Movado Group (MOV) Misses Q1 EPS by 1c; Reiterates Outlook

Movado Group (NYSE: MOV) reported Q1 EPS of $0.25, $0.01 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $120.5 million versus the consensus estimate of $119.55 million.

Movado Group reiterates FY2015 EPS of $2.00-$2.10, versus the consensus of $2.04. Movado Group sees FY2015 revenue of $590-600 million, versus the consensus of $593.06 million.

Efraim Grinberg, Chairman and Chief Executive Officer, stated, “I am pleased with our start to the year as we generated increased net sales in constant currency and solid earnings that we believe have us on track to achieve our annual goals. During the quarter, we continued to focus on new product introductions and developing our brands globally, which led to over a 6% increase in international wholesale sales on a constant currency basis and a 5% increase in the U.S. wholesale business. We believe we are well positioned for success as we continue to innovate our product assortments, invest in our global infrastructure, prepare for our wearable technology launch and drive gross margin improvement through selective price increases.”

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

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