Movado Group (MOV) Tops Q3 EPS by 19c

November 22, 2016 6:49 AM EST

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Movado Group (NYSE: MOV) reported Q3 EPS of $0.91, $0.19 better than the analyst estimate of $0.72. Revenue for the quarter came in at $179.8 million versus the consensus estimate of $174.32 million.

GUIDANCE:

Movado Group sees FY2017 EPS of $1.40-$1.55, versus the consensus of $1.46. Movado Group sees FY2017 revenue of $555-560 million.

Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We are pleased to report third quarter financial results at the high end of our internal expectations driven by the disciplined execution of our strategy. In a challenging retail environment which pressured sales growth, we delivered a 90 basis point expansion in gross margin, demonstrating the ongoing power of our portfolio of brands and the strength of our innovation. We believe we are well positioned for the holiday season with a strong product pipeline of traditional and connected watches. We are also excited to announce a new collaboration with Rebecca Minkoff, the renowned millennial fashion brand, with plans to launch both men’s and women’s timepieces in Spring 2017.”

For earnings history and earnings-related data on Movado Group (MOV) click here.



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