance sheet at quarter end, including cash of $186.7 million and no debt.

Efraim Grinberg, Chairman and Chief Executive Officer, stated, “The disciplined execution of our strategy led to topline growth in constant currency and solid profitability in an increasingly difficult macro-environment. We maintained a healthy gross margin rate and managed expenses, which drove adjusted operating margin of 18.4% in the quarter. Our innovative watch and jewelry offerings continued to resonate with customers around the globe as reflected in the 10.2% increase in international sales on a constant dollar basis, with strong performance across all international regions. In this climate, we are pleased with the results across our brands and, in particular, with the continued success of our new CK brand that has been very well received by consumers.”

Mr. Grinberg continued: “We are well positioned for this holiday season. As consumers in our key markets experience inflationary pressure, we are updating our annual outlook to reflect currency headwinds and a softer spending environment. Along those lines, we have an outstanding product pipeline across our portfolio, and are especially excited about our new Alta collection in Movado. With a strong balance sheet that includes $186.7 million in cash and no debt, we are confident in our positioning to continue to navigate the uncertain environment and, importantly, profitably grow our world class portfolio of brands in our ongoing effort to deliver value for all of our stakeholders.”

Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)

Third quarter fiscal 2023 results of operations included the following items:

• a $0.6 million pre-tax charge, or $0.5 million after tax, representing $0.03 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition of Olivia Burton; and
• a $0.1 million pre-tax and after-tax charge, representing $0.00 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT.

Third quarter fiscal 2022 results of operations included the following items:

• $0.7 million pre-tax charge, or $0.6 million after tax, representing $0.03 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition of Olivia Burton; and
• $0.1 million pre-tax charge, or $0.1 million after tax, representing $0.00 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT.

In this press release, references to “adjusted” results exclude the impact of the above charges and the charges described in the Non-GAAP Items section of the Company’s earnings release for the first and second quarter of fiscal year 2023 in deriving the adjusted results for the nine months ended October 31, 2022 and October 31, 2021. Please refer to the attached GAAP and Non-GAAP measures table for a detailed reconciliation of the Company’s reported results to its adjusted, non-GAAP results.

Third Quarter Fiscal 2023 (See attached table for GAAP and Non-GAAP measures)

• Net sales decreased 2.9% to $211.4 million, or increased 3.4% on a constant dollar basis to $225.1 million, compared to $217.7 million in the third quarter of fiscal 2022. The increase in constant currency net sales reflected growth in sales to international wholesale customers and in Movado Company Stores. International net sales decreased 0.7% on a reported basis compared to the third quarter of last year while increasing 10.2% on a constant dollar basis. U.S. net sales decreased 5.9% as compared to the third quarter of last year.
• Gross profit was $121.0 million, or 57.3% of sales, compared to $125.6 million, or 57.7% of sales, in the third quarter of fiscal 2022. The decrease in gross margin percentage was primarily the result of the unfavorable impact of foreign currency exchange rates and increased shipping costs, partially offset by favorable changes in channel and product mix.
• Operating expenses were $82.8 million compared to $84.2 million in the third quarter of fiscal 2022. Adjusted operating expenses were $82.1 million for the third quarter of fiscal 2023 and $83.4 million in the third quarter of fiscal 2022. This decrease was primarily due to lower performance-based compensation and lower marketing expenses, partially offset by higher payroll related expenses. As a percent of sales, adjusted operating expenses increased to 38.8% of sales from 38.3% in the prior year period due to lower sales.
• Operating income was $38.3 million compared to $41.4 million in the third quarter of fiscal 2022. Adjusted operating income for the third quarter of fiscal 2023 was $38.9 million compared to adjusted operating income of $42.2 million in the third quarter of fiscal 2022.
• The Company recorded a tax provision of $8.4 million compared to a tax provision of $9.6 million in the third quarter of fiscal 2022. The Company recorded an adjusted tax provision in the third quarter of fiscal 2023 of $8.6 million compared to an adjusted tax provision of $9.7 million in the third quarter of fiscal 2022.
• Net income was $29.3 million, or $1.28 per diluted share, compared to net income of $31.4 million, or $1.33 per diluted share, in the third quarter of fiscal 2022. Adjusted net income for the fiscal 2023 period was $29.8 million, or $1.31 per diluted share. This compares to adjusted net income in the third quarter of fiscal 2022 of $32.1 million, or $1.36 per diluted share.

