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|05/27/16 02:41 PM||Movado Group Inc. Slashes Its Full-Year Outlook - A difficult retail environment and shifting consumer trends are forcing the watchmaker to reset investor expectations.|
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|04/04/16 03:36 PM||ETF’s with exposure to Movado Group, Inc. : April 4, 2016 - |
|04/01/16 04:27 PM||MOVADO GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers - |
|04/01/16 03:30 PM||Movado Group, Inc. Dials Back Expectations - The watchmaker warns of a challenging retail environment in fiscal 2017.|
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|03/31/16 04:22 PM||Earnings Recap For March 31 -
Lindsay Corporation (NYSE: LNN) reported second quarter earnings of $ 0.42 per share, missing the Street’s consensus of $ 0.58 per share. Revenue of $120.57 million also came in below expectations for $126.67 million.
Movado Group, Inc (NYSE: MOV), on the other hand, posted fourth quarter earnings of $ 0.40 per share, beating the Street’s consensus by $0.03. Revenue ...Full story available on Benzinga.com|
|03/31/16 10:43 AM||Movado Clocked After Q4 Report And Lower Guidance - Movado Group, Inc (NYSE: MOV) shares are trading lower by $2.44 at $27.90 in Thursday's session. After reporting a Q4 beat of a penny, with slightly better sales, a dividend increase ...Full story available on Benzinga.com|
|03/31/16 10:43 AM||Movado Q4 Earnings Conference Call: Full Transcript - Operator:
Good day everyone and welcome to the Movado Group's Fiscal Fourth Quarter 2016 Earnings Conference Call. As a reminder today's call is being recorded and may not be reproduced in whole or in part without permission from the Company. At this time, I would like to turn the conference over to Rachel Schacter of ICR. Please go ahead.
Rachel Schacter: ICR, Inc.:
Thank you. Good morning, everyone. With me on the call is Efraim Grinberg, Chairman and Chief Executive Officer; Ricardo Quintero, President; and Sallie DeMarsilis, Chief Financial Officer. Also in the room is, Rick Cote, Vice Chairman and Chief Operating Officer who will join us for questions and answer.
Before we get started, I would like to remind you the Company's Safe Harbor language which I'm sure you're all familiar with. The statements contained in this conference call which are not historical facts may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties, all of which are described in the Company's filings with the SEC, which include today's press release. If any non-GAAP financial measure is used on this call, a presentation of the most directly comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release.
Now I would like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.
Efraim Grinberg: Chairman and Chief Executive Officer:
Thank you, Rachel and thank you for joining us on today's conference call. We are very pleased with our fiscal 2016 performance. Despite the extremely challenging retail environment slowing growth in the watch category and strong currency headwinds, we're able to deliver solid year with sales growth to $594.9 million and adjusted operating income growing by 3.7% to $74.1 million. We generated $74.6 million of operating cash flow and ended the year with a record $228.2 million in cash. Fiscal 2016 marks the third year in a row that Movado group is delivered adjusted operating income in excess of $70 million despite the increased level of volatility in the market place. We are very proud of the strong execution by our teams around the world. We have built a solid global infrastructure and have continued to drive the growth of our brands. As a Company, we remain focused on driving innovation across our brand portfolio which was truly exemplified by the extremely successful launch of the Movado Edge collection introduced late last year.
As a leadership team we are focused on driving long-term value for our shareholders, customers and employees. We are pleased that our Board has authorized both an 18% increase in our quarterly dividend as well as the new $50 million share repurchase authorization. While we expect the environment to remain challenging in fiscal 2017, we remain optimistic about our opportunities longer-term. We have decided that during this period, we will continue to invest in marketing, brand building programs, and our connected watch initiatives. We believe that these investments along with continued product innovation, will position us extremely well for sustainable profitable growth in the coming years. With this in mind we are planning for sales of $585 million to $600 million and diluted earnings per share of $1.85 to $2.
Before I turn the call over to Ricardo, who will highlight some of our brand performances and initiatives, I would like to acknowledge Rick Cote, who has announced that he will be retiring in June. Rick has been an extremely valuable partner and colleague and in helping to lead the growth of the Company since he joined us in 2000. We are fortunate that Rick will continue to serve on our Board of Directors where he will tremendous council and strategic advice.
I would now like turn the call over to Ricardo.
Ricardo Quintero: President:
Thank you, Efraim and good morning. We are pleased with our fourth quarter and our full year fiscal '16 results as it demonstrates strong execution of our strategic approach to growing our business and capturing the full potential of our brand portfolio.
