Movado Group Earnings: Here’s Why Investors are Buying Shares Now
Movado Group Inc. (NYSE:MOV) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.18%.
Movado Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 37.5% to $0.44 in the quarter versus EPS of $0.32 in the year-earlier quarter.
Revenue: Rose 17.17% to $138.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Movado Group Inc. reported adjusted EPS income of $0.44 per share. By that measure, the company beat the mean analyst estimate of $0.32. It beat the average revenue estimate of $135.91 million.
Quoting Management: Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We continued our positive momentum from the beginning of the year reporting a 17% increase in sales and a 59% rise in operating income in the second quarter. Our topline strength was fueled by strong innovation across our Movado and licensed brands and included the continued successful introduction of our Scuderia Ferrari watch brand and our newly repositioned Coach watch brand into the fashion watch category. As expected, the quarter also benefited from the later timing of Baselworld, the international watch and jewelry fair held annually in Basel, Switzerland. This, combined with the disciplined execution of our growth strategies, enabled us to leverage our infrastructure and produced operating income growth more than triple the rate of our sales increase.”
Key Stats (on next page)…