Nine Month Results Fiscal 2023 (See attached table for GAAP and Non-GAAP measures)

• Net sales increased 5.9% to $557.6 million, or 10.9% on a constant dollar basis, compared to $526.4 million in the first nine months of fiscal 2022. The increase in net sales reflected growth in sales to international wholesale customers and in Movado Company Stores. International net sales increased 13.1% on a reported basis and 22.3% on a constant dollar basis as compared to the same period last year. U.S. net sales decreased 2.3% as compared to the prior year period.
• Gross profit was $324.6 million, or 58.2% of sales, compared to $298.2 million, or 56.7% of sales in the same period last year. The increase in gross margin percentage was primarily the result of favorable changes in channel and product mix partially offset by the unfavorable impact of foreign currency exchange rates and increased shipping costs.
• Operating expenses were $230.4 million as compared to $218.9 million in the same period last year. Adjusted operating expenses were $228.3 million compared to $216.4 million in the prior year period. This increase was primarily due to higher payroll-related costs, higher marketing expenses, and certain other operating expenses to support the increase in net sales, partially offset by lower performance-based compensation. As a percent of sales, adjusted operating expenses decreased to 40.9% of sales from 41.1% in the prior year period due to improved sales leverage.
• Operating income was $94.2 million compared to operating income of $79.3 million in the same period last year. Adjusted operating income was $96.4 million compared to $81.8 million in the prior year period.
• The Company recorded a tax provision in the first nine months of fiscal 2023 of $20.9 million as compared to a provision of $18.2 million in the first nine months of fiscal 2022. The Company recorded an adjusted tax provision of $21.3 million compared to an adjusted tax provision of $18.7 million for the first nine months of fiscal 2022.
• Net income was $71.8 million, or $3.12 per diluted share, compared to net income of $60.2 million, or $2.54 per diluted share, in the first nine months of last year. In the first nine months of fiscal 2023, adjusted net income was $73.5 million, or $3.19 per diluted share, compared to adjusted net income of $62.2 million, or $2.63 per diluted share.

Fiscal 2023 Outlook

Given the prevailing foreign exchange headwinds and the uncertain retail environment, the Company is updating its fiscal 2023 outlook.

For fiscal 2023, the Company expects:

• Net sales in the range of approximately $740 million to $750 million versus the previous outlook of $780 million to $790 million presented with our second quarter results. As compared to the prior year, currency is expected to unfavorably impact full-year fiscal 2023 net sales by approximately $35 million. This revised outlook represents growth of 1.0% to 2.4% from fiscal 2022 net sales.
• Gross profit to continue to be approximately 58.0% of net sales.
• Operating income in the range of $120 million to $125 million versus the previous outlook of $125 million to $130 million.
• An effective tax rate of approximately 23%, assuming no changes to the current tax regulations.

In addition, the Company’s outlook for fiscal 2023 excludes approximately $3.0 million of amortization of acquired intangible assets and deferred compensation for fiscal 2023 related to the Olivia Burton and MVMT brands and does not contemplate significant further impact of increasing inflation or geopolitical unrest or further significant fluctuations from prevailing foreign currency exchange rates.

Quarterly Dividend and Share Repurchase Program

The Company also announced today that on November 22, 2022, the Board of Directors approved the payment on December 16, 2022 of a cash dividend in the amount of $0.35 for each share of the Company’s outstanding common stock and class A common stock held by shareholders of record as of the close of business on December 2, 2022.

During the third quarter of fiscal 2023, the Company repurchased approximately 209,000 shares under its November 23, 2021 share repurchase program. As of October 31, 2022, the Company had $24.3 million remaining available under the share repurchase program.

Conference Call

The Company’s management will host a conference call and audio webcast to discuss its results today, November 22, 2022 at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com. The webcast will be archived on the Company’s website approximately one hour after the conclusion of the call. Additionally, a telephonic re-play of the call will be available from 12:00 p.m. ET on November 22, 2022 until 11:59 p.m. ET on December 6, 2022 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13734526.

Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, and LACOSTE®, watches, and, to a lesser extent jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.

In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States (“GAAP”). Specifically, the Company is presenting adjusted gross profit, adjusted gross margin, adjusted operating expenses and adjusted operating income, which are gross profit, gross margin, operating expenses and operating income, respectively, under GAAP, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions. The Company is also presenting adjusted tax provision, which is the tax provision under GAAP, adjusted to eliminate the impact of charges for the Olivia Burton and MVMT acquisitions. The Company believes these adjusted measures are useful because they give investors information about the Company’s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. The Company is also presenting adjusted net income, adjusted earnings per share and adjusted effective tax rate, which are net income, earnings per share and effective tax rate, respectively, under GAAP, adjusted to eliminate the after-tax impact of amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions. The Company believes that adjusted net income, adjusted earnings per share and adjusted effective tax rate are useful measures of performance because they give investors information about the Company’s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same U.S. dollar exchange rate as in effect for the prior-year period for both periods being compared. The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,” “believes,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “should” and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company’s products are sold, uncertainty regarding such economic and business conditions, including inflation, increased commodity prices and tightness in the labor market, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible terrorist attacks, natural disasters and pandemics, including the effect of the COVID-19 pandemic and other diseases on travel and traffic in the Company’s retail stores and the stores of its wholesale customers, supply disruptions, delivery delays and increased shipping costs, adverse impact on the Company’s wholesale customers and customer traffic in the Company’s stores as a result of increased uncertainty and economic disruption caused by the COVID-19 pandemic, the impact of international hostilities, including the Russian invasion of Ukraine, on global markets, economies and consumer spending, on energy and shipping costs and on the Company’s supply chain and suppliers, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, including price increases to offset increased costs, the impact of “smart” watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier’s inability to fulfill the Company’s orders, the loss of or curtailed sales to significant customers, the Company’s dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets, risks associated with the Company’s minority investments in early-stage growth companies and venture capital funds that invest in such companies; the continuation of the Company’s major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation and administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolving regulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business outside the United States including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations, and the other factors discussed in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future.

