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Apr 30, 2021
Movado Q1 2022 Earnings Report
Reported strong first quarter with significant sales increase and record operating income.
Key Takeaways
Movado Group reported a strong first quarter with a 93.5% increase in net sales compared to the prior year, driven by strength across key financial and operational metrics. The company achieved record first quarter operating income and robust earnings growth, exceeding pre-pandemic levels. The company provided fiscal year 2022 outlook and declared a quarterly dividend.
Net sales increased by 93.5% compared to the prior year quarter.
U.S. net sales exceeded pre-pandemic levels for the first quarter by 10.8%.
Record first quarter operating income was delivered.
Movado brand's ecommerce site grew by over 250% compared to the first quarter of fiscal 2021.
Forward Guidance
The Company expects fiscal 2022 net sales in a range of approximately $650 million to $665 million, gross profit of approximately 54% to 55% of net sales and operating profit in a range of 10% to 11% of net sales.
Positive Outlook
- Operations in parts of the world benefited from the relaxation of restrictions.
- Continued strength in ecommerce contributed to strong first quarter performance.
- Company remains hopeful that more markets will reopen as more people become vaccinated.
- Company is well positioned to deliver sustainable growth over the long-term due to momentum from the first quarter.
- Company has a strong balance sheet.
Challenges Ahead
- Company continues to see the negative impact of COVID-19 related store closures.
- Company continues to see restrictions on consumer mobility across several regions including Europe and Latin America.
- Uncertainty relating to the pandemic remains.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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