Movado Group Inc Down 2.48% To $25.90 After Earnings Beat

Tuesday, March 26, 2024 - Movado Group Inc (MOV) reported upside earnings and revenues today.

Movado Group Inc's earnings came in at an EPS of $0.55 per share, 41.00% higher than estimates for an EPS of $0.39 per share. The firm's earnings are down 47% since reporting $1.03 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $179.6 million. That represents a 7.54% decrease in revenues from the year-ago report and is 2.76% higher than consensus estimates set at $174.8 million.

The stock is down 2.48% to $25.90 after the report.

Movado Group Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Movado Group Inc a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 34. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Movado Group Inc designs, develop, sources, markets, and distributes fine watches in the United States and internationally. It operates through the Watch and Accessory Brands and Company Stores segment. The Watch and Accessory Brands segment includes the designing, manufacturing, and distribution of watches of quality owned brands and licensed brands. Its Company Stores segment includes the company's retail outlet locations in the United States and Canada. It generates maximum revenue from the Watch and Accessory Brands segment. Geographically, it derives the majority of revenue from its international location.