Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We began the year with solid first quarter results, highlighted by a nearly 10% increase in sales and a 9.2% increase in operating income in our smallest quarter of the year. Our Movado and licensed brands, as well as our retail outlet stores, led the way with growth across geographies as we continue to drive sales with our ability to satisfy our customers’ wear occasions with a compelling array of watch styles. The ESQ reallocation strategy that we announced in March will favorably impact Movado starting in the second quarter. We remain excited about the year ahead and believe the first quarter positions us for a strong fiscal 2015. This is further evidenced by the reiteration of our annual guidance and we believe we remain on track to achieve our multi-year strategic plan.”
Movado Group, Inc. announced first quarter results for the period ended April 30, 2014. First Quarter Fiscal 2015 ResultsNet sales increased 9.9% to #
There were no unusual items recorded in the first quarter of fiscal 2015. During the first quarter of fiscal 2014, the Company recorded a $1.5 million pre-tax gain, or $0.04 per diluted share, related to the sale of a Company-owned building in Switzerland, which was reflected in other income for the quarter.
Movado Group, Inc. announced first quarter results for the period ended April 30, 2014. First Quarter Fiscal 2015 ResultsNet sales increased 9.9% to #
Fiscal 2015 Guidance
The Company is reiterating guidance for fiscal 2015 which is on a comparable basis to non-GAAP fiscal 2014 results adjusted for unusual items. In fiscal 2015, the Company anticipates that net sales will increase approximately 10.7% to $640 million, gross margin percent will be approximately flat to fiscal 2014, and operating income will increase approximately 19% to $90 million. The Company anticipates net income in fiscal 2015 to increase to approximately $63.5 million, or $2.44 per diluted share, reflecting a 28% anticipated effective tax rate. The Company's guidance also assumes no unusual items for fiscal 2015.
Movado Group, Inc. announced first quarter results for the period ended April 30, 2014. First Quarter Fiscal 2015 ResultsNet sales increased 9.9% to #
Quarterly Dividend
The Company also announced that on May 22, 2014 the Board of Directors approved the payment on June 16, 2014 of a cash dividend in the amount of $0.10 for each share of the Company’s outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 2, 2014.
Movado Group, Inc. announced first quarter results for the period ended April 30, 2014. First Quarter Fiscal 2015 ResultsNet sales increased 9.9% to #
Movado Group
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