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Movado down 13% on disappointing Q3 results and trimmed FY2020 guidance

Nov. 26, 2019 7:00 AM ETMovado Group, Inc. (MOV) StockBy: Niloofer Shaikh, SA News Editor1 Comment
  • Movado (NYSE:MOV) reports net sales rose 0.5% on a constant currency basis in Q3.
  • Gross margin rate fell 80 bps to 53.5%.
  • Adjusted operating margin rate squeezed 530 bps to 11.8%.
  • Inventories expanded 9.6% Y/Y to $201.16M.
  • FY2020 Guidance: Net sales: $690M to $700M; Operating income: $46M to $50M; Tax rate: 21%; Net income: $36.4M to $39.5M; Diluted EPS: $1.55 to $1.70.
  • MOV -12.7% premarket.
  • Previously: Movado EPS misses by $0.21, misses on revenue (Nov. 26)

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Movado Group, Inc.