Movado Group inc: Up on revenue surge, quarterly profit

Movado

27/05/2021 15:08

** Shares  MOV.N  of maker of Scuderia Ferrari and Tommy
Hilfiger watches rise 4.6% to $31.89
    ** Q1 FY22 net sales rose 93.5% to $134.8 mln  urn:newsml:reuters.com:*:nBw3Gt4zBa
    ** Net income was $9.4 mln, compared with net loss of $150
mln a year earlier 
    ** Expects fiscal 2022 net sales of $650 mln-$665 mln
    ** "Demand for our watches and jewelry in the quarter
exceeded our expectations across our wholesale and brick and
mortar retail businesses where consumer mobility returned" -CEO
    ** CEO says Movado.com ecommerce site grew by over 250%
compared with Q1 2021
    ** YTD, stock up over 90%

 (Reporting by Shreyasee Raj in Bengaluru)
 ((Shreyasee.Raj@thomsonreuters.com;))