Movado Q3 Profit Down, Cuts FY Outlook; Stock Down

(RTTNews) - Movado Group Inc. (MOV) reported that its net income for the third-quarter declined to $17.8 million or $0.76 per share, from $26.9 million or $1.14 per share last year.

In Tuesday pre-market trade, MOV is trading at $22.00, down $3.20 or 12.70 percent.

Adjusted net income for the third quarter of fiscal 2020 was $19.0 million or $0.82 per share, compared to $27.9 million or $1.18 per share last year.

Net sales decreased 1.6% to $205.6 million from $208.9 million last year. Net sales on a constant dollar basis increased 0.5%.

The company cut its outlook for fiscal 2020 to reflect results to-date and the challenging watch category and retail environment, and currency headwinds.

For fiscal 2020, the company now anticipates net income to be in the range of $36.4 million to $39.5 million or $1.55 to $1.70 per share, and net sales of $690.0 million to $700.0 million. Previously, it expected 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.