Movado Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended July 31, 2023
August 24, 2023 at 06:45 am EDT
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Movado Group, Inc. reported earnings results for the second quarter and six months ended July 31, 2023. For the second quarter, the company reported sales was USD 160.39 million compared to USD 182.8 million a year ago. Net income was USD 8.05 million compared to USD 24 million a year ago. Diluted earnings per share from continuing operations was USD 0.36 compared to USD 1.05 a year ago.
For the six months, sales was USD 305.3 million compared to USD 346.23 million a year ago. Net income was USD 17.18 million compared to USD 42.52 million a year ago. Diluted earnings per share from continuing operations was USD 0.76 compared to USD 1.83 a year ago.
Movado Group, Inc. designs, sources, markets, and distributes watches globally. The Company operates through two segments: Watch and Accessory Brands and Company Stores. The Watch and Accessory Brands segment includes the designing, manufacturing, and distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to after-sales service activities and shipping. The Company Stores segment includes its retail outlet business. Its portfolio of watch brands consists of owned brands, such as MOVADO, CONCORD, EBEL, OLIVIA BURTON and MVMT as well as licensed brands, such as COACH, TOMMY HILFIGER, HUGO BOSS, LACOSTE, and CALVIN KLEIN. The Company also designs, sources, markets, and distributes jewelry and other accessories under certain of its brands. The Company divides its business into two geographic locations, such as the United States operations, and the International, which includes all other non-United States company operations.
MOVADO GROUP, INC. 
