Movado Group Q4 Adj. Net Income Rises; Board Approves 40% Increase In Quarterly Dividend

(RTTNews) - Movado Group, Inc. (MOV) reported that its fourth quarter adjusted net income increased to $31.2 million, or $1.32 per share, from $19.7 million, or $0.84 per share, a year ago.

Net income was $31.4 million, or $1.33 per share, compared to $30.3 million, or $1.29 per share, last year.

Net sales increased 15.5% to $206.0 million from $178.3 million, prior year. U.S. net sales increased 18.5%, while International net sales increased 12.7%.

Looking forward, the company expects fiscal 2023 net sales to be in a range of approximately $780 million to $800 million.

The company announced that the Board approved a 40% increase to the regular quarterly cash dividend to $0.35 per share from $0.25 per share. A $0.35 dividend will be paid on April 20, 2022 for each share of the company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on April 6, 2022.

"We also plan to execute our share repurchase plan at an accelerated pace, subject to prevailing market conditions," said Efraim Grinberg, CEO.