Gains on improving demand for its watches

Movado

25/03/2021 13:48

** Shares  MOV.N  of maker of Scuderia Ferrari and Tommy
Hilfiger watches rise 4% to $22.56; stock snaps four straight
sessions of losses
    ** Says its Q4 net sales fell 6% to $178.3 mln, slowing from
a 17% fall in Q3, as demand continues to improve after plunging
due to the COVID-19 pandemic  urn:newsml:reuters.com:*:nBw74vrDha
    ** MOV's Q4 adjusted net income was $19.7 mln vs $3.5 mln a
year earlier
    ** Says expects to be 'slightly profitable' on an operating
basis in Q1, and its quarterly net sales are expected to jump by
58%-65% to a range of $110 mln-$115 mln vs a year earlier
    ** MOV says its board approves payment of cash dividend of
$0.20/shr on April 21 to shareholders of record as of April 7
    ** YTD, the stock has risen more than 30%

 (Reporting by Ankit Ajmera in Bengaluru)
 ((Ankit.Ajmera@thomsonreuters.com))