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Interesting Stocks To Watch - Nov. 28: MOV

Movado Group Inc. (MOV) comes on our radar after reporting more-than-doubled third-quarter profit and raising financial guidance for fiscal 2013.

Third quarter net income grew to $34.5 million or $1.34 per share from $16.4 million or $0.65 per share in the same period last year.

Adjusted earnings for the period was $0.67 per share. Three analysts polled by Thomson Reuters expected the company to earn $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues totaled $160.2 million, up 12.3 percent from $142.6 million last year. Revenue growth was led by growth in both the accessible luxury and licensed brand categories.

Looking ahead, the company raised its fiscal 2013 adjusted earnings outlook to about 38.5 million or $1.50 per share from the previously communicated guidance of $1.40 per share. Revenues are anticipated to grow by 10% to $510 million. Analysts expect the company to report full-year earnings of $1.47 per share.

Quarterly Results

Q2 - FY12

- Q2 net income rose to $8.06 million or $0.32 per share from $4.41 million or $0.18 per share last year. Consensus - $0.18/Shr.

- Q2 net sales increased 4.2% to $118.0 million from $113.2 million last year.

Q1 - FY12

- Q1 net income was $6.6 million or $0.26 per share versus $0.5 million or $0.02 per share last year.

- Q1 net sales rose 15.4% to $103.7 million from $89.9 million in the first quarter of fiscal 2012.

Q4 - FY11

- Q4 net income was $10.69 million or $0.42 per share versus loss $30.99 million or $1.25 per share last year.

- Q4 adjusted net income was $0.24 per share, higher than $0.06 per share in the prior year.

- Q4 net sales grew 21.2% to $122.41 million from $101 million last year.

Annual Financial Data

Net income for the fiscal year ended January 31, 2012 was $31.9 million or $1.28 per share, compared to a loss of $47.2 million or $1.91 per share in fiscal 2011, and loss $54.7 million or $2.23 per share in 2010.

Net sales rose to $468.1 million in fiscal year ended January 31, 2012 from $382.2 million in 2011, and $349.7 million in 2010.

Company Profile

Movado Group sells namesake Movado watches and other top watch brands including Concord, ESQ, Coach, HUGO BOSS, Juicy Couture, Tommy Hilfiger, Lacoste and Ebel.

Movado conducts business primarily in two operating segments - Wholesale and Retail. Wholesale unit includes the design, development, sourcing, marketing and distribution of high quality watches, in addition to after-sales service activities and shipping. The retail segment includes Movado boutiques and the company's outlet stores.

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