MOV - Movado stock up 7% after topping Q3 consensus driven by strong sales in Europe

Movado (MOV) is up 6.83% after beating consensus on both lines in Q3 report.Revenue of $169.86M (-17.4% Y/Y) beats by $27.86M.Gross margin at 54.4% vs. 53.5% a year ago.Operating income was $23.1M, compared to $22.6M a year ago. Adj. operating income was $25.1M." The quarter saw strong sales in Europe, a key market for our brands, and across our ecommerce sites, with Movado brand ecommerce sales increasing 159% on our own and our partners’ digital platforms," says Chairman and CEO Efraim Grinberg.Net income was $14.8M or $0.63/share, compared to $17.8M or $0.76/share a year ago.Non-GAAP EPS of $0.70 beats by $0.22.The company ended the quarter with $163.2M in cash.For FY 2021, the company says given the dynamic nature of the COVID-19 crisis and lack of visibility, it is not providing fiscal outlook.Previously: Apparel stocks catch a bid as 2021 setup looks better to investors (Nov. 24)Previously: Movado EPS beats by $0.22, beats on revenue (Nov. 24)

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Movado stock up 7% after topping Q3 consensus driven by strong sales in Europe