Movado Group projects confidence by reinstating dividend

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Movado Group has declared a cash dividend of $0.10 per share.

The dividend is payable on February 5, 2021 to shareholders of record on January 21, 2021.

Commenting on the dividend announcement, Efraim Grinberg (pictured top), chairman and CEO, states: “We are pleased to announce a cash dividend. Movado Group is committed to building long-term shareholder value and we believe this dividend declaration advances this objective.

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“Since the onset of the COVID-19 pandemic, our team has intently focused on executing with discipline to strengthen our balance sheet, and as of third quarter end, we had accumulated $163.2 million in cash, reduced inventory and lowered debt.

“We believe the Board’s reinstatement of a dividend is a testament to our strong cash flow generation amidst this ongoing crisis and reflects their confidence in our strategy and future growth potential.”

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Rob Corder

The author Rob Corder