On Tuesday, Movado Group, Inc. (NYSE: MOV) reported its financial results for the quarter ended July 31, 2017. Both earnings and revenue beat expectations, and shares of the company rose 9% in premarket trade Tuesday.
The company announced net sales of $128.8 million, which increased from $128.1 million, for the same period of last year. The result beat analysts’ estimates of $119 million. Net income for the second quarter decreased from $6.3 million, or $0.27 per share for the same period last year to $5.5 million, or $0.24 per share. Adjusted earnings per share was $0.43, beating expectation of $0.23 per share.
“We are pleased to report second quarter results, in-line with our internal expectations, reflecting progress on our strategic growth and cost savings initiatives. Despite a challenging U.S. retail environment, our global team’s strong execution of our strategy and our increasing presence around the world led to growth in net sales with particular strength in Latin America, Europe and Asia,” Efraim Grinberg, the Chairman and Chief Executive Officer of the company, said in the statement on Tuesday.
The company updated its guidance for fiscal 2018. Net sales is expected to be between $530.0 million and $545.0 million. Net income for fiscal 2018 is expected to be around $35.5 million and $38.8 million, or $1.50 to $1.65 per diluted share.