Movado Group Introduces FY20 Outlook; Board Declares Dividend
(RTTNews) - Movado Group, Inc. (MOV) announced, for fiscal 2020, the company anticipates that net sales will be in a range of $750.0 million to $765.0 million and net income per share in a range of $2.70 to $2.80. The company said, during fiscal 2020, it will focus on the continued integration of MVMT into its systems and distribution, while also making significant brand building investments across its portfolio.
"While we continue to operate in an evolving and challenging global marketplace for both retail and the watch category, we expect to continue to deliver growth on both the top line and bottom line in fiscal 2020 through continued product innovation, effective marketing and disciplined execution of our strategies and growth priorities," Efraim Grinberg CEO said.
For the fourth-quarter, adjusted EPS was $0.67 compared to $0.52 in the prior year period. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.55 for the quarter. Analysts' estimates typically exclude special items. Fourth quarter net sales increased 33.6% to $199.4 million, or 35.4% on a constant dollar basis, and 10.3% excluding MVMT. Analysts expected revenue of $194.18 million for the quarter.
The company also announced that its Board approved the payment on April 24, 2019 of a cash dividend in the amount of $0.20 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 April 10, 2019.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.