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Oct 31, 2020
Movado Q3 2021 Earnings Report
Movado Group's third quarter performance improved sequentially, with sales exceeding expectations and adjusted operating income surpassing the previous year.
Key Takeaways
Movado Group reported Q3 net sales of $169.9 million, a decrease of 17.4% compared to the previous year. However, the company's results were ahead of expectations, with strong sales in Europe and across e-commerce platforms. Adjusted operating income increased to $25.1 million, and the company ended the quarter with $163.2 million in cash.
Net sales reached $169.9 million, showing sequential improvement from Q2 2021.
Adjusted gross margin expanded by 100 bps to 54.5%.
Adjusted operating expenses decreased as a percentage of sales by 200 bps to 39.7%.
Cash reserves ended the third quarter at $163.2 million.
Movado
Movado
Forward Guidance
The Company is not providing fiscal 2021 outlook given the dynamic nature of the COVID-19 crisis and lack of visibility.