Movado Group (MOV) said Friday it restated certain financials after a probe into alleged misconduct within the Dubai branch of its Swiss unit, MGI Luxury Group, related to sales to certain Middle East, India and Asia-Pacific region customers.
The company said in a filing that the restated financials were for the fiscal years ended Jan. 31, 2024, 2023 and 2022, and the interim periods within fiscal years 2025 and 2024.
Movado also provided preliminary results for fiscal Q4 and fiscal year 2025 ended Jan. 31.
The company said it expects fiscal Q4 net sales of $181.5 million, compared with the restated figure of $175.8 million a year ago. An analyst polled by FactSet expects $181.6 million.
The company expects fiscal year 2025 net sales of $653.4 million, down from the restated figure of $664.4 million a year earlier. An analyst surveyed by FactSet expects $660.3 million.
Movado also said its board maintained a quarterly dividend of $0.35 per share, payable May 6 to shareholders of record as of April 22.
The company's shares were down 1.6% in premarket activity Friday.
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