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Jul 31, 2022
Movado Q2 2023 Earnings Report
Reported strong second quarter results with sales growth and increased operating income.
Key Takeaways
Movado Group reported a strong second quarter with a 5.1% increase in net sales to $182.8 million and a 10.5% increase on a constant currency basis. Operating income increased to $30.7 million, and EPS reached $1.05, with an adjusted EPS of $1.07.
Net sales increased by 5.1% to $182.8 million.
Net sales increased by 10.5% on a constant currency basis.
Operating income increased to $30.7 million from $24.6 million.
EPS reached $1.05 and adjusted EPS was $1.07.
Forward Guidance
The Company currently expects net sales to be $780 million to $790 million versus its previous outlook range of $780 million to $800 million. Based on the strong results for the first half of fiscal 2023, the Company now expects operating income to be at the high end of its previous outlook of $125 million to $130 million.
Challenges Ahead
- Prevailing foreign exchange headwinds.
- Increased level of uncertainty in the second half of the fiscal year.
- Global inflation.
- Currency headwinds.
- Rising interest rates and the elimination of domestic stimulus programs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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