Movado Group Raises Outlook - Quick Facts

(RTTNews) - Movado Group, Inc. (MOV) announced, for fiscal 2019, the company now anticipates net sales will be in the range of $660.0 million to $675.0 million and operating income will be approximately $75.0 million to $77.0 million. The company anticipates net income in fiscal 2019 to be approximately $58.0 million to $59.7 million, or $2.45 to $2.55 per diluted share, reflecting a 22.0% anticipated effective tax rate.

Movado Group updated its outlook for fiscal 2019 to reflect the performance of the first half of the year and, assuming the acquisition closes on October 1, 2018, the addition of four months of the MVMT brand in the company's operations, excluding transaction-related costs and the amortization of acquisition accounting adjustments relating to the acquisition of Olivia Burton and the expected acquisition of MVMT.

For the second-quarter, adjusted diluted EPS was $0.45 compared to $0.43 in prior year period. Net sales increased 11.9% to $144.1 million, or 10.5% on a constant dollar basis.

The company announced that its Board of Directors approved the payment on September 25, 2018 of a cash dividend in the amount of $0.20 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 September 11, 2018.