Movado Q3 Profit More Than Doubles, Lifts Dividend, FY22 View - Quick Facts

(RTTNews) - Luxury watch maker Movado Group, Inc. (MOV) reported Tuesday that its third-quarter net income was $31.4 million or $1.33 per share, higher than last year's $14.8 million or $0.63 per share.

Adjusted net income was $32.1 million or $1.36 per share, compared to $16.4 million or $0.70 per share a year ago.

Net sales increased 28.2 percent to $217.7 million from $169.9 million in the prior year.

Total net sales increased 5.9 percent as compared to pre-pandemic third quarter fiscal 2020 with an 8.3 percent increase in U.S. net sales and a 4.1 percent increase in International net sales.

Looking ahead, for fiscal 2022, the company raised its outlook and currently expects net sales in a range of approximately $715 million to $720 million, and earnings per share of approximately $3.35 to $3.45.

The company previously expected full-year sales of $680 million-$695 million and earnings per share between $2.75 and $2.90.

Further, Movado said its Board of Directors approved a 25 percent increase to the regular quarterly cash dividend to $0.25 per share from $0.20 per share. The dividend will be paid on December 17 to shareholders of record as of the close of business on December 3.

The company also announced that its Board has approved a new share buyback program of up to $50 million of its shares.