Movado Group Inc. (NYSE: MOV), the owner of the premium watch and accessory brands, released its fiscal 2022 fourth-quarter report last week, which included the pre-holiday season. Due to excellent sales, management was able to provide positive projections for the current fiscal year.
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The stock of Movado Group Inc. has gained 3.48% in the previous five days but has lost -1.45 percent over the last month. Over the previous three months, the stock has lost -6.05%, and it has lost -8.99 percent so far this year.
The Movado Group has a variety of watch and accessory brands that are sold in various parts of the world. The traditional appearance and relatively low pricing are two distinguishing features of these companies.
As a consequence, items may be offered to a diverse group of individuals, including small and medium-sized business owners, highly compensated company employees, government agencies, rich young people, and so on.
Movado Group’s revenues increased by 17% year over year in the fourth quarter of fiscal year 22, which concluded on January 31. At the same time, both retail partners and the company’s own web storefronts reported considerable demand.
It’s worth noting that Movado Group prioritizes digital sales and has even streamlined the search for the best watch for each customer, providing options based on the parameters chosen.
Moreover, despite increased production costs, the Movado Group was able to boost profitability. As demand switched to more costly product sectors, gross margin grew to 59 percent of sales.
Strong sales in the previous quarter lead Movado Group management to forecast a positive financial year for 2023. As a result, the business anticipates sales growth of $780 to $800 million, which is greater than Wall Street expectations.
At roughly 58 percent of sales, gross margin should likewise stay consistent. Operating profit is predicted to reach $130 million in fiscal 2022, up from $118 million the previous year.