Movado Q3 net sales $217.7M (+28.2% YoY); raises annual EPS outlook to $3.35-$3.45; dividend +25%

MOVADO GROUP INC

2022-Q3 EPS reported $2.54 revenue$526,418,000

Q3 diluted EPS $1.33 ($1.36 adjusted) vs $0.63 prior year; operating income $41.4M (+79%).
Gross margin expanded 330 bps to 57.7%; U.S. net sales +41.7% YoY, International +19.7% YoY.
Raised FY2022 outlook: net sales ~$715-720M, EPS $3.35-$3.45; expects 25% effective tax rate.
Board approved 25% dividend increase to $0.25/share, payable Dec 17, record Dec 3.
New $50M share repurchase program authorized through Nov 23, 2024; $8M remains under prior program.

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