Movado Group slumps after trimming annual sales forecast

Movado

22/11/2022 17:15

** Shares of watch maker Movado Group Inc  MOV.N  fall as
much as ~13% to a near 2-month low of $29.20
    ** Stock last down ~11%, on course for biggest one-day pct.
decline since Sept. 2020 if current losses hold
    ** MOV cuts its annual sales forecast amid weaker consumer
spending and foreign exchange pressures
    ** MOV now sees fiscal 2023 net sales between ~$740 mln and
$750 mln, versus previous outlook of $780 mln to $790 mln
    ** Co also lowers its operating income forecast to between
$120 mln and $125 mln, from $125 mln to $130 mln 
    ** MOV, which makes watches under brands including Tommy
Hilfiger, Hugo Boss and Scuderia Ferrari, reports a 2.9% drop in
Q3 sales
    ** YTD, stock down ~29% YTD
 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))