In the fourth quarter, net sales were $143.3 million, up 10.1% on a constant currency basis and up 7% on a reported basis and adjusted operating income of $12.9 million, up 29.6% on a constant currency basis. We delivered solid international growth with net sales increasing 16.4% on a constant currency basis and up 9.6% on a reported basis, and US wholesale was up 6.8% both on a constant currency and reported basis.
For fiscal '16 full year results, we were well within our guidance with net sales of $594.9 million, up 5.5% on a constant currency basis and up 1.4% on a reported basis and adjusted operating income at $74.1 million, growing by 18.1% on a constant currency basis. As discussed previously on our third quarter call, we are living in a VUCA environment that is accelerating in terms of volatility, uncertainty, complexity and ambiguity. This environment has affected the global retail landscape, has accelerated shifts in consumer purchasing patterns, and as made it much harder to grow. At Movado Group we have taken a proactive approach to navigate in this environment, leveraging our strength and focusing on superior execution of our strategies, centered on the consumer to create compelling innovation. We believe that great product always wins if it is desirable, relevant and at a competitive value. So while the short term is difficult, we are confident in our stated strategy and we will continue to invest to build our brands and our people to deliver sustainable profitable growth in an industry that continues to have great long term growth potential.
To this effect, during Q4 we completed the acquisition of the remaining shares of the two strategic entities which previously operated under a joint venture model in Germany and France. This will allow us to accelerate our business ever future and build big meaningful businesses across our portfolio in two of Europe's key markets. In Q4 we continued to build momentum in Europe, our largest international region. Our largest shipment growth was in the UK where we experienced high double digit increases in net sales as well as sell-through. Other strong results were reported in Germany and France with the total EMEA region up more than double our total international growth on a reported basis.
These positive results are partially driven by increases in traveling consumers, particularly the Chinese, who are known to shift travel destinations in pursuit of an attractive value from currency fluctuations, but also with a local market consumers where we saw solid growth across our brand portfolio in both our luxury and license brand categories. Conversely, our shipment performance in Asia continued to be difficult in Q4, including a sharper slowdown of the Chinese economy and the further decline in spending in Hong Kong and Macau. In Asia we continued to experience double digit declines of sell-through and high single digit declines at sell-in.
China continues to be challenging and we have recently reorganized ourselves to focus resources on productive doors with the highest growth potential including those that we operate directly and in creating desirability and awareness for our brands in China to achieve conversion either in China or wherever Chinese consumers travel. So, while we continue to expect growth for the unit in the region, we'll be more efficient and productive.
Our shipments in Q4 for Latin America increased to mid-single digits while our sell-through in Brazil, our largest market in the region, grew by double digits for all of our brands in local currency, we are seeing a significant slowdown as of late. As a general environment is challenged and consumer sentiment is dampened given the political, economic and social dynamics. We expect us to have a significant effect through the balance of fiscal '17.
In the US, our fourth quarter wholesale shipments were up 6.8% versus last year driven by market introductions and expansion of major innovation initiatives such as Movado Edge, Movado Motion, BOLD Motion and the Coach Men's collection. From a retail perspective, our Movado company stores in US were about flat in Q4 in a difficult highly-promotional environment, where we were competitive while maintaining our profitability metrics.
Continuing the positive momentum throughout the year, our sell-through trends continued to outpace the market for most of our brands led by our flagship brand, Movado. In the US, we were able to effectively track market share through NPD in the $300 to $3,000 price category where we compete, our Movado brand market share continued to grow. For the full 12 months through January, Movado share increased to 21.4%. That's up 150 basis points versus prior year growing 8% on a market that was flat. Sell-through results in the US for license brands were challenged, by a difficult holiday season for retail in the fashion watch category in our main channels of distribution, but still ahead or at market trends for all of our brands. Conversely, our license brands experienced strong sell-through internationally in particular strength in the UK, Germany, France, Brazil, Mexico, and the continued recovery in Spain. Our business in the Middle East is impacted by the price of oil and regional issues where we have seen a significant slowdown in retail. But our sell-through results continue to outpace the market.
As discussed on previous calls, the overall retail environment has made our retailers even more cautious as they continued to rebalance their inventories and many are enforcing even more rigorous retail metrics. We expect this strength to continue for fiscal '17 particularly during the first half of the fiscal year.
