Movado Group Inc. (MOV) reported better-than-expected revenue and earnings for the third quarter of 2019. Net sales rose 9.6% to $208.9 million from the same period last year. On a constant dollar basis, net sales increased 10% from last year.
Net income improved to $26.9 million, or $1.14 per share, from $17.4 million, or $0.75 per share, in the prior-year period. Adjusted net income was $27.9 million, or $1.18 per share.
Efraim Grinberg, Chairman and CEO, said, “We are pleased with our third quarter and year to date results. Our double digit constant dollar topline growth in the quarter was led by strong performance in both the US and international markets. The period saw good progress on our strategic growth priorities. We grew our powerful portfolio of owned and licensed brands as we prepared for the important holiday season ahead. We are very excited about the significant growth opportunities we see for the MVMT brand, which we acquired on October 1, 2018 and we remain on track to begin the integration of MVMT into our operating platform during the second quarter of fiscal 2020. Our strong balance sheet afforded us the opportunity to fund the MVMT acquisition and we ended the third quarter with $142.7 million in cash.”
For fiscal 2019, net sales are expected to be $660 million to $675 million and operating income is expected to be $75 million to $77 million. Net income is expected to be approx. $58 million to $59.7 million or $2.45 to $2.55 per share.
The company declared a cash dividend of $0.20 per common share payable on December 28, 2018 to shareholders of record on December 14, 2018.
Movado’s shares have climbed 13.3% so far this year. Looking at the past one month, the stock has dropped 8%. The stock was inactive during premarket hours on Tuesday.
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