Movado Q2 Profit Rises; Cuts FY Outlook - Quick Facts

(RTTNews) - Movado Group Inc. (MOV) reported that its second-quarter net income rose to $17.5 million or $0.75 per share, from $9.1 million or $0.39 per share last year.

Adjusted net income for the quarter was $8.3 million or $0.36 per share, compared to $10.6 million or $0.45 per share in the prior year.

Net sales increased 9.5% to $157.8 million compared to $144.1 million in the second quarter of fiscal 2019. Net sales on a constant dollar basis increased 11.0% compared to net sales in the second quarter of fiscal 2019.

The company's board approved the payment on September 24, 2019 of a cash dividend in the amount of $0.20 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 September 10, 2019.

The company now expects net income for fiscal 2020 to be in a range of $52.5 million to $55.0 million or $2.25 to $2.35 per share, and net sales of $725.0 million to $740.0 million. Previously, it expected net income for fiscal 2020 to be in a range of $64.0 million to $66.4 million or $2.70 to $2.80 per share, and net sales of $750.0 million to $765.0 million.