Movado Group falls on weak sales expectation

Movado

23/03/2023 13:56

** Watch maker Movado Group Inc's  MOV.N  shares down 13.80%
at $28.14 in morning trade 
    ** Co expects fiscal 2024 net sales to be between $725 mln
and $750 mln and earnings of $2.70 to $2.90 per diluted share 
    ** "Continue to face a difficult retail market in our
largest regions, the U.S. and Europe" - CEO Efraim Grinberg
    ** Co expects sales to decline in a range of 9% to 12%
relative to the prior-year period during H1 fiscal 2023 
    ** Also, reports Q4 net sales of $194.3 mln and profit of
$1.00 per diluted share vs net sales of $206 mln and profit of
$1.33 per share 
    ** Stock fell 22.90% in 2022 

 (Reporting By Akshita Toshniwal)
 ((Akshita.Toshniwal@thomsonreuters.com))