MOV - Movado reports Q2 earnings; slightly narrows FY23 revenue outlook
- Movado press release ( NYSE: MOV ): Q2 Non-GAAP EPS of $1.07.
- Revenue of $182.8M (+5.1% Y/Y).
- Fiscal 2023 Outlook: The company currently expects net sales to be $780 million to $790 million versus its previous outlook range of $780 million to $800 million vs. consensus of $796.00M. This represents growth of 6.5% to 8.0% from fiscal 2022 net sales.
- Based on the strong results for the first half of fiscal 2023, the Company now expects operating income to be at the high end of its previous outlook of $125 million to $130 million.
- Gross profit is expected to continue to be approximately 58.0% of net sales.
- Operating income is expected to be at the high end of its previous outlook range of $125 million to $130 million.
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In addition, the company anticipates an effective tax rate of approximately 25%, assuming no changes to the current tax regulations.
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Movado reports Q2 earnings; slightly narrows FY23 revenue outlook