Key Developments For Movado Group, Inc.
Movado Group, Inc. (MOV.N) (New York Stock Exchange)
Movado Group, Inc. Reiterates FY 2010 Outlook
Movado Group, Inc. reiterated that it estimates fiscal 2010 fully diluted earnings per share to be approximately $0.50, including the one-time charge recorded in the second quarter. This guidance continues to be predicated on an improvement in sales trends during the second half of fiscal 2010, resulting in an expected high single-digit sales decline for fiscal 2010. The Company reported revenue of $460.86 million in fiscal 2009.
Movado Group, Inc. Updates FY 2010 EPS Guidance To A Range Below Analysts' Estimates; Issues FY 2010 Revenue Guidance Above Analysts' Estimates
Movado Group, Inc. announced that for fiscal 2010, it now estimates fully diluted earnings per share (EPS) to be approximately $0.50. This guidance is predicated on an improvement in sales trends during the second half of fiscal 2010, as retailers purchase inventory in preparation for the holiday season, resulting in an expected high single-digit sales decline for fiscal 2010. The Company reported revenue of $460.86 million in fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report revenue of $360.70 million and EPS of $(0.14) for fiscal 2010.
Movado Group, Inc. Comments On FY 2010 Earnings Guidance
Movado Group, Inc. announced that it will be slightly profitable in fiscal 2010, excluding any unusual items. According to Reuters Estimates, analysts were expecting the Company to report net profit of $15.55 million in fiscal 2010.
Movado Group, Inc. Declares Quarterly Dividend
Movado Group, Inc. announced that its Board of Directors has declared a quarterly dividend of $0.05 per share on Movado Group common stock, a reduction from the third quarter level of $0.08 per share. The dividend is payable February 9, 2009 to shareholders of record at the close of business on January 26, 2009.
Movado Group, Inc. Issues FY 2009 Guidance Below Analysts' Estimates
Movado Group, Inc. announced that for fiscal 2009 it expects net sales to range from $470 million to $480 million and diluted earnings per share to range between $0.80 and $1.00, on a GAAP basis. Excluding the projected pre-tax charge of approximately $9.0 million, or $0.24 per diluted share, associated with the Company's cost savings plan announced on August 7, 2008, and assuming a 24% tax rate, fiscal 2009 adjusted diluted earnings per share are expected to range between $0.85 and $1.05. According to Reuters Estimates, analysts are expecting the Company to report revenue of $544 million and EPS of $1.67 for fiscal 2009.
