Categories AlphaGraphs, Earnings, LATEST
Movado beats revenue and adjusted profit expectations for Q4
Watchmaker Movado Group’s (MOV) revenue and adjusted profit for fourth quarter 2018 beat analyst expectations. However, the company swung to a loss on a GAAP basis, impacted by expenses and amortization related to the Olivia Burton brand acquisition and the tax expense related to the 2017 Tax Act. Sales jumped 14.1% to $149.2 million, while the company incurred a net loss of $33.9 million or $1.47 per share compared to a profit of $5.2 million or $0.22 a share in the same period in 2017. On an adjusted basis, EPS more than doubled to $0.52.
The company recorded a 6.4% increase in comparable sales for its Movado Company Stores. Movado increased its dividend for the quarter by 53% to $0.20 per share.
Outlook
Movado expects net sales for fiscal 2019 to be in the range of $605 million to $615 million and operating income to be about $68 million to $71 million. Net income is expected to be about $50.5 million to $52.8 million, or $2.15 to $2.25 per diluted share. The guidance excludes about $3 million of amortization of the acquired intangible assets related to the Olivia Burton brand for fiscal 2019.
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