Movado Group Q3 Profit Declines - Quick Facts

(RTTNews) - Movado Group Inc. (MOV) reported Tuesday that its net income for the third quarter declined to $14.83 million or $0.63 per share, from $17.77 million or $0.76 per share in the prior-year quarter.

Adjusted net income for the quarter was $0.70 per share, compared to $0.83 per share last year.

Net sales for the quarter also decreased 17.4% to $169.86 million from $205.62 million in the same quarter last year. Net sales on a constant dollar basis declined 19.4%.

Looking ahead to fiscal 2021, the company said it is not providing full-year outlook given the dynamic nature of the COVID-19 crisis and lack of visibility.

Since late March, the company has refrained from providing financial guidance for the full year due to the increasing uncertainty related to the potential impacts of coronavirus (COVID-19) pandemic. It also decided to discontinue the regular quarterly dividend until further notice and suspended share repurchases until further notice.