Movado Group (MOV) Tops Q4 EPS by 17c

Movado Group (NYSE: MOV) reported Q4 EPS of $1.03, $0.17 better than the analyst estimate of $0.86. Revenue for the quarter came in at $194.3 million versus the consensus estimate of $184.4 million.

GUIDANCE:

Movado Group sees FY2024 EPS of $2.70-$2.90. Movado Group sees FY2024 revenue of $725-750 million.

• The Company expects fiscal 2024 net sales to be in a range of approximately $725.0 million to $750.0 million, gross profit of approximately 56.0% of net sales, and operating income in a range of $80.0 million to $85.0 million. Assuming no changes to the current tax regulations, the Company anticipates an effective tax rate of approximately 22% for the fiscal year and earnings of $2.70 to $2.90 per diluted share. The outlook excludes approximately $2.1 million of amortization of acquired intangible assets for fiscal 2024 related to the Olivia Burton and MVMT brands. For the first half of fiscal 2024, the Company expects sales to decline in a range of 9% to 12% relative to the prior-year period as it anniversaries the record first half results of fiscal 2023. This outlook does not contemplate further deterioration due to the impact of economic uncertainty, and assumes no further significant fluctuations from prevailing foreign currency exchange rates.

For earnings history and earnings-related data on Movado Group (MOV) click here.

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