Movado Group (NYSE:MOV) revealed net income for the fourth quarter of $ 5.23 million or 22 cents per share, compared to income of $ 7.89 million or 34 cents per share, in the year-ago period.
Headquartered in Paramus, New Jersey, the company disclosed, Net Sales that reached $ 130.79 million, decreased 9% from $ 143.26 million a year ago.
The consensus estimates from Thomson Reuters are income of $ 0.23 per share from $ 137.11 million in revenue.
Adjusted net income in the fourth quarter of fiscal 2016 was $9.2 million, or $0.40 per diluted share.
Efraim Grinberg, Chairman and CEO, stated: In a challenging holiday selling season, we were pleased to see our brands outperform the overall watch category in key markets around the world and to have delivered on our annual revenue and earnings targets.
In fiscal year 2018, MOV anticipates net sales in a range of $515.0 million to $530.0 million and earnings between $1.40 to $1.55 per diluted share.
The Board of Directors approved cash dividend of $0.13, payable on April 14, 2017, shareholders of record as of the close of business on March 31, 2017.
About : Movado Group, Inc. designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, ESQ Movado, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brands to jewelry store chains, department stores, independent regional jewelers, licensors retail stores, and a network of independent distributors. It also provides after-sales and shipping service. In addition, the company operates 40 retail outlets throughout the United States. The company was formerly known as North American Watch Corporation and changed its name to Movado Group, Inc. in 1996. Movado Group, Inc. was founded in 1961 and is based in Paramus, New Jersey.