Movado Group Q1: 11% Revenue Dip, Difficult Consumer Environment & More
Portfolio Pulse from Nabaparna Bhattacharya
Movado Group reported Q1 FY24 sales of $144.9 million, down 11.3% YoY, missing the consensus of $148.3 million. Adjusted EPS of $0.43 beat the analyst consensus of $0.26. The company reiterated its FY24 outlook, expecting net sales between $725 million and $750 million.
May 25, 2023 | 4:13 pm
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NEGATIVE IMPACT
Movado Group's Q1 FY24 sales dropped 11.3% YoY, missing estimates. Adjusted EPS beat expectations, and the company reiterated its FY24 outlook.
Movado Group's Q1 sales missed estimates, indicating a challenging macro environment and declines in various sales channels. This could negatively impact the stock price in the short term, despite the EPS beat and unchanged FY24 outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100