Movado Group Inc
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Consumer Discretionary : Textiles, Apparel & Luxury Goods | Small Cap Blend
Company profile

Movado Group, Inc. designs, sources, markets, and distributes watches globally. The Company operates through two segments: Watch and Accessory Brands and Company Stores. The Watch and Accessory Brands segment includes the designing, manufacturing, and distribution of watches and, to a lesser extent, jewellery and other accessories, of owned and licensed brands, in addition to after-sales service activities and shipping. The Company Stores segment includes the Company's physical retail outlet locations in the United States and Canada. Its portfolio of watch brands consists of owned brands, such as MOVADO, CONCORD, EBEL, OLIVIA BURTON and MVMT as well as licensed brands, such as COACH, TOMMY HILFIGER, HUGO BOSS, LACOSTE, CALVIN KLEIN and SCUDERIA FERRARI. It also designs, sources, markets, and distributes jewellery and other accessories under certain of its brands. The Company divides its business into two geographic locations, such as the United States and the International operations.

Premarket

Last Trade
Delayed
$34.45
0.33 (0.97%)
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Market Hours

Closing Price
$34.12
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
1

10-day average volume:
170,023
1

American Airlines promises return to profit later this year

8:08 am ET January 21, 2022 (MarketWatch)
Print

By Claudia Assis

Travelers are combining business and leisure flights as they work remotely, American says

American Airlines Group Inc. promised a return to profitability later this year as it sounded optimistic about leisure travel and tweaked capacity further than Wall Street expected.

American (AAL) earlier Thursday reported a narrower-than-expected fourth-quarter loss and sales that were above expectations The stock turned lower mid-session, however, with shares of United Airlines Holdings Inc. (UAL) also down following that carrier's late Wednesday results.

See also:United Airlines delays adding more flights, sees capacity lower than in 2019

American Airlines' executives said in a post-results call that they have started to see travel that combines leisure and business: People may find a tourism destination and travel there to stay and work remotely for weeks, blurring the lines between business and leisure travel.

Domestic flights "remained the relative source of strength for the airline," Jefferies analyst Sheila Kahyaoglu said in a note Thursday. Passenger revenues fell 13% as compared with 2019, with domestic leisure travel down about 6% and domestic business down 31% as compared with a 37% drop for international travel, she said.

American's full-year 2022 outlook pointing to capacity down 5% versus 2019 was below Jefferies' estimate of a 3% decline, she said.

The results were a "mild (fourth-quarter) beat overshadowed by what appears to be price weakness and higher-than-expected (first-quarter) costs," Citi analyst Stephen Trent said in his note.

American's earnings follows Delta's last week, with Delta (DAL) reporting better-than-expected fourth-quarter results but also sounding cautious on first-quarter prospects due to the impact of omicron on air travel

U.S. airlines have had a rough start of the year, with the emergence of omicron spooking would-be air travelers and laying up employees, with the variant and winter weather leading to thousands of cancelled flights in late December and early January.

The sector has kept its underperformance in relation to the broader index, with the U.S. Global JETS ETF (JETS) down nearly 5% in the past 12 months, contrasting with gains of around 18% for the S&P 500 index.

-Claudia Assis

	

(END) Dow Jones Newswires

January 21, 2022 08:08 ET (13:08 GMT)

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