We're extremely encouraged by the consumers' response to our major innovation initiatives. Movado Edge is shaping up to be one of our most successful launches ever. This modern interpretation of the museum dial, designed in collaboration with world renowned industrial designer Yves Behar, continues to build positive coverage in the press and across social media platforms. Sold in only a 150 doors in its initial launch phase, it experienced extraordinary sell-through levels and it helped propel our business in Movado. Our Movado Motion and BOLD Motion introductions met our expectations and although it is still in the early days, we are pleased with our approach to smart watches where design comes first, creating beautiful time pieces with added value via consumer preferred functionalities such as activity tracking, notifications, and sleep tracking. These launches are an integral part of our overall strategy of accelerating our efforts in digital marketing and building capabilities to serve today's mobile first consumer.
Our strategy in the wearable category forges ahead into our license brand portfolio. As recently announced at BASELWORLD 2016, we have extended our partnership with HP to launch over 25 SKUs in the fall season. These beautifully designed watches were presented to our key customers around the globe and the response ...Full story available on Benzinga.com|
|03/31/16 04:12 AM||Earnings Scheduled For March 31, 2016 -
Movado Group, Inc (NYSE: MOV) is estimated to report its quarterly earnings at $0.39 per share on revenue of $140.70 million.
Lindsay Corporation (NYSE: LNN) is projected to report its quarterly earnings at $0.56 per share on revenue of $123.84 million.
Franklin Covey Co. (NYSE: FC) is estimated to post its quarterly earnings ...Full story available on Benzinga.com|
|03/31/16 04:12 AM||5 Stocks To Watch For March 31, 2016 -
Some of the stocks that may grab investor focus today are:
Wall Street expects Movado Group, Inc (NYSE: MOV) to report its quarterly earnings at $0.39 per share on revenue of $140.70 million. Movado shares fell 0.33 percent to close at $30.34 yesterday.
Progress Software Corporation (NASDAQ: PRGS) reported downbeat results for its fiscal first quarter and lowered its FY16 outlook. The company announced the retirement of its CFO Chris Perkins. Progress Software shares tumbled 11.10 percent to $22.75 ...Full story available on Benzinga.com|
|03/19/16 01:58 PM||Monitoring EPS Growth Movado Group, Inc.( NYSE:MOV ) - Clinton Financial - Monitoring EPS Growth Movado Group, Inc.( NYSE:MOV )Clinton FinancialStreet analysts covering Movado Group, Inc.(NYSE:MOV) are projecting EPS growth for the next year of 10.69%. Analysts have a projected EPS change of 2.50% for the current year. EPS can be a major indicator of the value of a stock. According to Thomson ...and more »|
|03/19/16 01:58 PM||Trading Action Review: Movado Group, Inc.( NYSE:MOV ) - RiversideGazette.com - Trading Action Review: Movado Group, Inc.( NYSE:MOV )RiversideGazette.comYear-to-date, shares of Movado Group, Inc. (NYSE:MOV) are trading 17.85%. Spanning the previous month, shares have seen a change of 13.87%. Examining quarterly performanace, shares are changed 11.81%. A broader look sees the stock performance ...|
|03/15/16 12:14 PM||Movado : Launches Smartwatches Across Its Brand Portfolio At Baselworld 2016 - BASEL, Switzerland, March 15, 2016 /CNW/ -- Movado Group, Inc. (MOV) -- Movado Group announces the expansion of its collaboration with HP Inc. to bring smartwatch technology to its brand portfolio including Coach, HUGO BOSS, Lacoste, Juicy Couture ...|
|03/15/16 09:00 AM||Movado Group Launches Smartwatches Across Its Brand Portfolio At Baselworld 2016 - |
|03/14/16 09:28 AM||Can Movado Group Inc. (NYSE:MOV) Surge To $29? - Investor Newswire - Can Movado Group Inc. (NYSE:MOV) Surge To $29?Investor NewswireOne of the most important steps that stockholders take before making an investment is to look for Zacks ABR on a stock. As per the latest update, Movado Group Inc. (NYSE:MOV) has an ABR of 3. The lower this rating, the more confident stockholders are ...and more »|
