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movado group inc-cl a (MOVAA) Key Developments

Movado Group, Inc. Names Jo an Lawson as General Manager of Wearable Devices

Movado Group, Inc. announced the addition of Jo An Lawson as General Manager of Wearable Devices. Ms. Lawson, based in San Francisco, will lead the company's wearable device strategic alliance expansion initiatives, reporting to Rick Coté, Vice Chairman and Chief Operating Officer. Ms. Lawson comes to Movado with significant brand and marketing experience, having worked with technology leader Apple, Inc. for nine years. Most recently, Ms. Lawson served as a Marketing Strategist at West Studios, acting as interim VP of Marketing. In her role as General Manager of Wearable Devices at Movado Group, Ms. Lawson will be responsible for identifying unique opportunities for the company in the technology arena, and developing strategic alliances that will position the company to launch wearable device products consistent with its luxury product branding philosophy. Prior to her most recent position at West Studios, Ms. Lawson has held various technology focused marketing positions of increasing responsibility at Apple Inc. beginning in 2003, with her last position as Director, Global Retail Marketing and Brand Experience. Earlier in her career, Ms. Lawson worked at Deloitte Consulting as a Senior Consultant.

Movado Group, Inc. Provides Earnings Guidance for 2015

Movado Group, Inc. provided earnings guidance for 2015. For 2015, the company anticipates sales will increase 1% to 2% to a range of $585 million to $590 million. Gross margin rate is expected to be approximately 53%, primarily due to the mix of business. Operating income is projected to be in the range of $68 million to $70 million. Estimated effective tax rate is expected to be 31% as a result of the mix of global pretax results. Net income is planned to be in the range of $46.2 million to $47.5 million. The company expects diluted earnings per share will be in the range of $1.80 to $1.85. The company now projects capital expenditures of approximately $12 million, which includes projects in the ordinary course of business, such as facilities improvements, shop-in-shops, computer hardware and software.

Movado Group, Inc. Approves Quarterly Cash Dividend, Payable on December 19, 2014; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended October 31, 2014

The Board of Directors of Movado Group, Inc. approved a regular quarterly cash dividend of $0.10 for each share of the company's outstanding common stock and class A common stock. This dividend will be paid on December 19, 2014 to all shareholders of record as of the close of business on December 5, 2014. The company reported unaudited consolidated earnings results for the third quarter and nine months ended October 31, 2014. For the quarter, the company reported net sales of $188.557 million against $189.685 million a year ago. Operating income was $33.333 million against $34.084 million a year ago. Income before income taxes was $33.306 million against $33.984 million a year ago. Net income attributed to the company was $22.209 million or $0.87 per share against $23.019 million or $0.89 per share a year ago. Net sales decreased 0.6% in the third quarter of fiscal 2014 driven by a decline in the luxury brand category and certain licensed brands. For the nine months, the company reported net sales of $453.069 million against $437.996 million a year ago. Operating income was $61.422 million against $61.129 million a year ago. Income before income taxes was $61.247 million against $62.414 million a year ago. Net income attributed to the company was $41.725 million or $1.63 per share against $43.684 million or $1.69 per share a year ago. Net cash provided by operating activities was $1.349 million against $16.616 million a year ago. Capital expenditures were $7.485 million against $11.895 million a year ago. Net sales increased 3.4% in the same period of fiscal 2014 led by growth in licensed brand and retail categories. Adjusted net income for the first nine months of fiscal 2014 was $41.6 million, or $1.61 per diluted share, excluding the $1.0 million tax benefit, or $0.04 per diluted share, taken in the second quarter of fiscal 2014 and the $1.5 million pre-tax gain, or $0.04 per diluted share, related to the sale of a building in Switzerland in the first quarter of fiscal 2014.

Movado Group, Inc., Q3 2015 Earnings Call, Nov 25, 2014

Movado Group, Inc., Q3 2015 Earnings Call, Nov 25, 2014

Movado Group, Inc. Provides Earnings Guidance Third Quarter Ended October 31, 2014 and for the Fourth Quarter and Fiscal Year 2015

Movado Group, Inc. provided earnings guidance for the third quarter ended October 31, 2014. For the quarter, the company expects net sales of $188.6 million compared to $189.7 million in the third quarter of fiscal 2014. Operating profit in the range of $33.0 million to $33.3 million compared to $34.1 million in the third quarter of fiscal 2014. Earnings per diluted share in the range of $0.86 to $0.87 compared to $0.89 in the third quarter of fiscal 2014. For the fourth quarter, the Company anticipates net sales of $132 million to $137 million, operating profit of $6.5 million to $8.5 million and earnings per diluted share in the range of $0.18 to $0.23. The operating profit is impacted due to continued investment in brand building and growth initiatives despite lower sales growth. For fiscal 2015, the company now anticipates that net sales will increase approximately 1% to 2% to a range of $585 million to $590 million, operating profit will be approximately $68 million to $70 million and earnings per diluted share will be in the range of $1.80 to $1.85, assuming a 31% effective tax rate, excluding any unusual items. The company also anticipates recording a $3.0 million one-time pre-tax charge related to operating savings initiatives in either the fourth quarter of fiscal 2015 or early in fiscal 2016.

 

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MOVAA

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Price/Earnings 12.6x
Price/Sales 1.0x
Price/Book 1.3x
Price/Cash Flow 12.4x
TEV/Sales 0.8x
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