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Movado Group Inc. (NYSE:MOV) shares are trading lower in the morning session on Tuesday.
The company reported fourth-quarter adjusted earnings per share of 55 cents, beating the analyst consensus of 39 cents.
Quarterly revenue of $179.62 million beat the street view of $174.80 million. The company generated a gross margin of 53.9% as compared to 56.2% in the fourth quarter of fiscal 2023.
Movado reported a fourth-quarter adjusted operating income of $13.8 million compared to $26.8 million in the year-ago period.
The company approved the payment on April 23, 2024, of a cash dividend in the amount of $0.35 for each share of the company’s outstanding common stock.
During the fourth quarter of fiscal 2024, the company repurchased approximately 26,000 shares under its November 23, 2021, share repurchase program.
As of January 31, 2024, the company had $17.9 million remaining available under the share repurchase program.
Outlook: The company expects fiscal 2025 net sales to be in the range of approximately $700 million to $710 million (consensus $689.90 million).
The company expects FY25 gross profit of approximately 55% of net sales and operating income ranging from approximately $32 million to $35 million.
Movado expects FY25 earnings per share of $1.20-$1.30, below the consensus of $2.06.
The company expects net sales for the first half of fiscal 2025 to be relatively flat year-over-year.
According to Benzinga Pro, MOV stock has lost over 67% in the past year.
Price Action: MOV shares are trading lower by 2.30% to $25.91 on the last check Tuesday.
Posted In: MOV
