Movado Group, Inc. (MOV) designs, sources, markets, and distributes watches internationally. The company has two operating segments: Watch and Accessory Brands and Company Stores. It offers its watches under…
the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands, such as Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, Calvin Klein, and Scuderia Ferrari.
The stock has gained 21.7% over the past year to close its last trading session at $34.21. Efraim Grinberg, chairman and CEO of MOV, stated, “We are very pleased to continue the positive momentum from last year, reporting first-quarter results that marked a strong start to our fiscal year with record sales and profit.”
He added, “We remain confident about our growth prospects and expect to continue to benefit from our compelling product innovation and diversified brand portfolio, including the recent successful launch of Calvin Klein watches and jewelry.”
The company’s robust financial performance allows it to invest in future growth initiatives and give its shareholders stable returns through quarterly dividends and share repurchases. Based on the company’s solid fundamentals and growth prospects, our proprietary POWR Ratings system has recently upgraded the stock to Strong Buy.
Here is what could shape MOV’s performance in the near term:
In February, MOV announced the worldwide launch of its Spring-Summer 2022 collection of watches and jewelry in collaboration with renowned global fashion lifestyle brand Calvin Klein, Inc., a wholly-owned subsidiary of PVH Corp. (PVH), establishing the brand’s first license under MOV. The collection is available globally at popular retail locations and online, including Calvin Klein stores and calvinklein.com.
During the first quarter ended April 30, 2022, MOV’s net sales increased 21.2% year-over-year to $163.42 million. Its operating income grew 90.8% from the year-ago value to $25.29 million, while its net income improved…
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