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movado group inc-cl a (MOVAA) Key Developments

Movado Group, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 31, 2015; Provides Earnings Guidance for the Fiscal Year 2016; Declares Dividend on Outstanding Common Stock and Class A Common Stock, Payable on September 22, 2015

Movado Group, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended July 31, 2015. For the quarter, the company reported net sales of USD 145,569,000 compared to USD 143,591,000 a year ago. Operating income was USD 18,234,000 compared to USD 17,168,000 a year ago. Income before income taxes was USD 18,013,000 compared to USD 17,079,000 a year ago. Net income attributed to the company was USD 12,053,000 compared to USD 12,151,000 a year ago. Net income per share was USD 0.50 compared to USD 0.47 a year ago. For the six months, the company reported net sales of USD 266,030,000 compared to USD 264,512,000 a year ago. Operating income was USD 25,109,000 compared to USD 28,089,000 a year ago. Income before income taxes was USD 24,789,000 compared to USD 27,941,000 a year ago. Net income attributed to the company was USD 15,674,000 compared to USD 19,516,000 a year ago. Net income per share was USD 0.65 compared to USD 0.76 a year ago. Non-GAAP operating income was USD 27,779,000. Non-GAAP pre-tax income was USD 27,459,000. Non-GAAP net income was USD 18,210,000 or USD 0.75 per share. Net cash from operating activities was USD 2,574,000 compared to net cash used in operating activities of USD 5,679,000 a year ago. Capital expenditures were USD 3,668,000 compared to USD 4,294,000 a year ago. The company is maintaining its guidance for fiscal year 2016. In fiscal 2016, the company expects net sales to be in the range of USD 590 million to USD 600 million, gross margin to be approximately 53.5%, and operating income to increase to approximately USD 72.0 million to USD 75.0 million. The company anticipates net income for fiscal 2016 to be in the range of approximately USD 48.5 million to USD 51.0 million, or USD 2.00 to USD 2.10 per diluted share, reflecting a 30.0% anticipated effective tax rate and reduced share count. The company's guidance reflects its current outlook and does not take into account a potential worsening in the global economies in which it operates. This guidance also assumes no further significant fluctuations from prevailing foreign currency exchange rates as well as no unusual items for fiscal 2016. The company also anticipates recording the remainder of the previously announced USD 3.0 million to USD 4.0 million pre-tax charge related to operating efficiency initiatives by the end of fiscal 2016, which is excluded from its guidance. The company project capital expenditures of approximately USD 13 million for fiscal 2016, slightly down from previous estimate. The company also announced that on August 27, 2015, the Board of Directors approved the payment on September 22, 2015 of a cash dividend in the amount of USD 0.11 for each share of the company’s outstanding common stock and class A common stock held by shareholders of record as of the close of business on September 8, 2015.

Movado Group, Inc. to Report Q2, 2016 Results on Aug 27, 2015

Movado Group, Inc. announced that they will report Q2, 2016 results at 9:00 AM, US Eastern Standard Time on Aug 27, 2015

Movado Group, Inc., Q2 2016 Earnings Call, Aug 27, 2015

Movado Group, Inc., Q2 2016 Earnings Call, Aug 27, 2015

Movado Group, Inc. Declares Quarterly Dividend, Payable on June 22, 2015; Announces Unaudited Consolidated Earnings for the First Quarter Ended April 30, 2015; Reiterates Earnings Guidance for Fiscal 2016

Movado Group, Inc. announced that on May 27, 2015 the board of directors approved the payment on June 22, 2015 of a cash dividend in the amount of $0.11 for each share of the company’s outstanding common stock and class a common stock held by shareholders of record as of the close of business on June 8, 2015. The company announced unaudited consolidated earnings for the first quarter ended April 30, 2015. For the quarter, the company reported net sales of $120,461,000 against $120,921,000 a year ago. Operating income was $6,875,000 against $10,921,000 a year ago. Income before income taxes was $6,776,000 against $10,862,000 a year ago. Net income attributed to the company was $3,622,000 or $0.15 per share against $7,365,000 or $0.29 per share a year ago. Net cash used in operating activities was $11,174,000 against $12,053,000 a year ago. Capital expenditures were $1,461,000 against $1,523,000 a year ago. Trademarks were $94,000 against $20,000 a year ago. Adjusted Results (Non-GAAP) Net Sales were $120,461,000, operating income was $9,545,000, pre-tax income was $9,446,000, net income was $6,158,000 and diluted earnings per share was $0.25. The company is reiterating guidance for fiscal 2016. In fiscal 2016, the company anticipates that net sales will increase to a range of $590 million to $600 million, gross margin will be approximately 53.5%, and operating income will increase to approximately $72.0 million to $75.0 million. The company anticipates net income in fiscal 2016 to be approximately $48.5 million to $51.0 million, or $2.00 to $2.10 per diluted share, reflecting a 30.0% anticipated effective tax rate and reduced share count. The company also anticipates recording the remainder of the previously announced $3.0 million to $4.0 million pre-tax charge related to operating efficiency initiatives by the end of fiscal 2016, which is excluded from its guidance. The company continues to project capital expenditures of approximately $15 million for fiscal 2016, which includes projects in the ordinary course of business, such as facilities improvements, shop-in-shops, computer hardware and software. On a constant dollar basis, sales would have increased in the range of approximately 5% to 6.5%.

Movado Group, Inc. to Report Q1, 2016 Results on May 27, 2015

Movado Group, Inc. announced that they will report Q1, 2016 results at 9:00 AM, Eastern Standard Time on May 27, 2015

 

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Industry Analysis

MOVAA

Industry Average

Valuation MOVAA Industry Range
Price/Earnings 14.7x
Price/Sales 1.1x
Price/Book 1.5x
Price/Cash Flow 13.7x
TEV/Sales 0.7x
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