Movado (NYSE: MOV) says 1Q was strong, raises year forecast

Atlanta, GA 5/23/12 (StreetBeat) -- Shares of Movado Group Inc. (NYSE: MOV) climbed Wednesday after the luxury watch seller said that results in the three months ended in April were strong and raised its forecast for the year.

The stock gained $2.08, or 8 percent, to $28.02 in late morning trading.

Movado said that for its February-April quarter, it expects to report net income of $6.1 million to $6.6 million, or 24 to 26 cents per share, in the first quarter. A year ago, Movado reported a profit of $491,000, or 2 cents per share, because of a higher tax rate.

The company predicts that revenue grew about 15 percent to $103 million on higher demand for its products, especially its licensed brands. Movado designs and sells watches under its own name and under brand names including Coach, Tommy Hilfiger and Hugo Boss.

For all of its fiscal year, which ends in January 2013, Movado expects to earn $29 million to $29.7 million, or $1.15 per share. Its previous forecast was for annual profit of $27 million to $28 million, or $1.10 per share.

The company maintained its revenue forecast for the year of $505 million to $510 million.

That's up from its previous year's adjusted profit of $27.2 million, or $1.08 per share, on revenue of $468.1 million.

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Movado (NYSE: MOV) swings to profit, hikes dividend

Shawshank, VA 3/29/12 (StreetBeat) -- Movado Group Inc. (NYSE: MOV) said Thursday it'll increase its regular cash dividend by 67% to 5 cents a share for shareholders of record as of April 10, payable on April 24. The Paramus, N.J., watch maker will also pay a special dividend of 50 cents a share to shareholders of record as of April 30, payable on May 15.

Movado said its fourth-quarter profit for the three months ended Jan. 31 rose to $10.7 million, or 42 cents a share, from a loss of $31 million, or $1.25 a share, in the year-ago period. Adjusted profit in the latest quarter totaled 24 cents a share. Sales grew to $122.4 million from $101 million. Wall Street analysts expectd Movado to earn 10 cents a share, according to a survey by FactSet Research. Looking ahead, Movado expects fiscal 2013 earnings of $1.10 a share, even with the analyst estimate.

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Movado 3Q Net Income Dips, Revenue Climbs

Tallahassee, FL 12/1/11 (StreetBeat) --Movado Group Inc.'s (NYSE:MOV) net income slipped 4 percent in the third quarter as the prior-year period had a one-time benefit. But revenue climbed on strong sales of its high-end watches, and the company boosted its full-year adjusted earnings outlook.

Its stock gained $1.57, or 10 percent, to $17.30 in premarket trading.

Movado reported Thursday that it earned $16.4 million, or 65 cents per share, for the three months ended Oct. 31. That compares with earnings of $17.1 million, or 69 cents per share, a year earlier.

The year-ago period included a one-time benefit of 17 cents per share related to the reversal of a previously recorded liability related to a retirement agreement with former Movado Chairman Gedalio Grinberg, who died in 2009. Excluding that gain, earnings were 52 cents per share in the prior-year period.

Analysts polled by FactSet expected earnings of 47 cents per share for the August-October quarter.

Revenue rose 16 percent to $142.6 million from $123 million, helped by higher sales of Movado watches and its licensed watch brands such as Coach, Tommy Hilfiger and Juicy Couture.

The Paramus, N.J., company said that its strong third quarter prompted it to increase its fiscal 2012 adjusted earnings to a range of 93 cents to 98 cents per share. Its prior guidance called for adjusted earnings between 60 cents and 65 cents per share.

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