Movado Group Q2 Earnings Top Estimates

• Movado Group (NYSE: MOV) reported second-quarter FY23 sales growth of 5.1% year-on-year, to $182.80 million, beating the consensus of $181 million.

• The gross margin expanded 190 basis points to 58.5%, and the gross profit rose 8% Y/Y to $106.9 million.

• The operating margin was 16.8%, and operating income for the quarter rose 24.5% to $30.7 million.

• Adjusted EPS of $1.07 beat the analyst consensus of $0.71.

• The company’s board approved a quarterly dividend of $0.35, payable on September 21, 2022, to shareholders of record on September 7, 2022.

• The company had $30.9 million remaining available under the share repurchase program as of July-end.

• The company held $203.7 million in cash and equivalents as of July 31, 2022.

• Outlook: Movado narrows FY23 sales guidance to $780 million - $790 million from the prior view of $780 million - $800 million, above the consensus of $796.2 million.

• It expects FY23 operating income to be at the high end of $125 million - $130 million.

• Price Action: MOV shares are trading higher by 0.53% at $33.84 on Thursday.

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