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Apr 30, 2022
Movado Q1 2023 Earnings Report
Reported a strong start to fiscal year with record sales and profit.
Key Takeaways
Movado Group reported a strong first quarter with a 21.2% increase in net sales to $163.4 million and an 84.7% growth in adjusted operating income to $26.1 million. EPS was $0.79 and adjusted EPS was $0.82. The Board approved a quarterly dividend of $0.35 per share.
Net sales increased 21.2% to $163.4 million.
Gross margin expanded by 420 bps vs. prior year period.
EPS of $0.79 and adjusted EPS of $0.82 were reported.
Board approved a quarterly dividend of $0.35 per share.
Movado
Movado
Forward Guidance
The Company expects fiscal 2023 net sales to be in a range of approximately $780 million to $800 million, gross profit of approximately 58.0% of net sales, and operating income in a range of $125 million to $130 million.
Positive Outlook
- Compelling product innovation.
- Diversified brand portfolio.
- Continued investment in people and brands.
- Prudent and fiscally responsible management.
- Strong balance sheet.
Challenges Ahead
- Heightened level of economic uncertainty.
- Geopolitical uncertainty.
- Currency uncertainty.
- Increasing inflation.
- Extended negative impact to supply chain and shipping costs.