MOV - Movado Non-GAAP EPS of $1.03 revenue of $194.3M

2023-03-23 06:49:03 ET

• Movado press release ( NYSE: MOV ): Q4 Non-GAAP EPS of $1.03.
• Revenue of $194.3M (-5.7% Y/Y).
• Fiscal 2024 Outlook: The Company expects fiscal 2024 net sales to be in a range of approximately $725.0 million to $750.0 million, gross profit of approximately 56.0% of net sales, and operating income in a range of $80.0 million to $85.0 million. Assuming no changes to the current tax regulations, the Company anticipates an effective tax rate of approximately 22% for the fiscal year and earnings of $2.70 to $2.90 per diluted share. The outlook excludes approximately $2.1 million of amortization of acquired intangible assets for fiscal 2024 related to the Olivia Burton and MVMT brands. For the first half of fiscal 2024, the Company expects sales to decline in a range of 9% to 12% relative to the prior-year period as it anniversaries the record first half results of fiscal 2023.

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