Welcome to our dedicated page for Movado Group news (Ticker: MOV), a resource for investors and traders seeking the latest updates and insights on Movado Group stock.
Movado Group, Inc. (NYSE: MOV) is a globally renowned company specializing in the design, manufacturing, and distribution of timepieces and accessories. Established as one of the world’s premier watchmakers, Movado Group manages a portfolio of nine distinguished brands: Movado, Ebel, Concord, Coach, Hugo Boss, Juicy Couture, Lacoste, Scuderia Ferrari, Tommy Hilfiger, and Rebecca Minkoff. The company’s commitment to excellence is evident in each of its products, which combine innovative design with superior craftsmanship.
Operating through two main segments, Watch and Accessory Brands and Company Stores, Movado Group offers a diverse range of premium watches and accessories. The Watch and Accessory Brands segment is the primary revenue generator, encompassing the design, production, and distribution of high-quality watches and related goods. Conversely, the Company Stores segment manages retail outlet locations across the United States and Canada, providing direct access to consumers.
Movado Group’s international presence is substantial, with the majority of its revenue stemming from markets outside the United States. This global footprint underscores the brand's widespread appeal and the effectiveness of its distribution strategy.
Recent achievements for Movado Group include the expansion of their licensed brand portfolio and strategic partnerships that enhance their market position. Furthermore, the company consistently innovates, ensuring that their collections remain contemporary while maintaining the timeless elegance that they are known for.
Financially, Movado Group has demonstrated stability and growth, navigating the challenges of the global market with resilience. The company’s strategic focus on expanding its brand portfolio, coupled with its dedication to quality and innovation, positions it as a key player in the luxury watch industry.
For those interested in joining the team, Movado Group offers various career opportunities. More details can be found on their career page.
Movado Group, Inc. (NYSE: MOV) reported fiscal 2023 net sales of $751.9 million, a 2.7% increase year-over-year. The company achieved EPS of $4.12 and adjusted EPS of $4.22. In Q4, net sales fell 5.7% to $194.3 million, while EPS decreased to $1.00. The company declared a special dividend of $1.00 per share, highlighting confidence in future performance. Gross margin improved to 57.7% for the year. Although international sales grew, U.S. sales dropped 3.5%. Looking ahead, the company expects fiscal 2024 net sales to range from $725 million to $750 million.
Movado Group, Inc. (NYSE: MOV) will hold a conference call on March 23, 2023, at 9:00 a.m. Eastern Time, to discuss its fourth quarter and fiscal 2023 earnings results. A press release with detailed results will be released before the market opens on the same day. The call will be hosted by Chairman and CEO Efraim Grinberg and COO/CFO Sallie DeMarsilis. Interested investors can participate by dialing (877) 407-0784 and using conference ID number 13736686. The call will also be available via webcast on the company’s website and archived for 90 days.
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.
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