Movado Group Q2 net sales down 12.3% to $160.4M; cuts FY2024 guidance

MOVADO GROUP INC

2024-Q2 EPS reported $0.76 revenue$305,295,000

Q2 net sales $160.4M, down 12.3% YoY; GAAP EPS $0.36, adjusted EPS $0.38.
Operating income $9.6M (GAAP), $10.3M adjusted; gross margin 55.7% vs 58.5% prior year.
FY2024 guidance cut: net sales $690-700M (prev $725-750M), EPS $2.15-$2.25 (prev $2.70-$2.90).
Board declares $0.35 dividend payable Sept 21, 2023; cash $218.9M, no debt.
Challenging retail environment in U.S. and Europe; wholesale partners managing inventory tightly.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MOVADO GROUP INC reported the second quarter ended July 31, 2023 results: revenue Net Sales of $160.4 million, net income Net income was $8.0 million, or $0.36 per diluted share, EPS $0.36 per diluted share.

Period: the second quarter ended July 31, 2023
Revenue: Net Sales of $160.4 million
Net income: Net income was $8.0 million, or $0.36 per diluted share
EPS: $0.36 per diluted share
Result: reported results

Exact text from the filing

EXHIBIT 99.1 EXHIBIT 99.1 CONTACT: ICR, Inc. Rachel Schacter/Allison Malkin 203-682-8200 FINAL MOVADO GROUP, INC. ANNOUNCES SECOND QUARTER RESULTS ~ Net Sales of $160.4 million ~ ~ Operating Income of $9.6 million; Adjusted Operating Income of $10.3 million ~ ~ EPS of $0.36 and Adjusted EPS of $0.38 ~ ~ Updates Fiscal Year 2024 Outlook ~ ~ Board

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Source: SEC EDGAR

accession 0000950142-23-002301

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