Movado Group (MOV) Misses Q2 EPS by 4c; Guides Below the Street
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Movado Group (NYSE: MOV) reported Q2 EPS of $0.27, $0.04 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $128.1 million versus the consensus estimate of $137.02 million.
Movado Group sees FY2017 EPS of $1.40-$1.55, versus the consensus of $1.60. Movado Group sees FY2017 revenue of $550-560 million.
Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We managed our business well in the second quarter delivering top and bottom line results consistent with our outlook, despite a challenging retail and economic environment. During the quarter, our Movado and licensed brands continued to outperform the watch category at retail. Given the challenging marketplace, we still see a number of headwinds and feel it is prudent to lower our full year outlook.”
Mr. Grinberg continued, “As we look to the back half of the year, we are excited about our innovative product pipeline across the portfolio for the holiday season. We also have very strong marketing programs in place for the holiday season including an increased television schedule to support Movado in the United States as well as comprehensive digital marketing programs. Our teams continue to execute well on delivering on our strategic initiatives while maintaining a disciplined focus on our expenses. Our balance sheet remains extremely strong allowing us increased flexibility as we continue to focus on delivering sustainable profitable growth.”
For earnings history and earnings-related data on Movado Group (MOV) click here.
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