Loading...
•
Oct 31, 2022
Movado Q3 2023 Earnings Report
Reported net sales of $211.4 million and EPS of $1.28.
Key Takeaways
Movado Group reported strong Q3 results with topline growth in constant currency and solid profitability, driven by disciplined execution of its strategy. The company maintained a healthy gross margin and managed expenses, leading to an adjusted operating margin of 18.4%.
Net sales reached $211.4 million.
Constant currency net sales were $225.1 million.
Operating income was $38.3 million, representing 18.1% of net sales.
EPS was reported at $1.28, with adjusted EPS at $1.31.
Movado
Movado
Forward Guidance
The Company is updating its fiscal 2023 outlook given the prevailing foreign exchange headwinds and the uncertain retail environment.
Positive Outlook
- Outstanding product pipeline across the portfolio.
- Excitement about the new Alta collection in Movado.
- Strong balance sheet with $186.7 million in cash and no debt.
- Confident in positioning to navigate the uncertain environment.
- Focus on profitably growing the world-class portfolio of brands.
Challenges Ahead
- Prevailing foreign exchange headwinds.
- Uncertain retail environment.
- Softer spending environment.
- Impact of increasing inflation.
- Geopolitical unrest