Luxury watch company Movado (NYSE:MOV) will be reporting results tomorrow morning. Here’s what investors should know.
Movado missed analysts’ revenue expectations by 5.9% last quarter, reporting revenues of $136.7 million, down 5.7% year on year. It was a solid quarter for the company, with optimistic earnings guidance for the full year and a decent beat of analysts’ earnings estimates.
Is Movado a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Movado’s revenue to decline 6.2% year on year to $150.5 million, improving from the 12.3% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Movado has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Movado’s peers in the apparel, accessories and luxury goods segment, some have already reported their Q2 results, giving us a hint as to what we can expect. VF Corp’s revenues decreased 8.6% year on year, beating analysts’ expectations by 3.3%, and Figs reported revenues up 4.4%, topping estimates by 1.4%. VF Corp traded up 7.1% following the results while Figs was down 13.9%.
Read our full analysis of VF Corp’s results here and Figs’s results here.
There has been positive sentiment among investors in the apparel, accessories and luxury goods segment, with share prices up 4.5% on average over the last month. Movado is down 2% during the same time and is heading into earnings with an average analyst price target of $41 (compared to the current share price of $23.15).
Unless you’ve been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefitting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.