Movado Group, Inc (MOV): Movado Q4 Adj. Profit Tops View, Ups Div...

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Thursday, 03/27/2014 10:47:37 AM

Thursday, March 27, 2014 10:47:37 AM

Movado Q4 Adj. Profit Tops View, Ups Dividend; Sees FY15 Results Above Estimates

Luxury watchmaker Movado Group, Inc. (MOV: Quote) reported Wednesday a decline in fourth-quarter profit, hurt by higher charges. Adjusted earnings topped analysts' estimates, while top line missed their view. The company also announced higher dividend, and said it sees fiscal 2015 earnings and sales above analysts' current estimates.

In pre-market activity, Movado shares gained $2.41 or 5.73 percent, and traded at $44.44.

For the fourth quarter, net income attributable to the company declined to $7.19 million or $0.28 per share from last year's $7.92 million or $0.31 per share.

The latest quarter results included a pre-tax charge of $8.3 million or $0.20 per share, relating to the company's strategy of reducing the presence of ESQ Movado while expanding the Movado brand offering in certain retail doors. The results also included a $0.05 per share charge related to a charitable contribution.

http://www.rttnews.com/2292432/movado-q4-adj-profit-tops-view-ups-dividend-sees-fy15-results-above-estimates.aspx