|03/09/16 09:00 AM||Movado Celebrates Baselworld 2016 With Acclaimed Actress And Social Activist Kerry Washington And Internationally Renowned Industrial Designer Yves Béhar - [PR Newswire] - BASEL, Switzerland, March 9, 2016 /PRNewswire/ -- Movado Group, Inc. (MOV) – In celebration of 135 years of creativity and innovation, Movado will host acclaimed actress and social activist Kerry Washington, and world renowned industrial designer Yves Béhar, founder of fuseproject, at Baselworld 2016. Exclusive events to honor Washington's 10-year anniversary as Movado brand ambassador, and to celebrate a dynamic collaboration with Béhar and the global launch of the new Movado Edge collection, will be held during the annual global watch event in Basel Switzerland. "Kerry personifies the essence of the Movado brand. It has been a privilege to work with her over the past 10 years and to see her amazing accomplishments both professionally and personally. We consider Kerry to be a part of the Movado family and wanted to celebrate our partnership through her attendance at the most renowned watch fair in the world," said Efraim Grinberg, Chairman and CEO, Movado Group.|
|03/06/16 01:50 PM||Stock in Upward Trend: Movado Group, Inc.( NYSE:MOV ) - Franklin Independent - Stock in Upward Trend: Movado Group, Inc.( NYSE:MOV )Franklin IndependentMovado Group, Inc. (NYSE:MOV) stock has moved in an upward direction over the past month, yielding a nice bump for investors. Based on a recent trade, the shares are up 18.63% for the month and 2.35% over the past five trading days. Looking further out ...Earnings of $0.37 Expected for Movado Group Inc. (NYSE:MOV)'s Q3Markets DailyHere is What Institutional Investors Think About Movado Group Inc (NYSE:MOV)SmallCapWired.comMovado Group Inc. (NYSE:MOV) standing of Upgrade supported by ZacksEngelwood DailyRisers & Fallers -Hints News Network -Stock Callerall 11 news articles »|
|02/28/16 01:20 PM||MOVADO GROUP, INC. Company Profile - Movado Group knows that time is of the essence. Its watch brands -- including namesake Movado, Concord, and Ebel, as well as the licensed Coach, Tommy Hilfiger, Hugo Boss, Lacoste, and Juicy Couture lines -- are sold worldwide. While its watches range in ...|
|02/20/16 01:08 PM||Movado Group, Inc. (MOV) - Movado Group, Inc. designs, 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 ...|
|02/19/16 08:31 AM||Coverage initiated on Movado Group by Sidoti - |
|02/16/16 03:07 PM||Movado Group, Inc. – Value Analysis (NYSE:MOV) : February 16, 2016 - |
|02/15/16 07:09 AM||Movado Group, Inc. breached its 50 day moving average in a Bullish Manner : February 15, 2016 - |
|02/09/16 02:55 PM||Eight Retail Stocks for a Looming Recession - |
|02/01/16 07:22 AM||Movado Group, Inc. breached its 50 day moving average in a Bullish Manner : February 1, 2016 - |
|01/05/16 03:30 PM||Movado Group, Inc. to Present at the 18th Annual ICR Conference - [at noodls] - --(BUSINESS WIRE)--Jan. 5, 2016-- announced today that the Company will be presenting at the 18 Annual , held at the in on at . , Chairman and Chief Executive Officer, and , Senior Vice President ...|
|01/05/16 03:20 PM||Movado Group, Inc. To Present At The 18th Annual ICR Conference - Movado Group, Inc. [NYSE:MOV] announced today that the Company will be presenting at the 18 th Annual ICR Conference, held at the JW Marriot Orlando Grande Lakes in Orlando, FL on Tuesday, January 12, 2016 at 3:30 pm Eastern Time. Efraim Grinberg, Chairman ...|
|01/01/16 07:15 AM||Movado Group, Inc. breached its 50 day moving average in a Bearish Manner : January 1, 2016 - |
|12/10/15 09:00 AM||Movado Group, Inc. breached its 50 day moving average in a Bearish Manner : December 10, 2015 - |
|12/08/15 12:18 PM||MOVADO GROUP INC Financials - |
|12/08/15 10:28 AM||Movado Group, Inc. Earnings Analysis: Q3, 2016 By the Numbers - |
|12/04/15 09:03 AM||It's a Good Time to Buy Watchmaker Movado - |
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|11/28/15 02:00 PM||Movado Group, Inc. Dials Up Some EPS Growth - |
|11/27/15 08:21 AM||Movado Group, Inc. breached its 50 day moving average in a Bullish Manner : November 27, 2015 - |
|11/25/15 06:30 PM||Why Movado Group, American Capital, and Keurig Green Mountain Jumped Today - |
|11/25/15 10:32 AM||Movado: Not A Buy Yet, Says Barrington Research - |
|11/24/15 04:30 PM||Edited Transcript of MOV earnings conference call or presentation 24-Nov-15 2:00pm GMT - |