Movado Group Inc. (MOV) reported that its fourth-quarter net income attributed to company decreased to $7.92 million or $0.31 per share, from $10.69 million or $0.42 per share prior year. Adjusted income was $10.52 million or $0.41 per share, compared to $5.93 million or $0.24 per share prior year.
Net sales rose to $123.59 million from $122.41 million last year. Adjusted net sales increased 7.6% to $128.5 million from prior year period. Adjusted net sales exclude the impact of the $4.9 million charge related to the Coach repositioning initiative in the fourth quarter of fiscal 2013, as well as the sale of mechanical movements in the fourth quarter of fiscal 2012.
Analysts polled by Thomson Reuters expected the company to report profit per share of $0.26 for the quarter. Analysts' estimates typically exclude speical items.
The company also announced its Board has approved a quarterly cash dividend of $0.05 for each share of the outstanding common stock and class A common stock. The dividend will be paid on April 16, 2013 to all shareholders of record as of the close of business on April 2, 2013.
Movado expects fiscal 2014 net sales will increase approximately 12% to a range of $570 million to $575 million, and net income to increase to approximately $48 million or $1.80 per share.
The company announced its multi-year strategic plan goals through fiscal 2017. For the next four years, the company anticipates approximately 10% sales growth per year and approximately 20% operating profit growth per year. This is expected to result in fiscal 2017 sales of approximately $750 million, operating profit of approximately $115 million, and earnings per share to slightly exceed $3.00.
Movado Board has approved a share buyback program under which the company may purchase up to $50 million of its outstanding common shares from time to time, depending on market conditions. The authorization expires on January 31, 2016. The company does not expect the share buyback program to have a significant impact on the weighted average of shares outstanding for fiscal 2014.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.