(Tables to follow)

MOVADO GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
					Three Months Ended								Nine Months Ended
					October 31,								October 31,
						2022				2021				2022				2021
	Net sales				$	211,397			$	217,746			$	557,625			$	526,418
	Cost of sales					90,370				92,172				232,986				228,189
	Gross profit					121,027				125,574				324,639				298,229
	Total operating expenses					82,756				84,171				230,417				218,937
	Operating income					38,271				41,403				94,222				79,292
	Non-operating income/(expense):
	Other income					422				86				704				443
	Interest expense					(143	)			(133	)			(356	)			(582	)
	Income before income taxes					38,550				41,356				94,570				79,153
	Provision for income taxes					8,439				9,561				20,868				18,206
	Net income					30,111				31,795				73,702				60,947
	Less: Net income/(loss) attributable to noncontrolling interests					825				390				1,900				723
	Net income attributable to Movado Group, Inc.				$	29,286			$	31,405			$	71,802			$	60,224
	Diluted Income Per Share Information
	Net income attributable to Movado Group, Inc.				$	1.28			$	1.33			$	3.12			$	2.54
	Weighted diluted average shares outstanding					22,794				23,600				23,044				23,679

MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
(In thousands, except for percentage data)
(Unaudited)
					As Reported
					Three Months Ended
					October 31,						% Change
					2022			2021
	Total net sales, as reported				$	211,397		$	217,746		-2.9	%
	Total net sales, constant dollar basis				$	225,051		$	217,746		3.4	%
					As Reported
					Nine Months Ended
					October 31,						% Change
					2022			2021
	Total net sales, as reported				$	557,625		$	526,418		5.9	%
	Total net sales, constant dollar basis				$	583,564		$	526,418		10.9	%

MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)
		Net Sales			Gross Profit			Total Operating Expenses				Operating Income			Pre-tax Income			Provision for Income Taxes			Net Income Attributable to Movado Group, Inc.			Diluted EPS
Three Months Ended October 31, 2022
As Reported (GAAP)		$	211,397		$	121,027		$	82,756			$	38,271		$	38,550		$	8,439		$	29,286		$	1.28
Olivia Burton Costs (1)			-			-			(600	)			600			600			115			485			0.03
MVMT Costs (2)			-			-			(71	)			71			71			17			54			0.00
Adjusted Results (Non-GAAP)		$	211,397		$	121,027		$	82,085			$	38,942		$	39,221		$	8,571		$	29,825		$	1.31
Three Months Ended October 31, 2021
As Reported (GAAP)		$	217,746		$	125,574		$	84,171			$	41,403		$	41,356		$	9,561		$	31,405		$	1.33
Olivia Burton Costs (1)			-			-			(714	)			714			714			136			578			0.03
MVMT Costs (2)			-			-			(103	)			103			103			26			77			0.00
Adjusted Results (Non-GAAP)		$	217,746		$	125,574		$	83,354			$	42,220		$	42,173		$	9,723		$	32,060		$	1.36
		Net Sales			Gross Profit			Total Operating Expenses				Operating Income			Pre-tax Income			Provision for Income Taxes			Net Income Attributable to Movado Group, Inc.			Diluted EPS
Nine Months Ended October 31, 2022
As Reported (GAAP)		$	557,625		$	324,639		$	230,417			$	94,222		$	94,570		$	20,868		$	71,802		$	3.12
Olivia Burton Costs (1)			-			-			(1,924	)			1,924			1,924			366			1,558			0.07
MVMT Costs (2)			-			-			(228	)			228			228			55			173			0.00
Adjusted Results (Non-GAAP)		$	557,625		$	324,639		$	228,265			$	96,374		$	96,722		$	21,289		$	73,533		$	3.19
Nine Months Ended October 31, 2021
As Reported (GAAP)		$	526,418		$	298,229		$	218,937			$	79,292		$	79,153		$	18,206		$	60,224		$	2.54
Olivia Burton Costs (1)			-			-			(2,161	)			2,161			2,161			411			1,750			0.08
MVMT Costs (2)			-			-			(335	)			335			335			84			251			0.01
Adjusted Results (Non-GAAP)		$	526,418		$	298,229		$	216,441			$	81,788		$	81,649		$	18,701		$	62,225		$	2.63

(1)		Related to the amortization of acquired intangible assets for Olivia Burton.
(2)		Related to the amortization of acquired intangible assets and the MVMT brand's deferred compensation, where applicable.

