MOV - Movado moves higher on earnings beat bullish forecast

Movado (NYSE:MOV) wound higher on Thursday after reporting a big earnings beat on Thursday. The Paramus, New Jersey-based watchmaker reported non-GAAP EPS of $0.82, cruising past estimates by $0.36 and nearly doubling prior year results. Meanwhile, revenue rose 21.2% to $163.4 million, ticking $19.4 million above estimates. Margins also expanded 420 basis points in the quarter despite higher material costs and inflationary pressures. “These results reflect the ongoing appeal of our powerful portfolio of sought-after global brands, the strength of our elevated omnichannel model and the discipline with which we execute our strategies,” CEO Efraim Grinberg. “As we look ahead, we believe our Company is well positioned to advance our strategic priorities in an increasingly uncertain environment.” He added that partnerships with brands like Calvin Klein should continue to carry momentum, while a strong balance sheet offers greater flexibility as compared to peers.  “We will continue to manage the business

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Movado moves higher on earnings beat, bullish forecast