$MOV (Movado Group, Inc.)

$MOV {{ '2016-05-26T11:53:32+0000' | timeago}} • Announcement

Fashion watch maker $MOV cut its FY17 earnings and revenue outlook. The company now expects net sales to be in a range of $565MM to $580MM, down from its prior outlook of $58MM to $600MM. It anticipates FY17 EPS to be $1.55 to $1.70 per diluted share, down from its prior outlook of $1.85 to $2.00 per share.

$MOV {{ '2017-07-05T12:51:08+0000' | timeago}} • Announcement

Watch manufacturer $MOV has acquired UK-based JLB Brands Ltd., which owns  fashion watch and jewelry brands, for about GBP60MM, subject to working capital and other closing adjustments. The deal is expected to be immediately accretive to Movado’s earnings. The transaction was funded with cash held outside the US.

$MOV {{ '2017-05-25T16:21:32+0000' | timeago}} • Webcast

As $MOV posted 1Q18 results, the watchmaker said it looks forward to roll out the Rebecca Minkoff watch collection in 2Q18. Movado also plans to launch Uri Minkoff watches for men.

$MOV {{ '2017-05-25T12:09:33+0000' | timeago}} • Announcement

$MOV's BoD approved a quarterly cash dividend of $0.13 per share of its outstanding common stock and class A common stock. The dividend is payable on June 20, 2017 to shareholders of record as of June 6, 2017.

$MOV {{ '2017-05-25T12:08:11+0000' | timeago}} • Announcement

$MOV said the outlook excludes $7-10MM pre-tax charge related to cost savings initiatives in FY18, of which $6.3MM was recorded in 1Q18. $MOV still expects to realize about $12MM of savings in FY18 and about $15MM in on-going annual pre-tax savings from these initiatives, with the majority being in general and administrative expenses.

$MOV {{ '2017-05-25T12:06:31+0000' | timeago}} • Announcement

$MOV reiterated its FY18 net sales outlook of $515-530MM, net income estimate of about $33-36.3MM, and EPS guidance of $1.40-1.55. The company still expects operating income of about $50-55MM and effective tax rate of 32%. The company's outlook also assumes no further significant fluctuations from prevailing foreign currency exchange rates.

$MOV {{ '2017-05-25T12:03:47+0000' | timeago}} • Announcement

$MOV slipped to a loss in 1Q18 from a profit last year, due to very challenging store traffic environment in the U.S. Net loss was $4.16MM or $0.18 per share, compared to a profit of $3.31MM or $0.14 per share last year. Sales fell to $99.27MM from $114.1MM. Non-GAAP EPS decreased to $0.01 from $0.19.

$MOV {{ '2017-04-05T16:27:42+0000' | timeago}} • Announcement

$MOV said President Ricardo Quintero will depart from the company. Quintero's responsibilities will be assumed by members of the senior management team and he will remain through April 30, 2017 to ensure a smooth transition. $MOV also affirmed its FY18 outlook.

$MOV {{ '2017-03-20T13:47:59+0000' | timeago}} • Webcast

$MOV said that on digital, the company is increasing its investment. In 2017, the company believes that out of the media budget it will be approaching 50%, which is a significant increase. On opportunities, $MOV is seeing good traction in Europe and expects to invest in these markets.

$MOV {{ '2017-03-20T13:33:14+0000' | timeago}} • Webcast

Geographically, $MOV's 4Q17 international results were mixed. International wholesale decreased by 5.3% YoverY and 2.7% on a constant currency basis. Europe remains $MOV's strongest region with France showing signs of improvement in shipments, while Germany and the UK having solid sales growth on a sell through basis.

$MOV {{ '2017-03-20T13:21:44+0000' | timeago}} • Webcast

$MOV said that for FY18, the company will reallocate a larger portion of its marketing dollars into the digital space. Additionally, the company will focus on accelerating its e-commerce sales through its own site and its retail partners.

$MOV {{ '2017-03-20T11:54:26+0000' | timeago}} • Announcement

During 4Q17, $MOV repurchased approx 20,000 shares under its share repurchase program. As of January 31, 2017, the company had $46.1MM remaining under the $50MM share repurchase authorization, which expires on September 30, 2017.

$MOV {{ '2017-03-20T11:50:03+0000' | timeago}} • Announcement

$MOV BoD approved the payment of a cash dividend of $0.13 per share of its outstanding common stock and class A common stock held by shareholders as on March 31, 2017, on April 14, 2017.

$MOV {{ '2017-03-20T11:41:41+0000' | timeago}} • Announcement

$MOV's cost saving initiatives include a reduction in workforce, primarily impacting its North American and Swiss operations. $MOV expects to realize approx $12MM of savings in FY18 and estimates approx $15MM in ongoing annual pre-tax savings from these initiatives.

$MOV {{ '2017-03-20T11:31:50+0000' | timeago}} • Announcement

$MOV CEO Efraim Grinberg said, "Looking at FY18, we anticipate the retail environment will remain difficult. As a result, we are taking a more conservative view for FY18 compared to FY17 and are implementing certain cost savings initiatives. (We are) allocating a larger percentage of our marketing budget to online venues."

$MOV {{ '2017-03-20T11:21:15+0000' | timeago}} • Announcement

In FY18, $MOV sees net sales in the range of $515-530MM. Net income is expected to be about $33-36.3MM, or $1.40 to $1.55 per share, reflecting a 32% anticipated effective tax rate. This outlook excludes the $7MM to $10MM pre-tax charge related to cost savings initiatives in FY18.

$MOV {{ '2017-03-20T11:14:17+0000' | timeago}} • Announcement

Watchmaker $MOV posted an 8.7% dip in 4Q17 net sales to $130.8MM, which in turn, weighed on its net income. Net income was $5.2MM, or $0.22 per share, compared to $7.9MM, or $0.34 per share in 4Q16. Excluding items, net income was $0.40 per share.

$MOV {{ '2017-03-08T18:59:06+0000' | timeago}} • Announcement

$MOV announced a partnership with $GOOGL to launch Movado Connect, a smartwatch collection powered by Android Wear 2.0. Movado Connect is expected to launch in the fall of 2017 starting at $495, available in the US, the Caribbean, Canada and the UK. The collection will be unveiled at the Swiss trade show Baselworld 2017.

$MOV {{ '2016-11-22T14:10:43+0000' | timeago}} • Announcement

$MOV expects 2017 net sales will be in a range of $550.0-$560.0MM and operating income will be approx. $50.0-$55.0MM. The company anticipates net income in fiscal 2017 to be approx. $33.0-$36.5MM, or $1.40-$1.55 per share, reflecting a 32% anticipated effective tax rate.

$MOV {{ '2016-11-22T14:09:13+0000' | timeago}} • Announcement

$MOV, the watchmaker best known for its Museum Watch, reported 3Q17 earnings of $20.2MM, or $0.87 per share, down from $21.5MM, or $0.92 per share, hurt by charges. Net sales decreased 3.1% to $179.8MM.

$MOV {{ '2016-08-25T16:59:18+0000' | timeago}} • Webcast

Oliver Chen of Cowen & Co. asks about inventory levels. $MOV said in retail, retailers had rightsized their fashion watch area and they had focused on bringing down their inventory in 1H17. There will be a holiday season that comes in 3Q17 and 4Q17 and there will be preparations made for this.

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