MOVADO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
					October 31,			January 31,			October 31,
					2022			2022			2021
ASSETS
	Cash and cash equivalents				$	186,665		$	277,128		$	201,814
	Trade receivables, net					135,566			91,558			136,373
	Inventories					215,006			160,283			170,714
	Other current assets					18,664			16,974			20,151
	Income taxes receivable					7,978			7,941			7,099
	Total current assets					563,879			553,884			536,151
	Property, plant and equipment, net					18,207			19,470			19,365
	Operating lease right-of-use assets					74,918			68,599			68,669
	Deferred and non-current income taxes					44,288			42,596			41,687
	Other intangibles, net					9,818			13,507			14,511
	Other non-current assets					64,570			63,104			60,634
	Total assets				$	775,680		$	761,160		$	741,017
LIABILITIES AND EQUITY
	Accounts payable				$	40,884		$	46,011		$	29,473
	Accrued liabilities					66,894			48,522			69,975
	Accrued payroll and benefits					15,581			25,117			19,798
	Current operating lease liabilities					16,779			13,693			13,853
	Income taxes payable					25,457			18,123			11,936
	Total current liabilities					165,595			151,466			145,035
	Deferred and non-current income taxes payable					15,639			19,614			20,354
	Non-current operating lease liabilities					65,164			62,730			62,853
	Other non-current liabilities					45,735			50,264			53,212
	Redeemable noncontrolling interest					2,433			2,311			2,445
	Shareholders' equity					478,021			472,808			454,349
	Noncontrolling interest					3,093			1,967			2,769
	Total equity					481,114			474,775			457,118
	Total liabilities, redeemable noncontrolling interest and equity				$	775,680		$	761,160		$	741,017

MOVADO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
					Nine Months Ended
					October 31,
						2022				2021
	Cash flows from operating activities:
	Net income				$	73,702			$	60,947
	Depreciation and amortization					8,218				9,401
	Other non-cash adjustments					7,413				8,388
	Changes in working capital					(108,857	)			(40,969	)
	Changes in non-current assets and liabilities					(4,125	)			927
	Net cash (used in)/provided by operating activities					(23,649	)			38,694
	Cash flows from investing activities:
	Capital expenditures					(4,703	)			(3,637	)
	Long-term investments					(2,716	)			(1,100	)
	Trademarks and other intangibles					(175	)			(193	)
	Net cash used in investing activities					(7,594	)			(4,930	)
	Cash flows from financing activities:
	Repayment of bank borrowings					-				(21,140	)
	Dividends paid					(23,600	)			(16,226	)
	Stock repurchase					(28,150	)			(17,023	)
	Stock awards and options exercised and other changes					(80	)			496
	Other					(85	)			(99	)
	Net cash used in financing activities					(51,915	)			(53,992	)
	Effect of exchange rate changes on cash, cash equivalents, and restricted cash					(7,349	)			(1,786	)
	Net change in cash, cash equivalents, and restricted cash					(90,507	)			(22,014	)
	Cash, cash equivalents, and restricted cash at beginning of period					277,716				224,423
	Cash, cash equivalents, and restricted cash at end of period				$	187,209			$	202,409
	Reconciliation of cash, cash equivalents, and restricted cash:
	Cash and cash equivalents				$	186,665			$	201,814
	Restricted cash included in other non-current assets					544				595
	Cash, cash equivalents, and restricted cash				$	187,209			$	202,409

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221122005294/en/

ICR, Inc.

Rachel Schacter/Allison Malkin

203-682-8200

Source: Movado Group, Inc.

FAQ

What are the recent sales figures for Movado Group (MOV)?

Movado Group reported net sales of $211.4 million for the third quarter of fiscal 2023.

How did Movado Group's earnings per share (EPS) perform recently?

The EPS for Movado Group was $1.28, down from $1.33 in the same quarter last year.

What is the updated fiscal 2023 outlook for Movado Group?

Movado Group expects net sales between $740 million and $750 million, revised down from $780 million to $790 million.

What is the dividend announced by Movado Group (MOV)?

Movado Group announced a quarterly dividend of $0.35 per share, payable on December 16, 2022.