Movado Group Q1 Profit Surges On Higher Sales

(RTTNews) - Movado Group Inc. (MOV) reported Q1 net income of $18.5 million or $0.79 per share compared to $9.4 million or $0.40 per share last year.

Adjusted net income was $19.1 million or $0.82 per share versus $10.1 million or $0.43 per share in the prior year period.

Net sales increased 21.2% to $163.4 million from $134.8 million last year, reflecting growth in wholesale customers' brick and mortar stores and in Movado Company Stores. U.S. net sales increased 6.6% as compared to the first quarter of last year. International net sales rose 35.3% as compared to the first quarter of last year.

Efraim Grinberg, Chairman and Chief Executive Officer, said, "We are very pleased to continue the positive momentum from last year reporting first quarter results that marked a strong start to our fiscal year with record sales and profit..."

FY23 Outlook

The company expects fiscal 2023 net sales to be in a range of about $780 million - $800 million, gross profit of about 58.0% of net sales, and operating income in a range of $125 million - $130 million, unchanged from previous expectations, however, with a heightened level of economic, geopolitical and currency uncertainty.