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 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.
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.
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