Movado Group, Inc. Revises Earnings Guidance for the Year 2024
August 24, 2023 at 06:45 am EDT
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Movado Group, Inc. revised earnings guidance for the year 2024. The company now expects net sales in a range of approximately $690.0 million to $700.0 million, as compared to its previous expectation for net sales in the range of $725.0 million to $750.0 million; Operating income in a range of $62.5 million to $65.0 million, as compared to its previous expectation for operating income in a range of $80.0 million to $85.0 million; Earnings of $2.15 to $2.25 per diluted share, as compared to its previous expectation of $2.70 to $2.90 per diluted share.
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. 
