Movado Group Reports Q2 EPS Of $0.47; Reiterates FY15 Guidance - Quick Facts

(RTTNews) - Movado Group, Inc. (MOV) reported second-quarter net income of $12.2 million, or $0.47 per share, compared to $12.5 million, or $0.48 per share, prior year. Adjusted net income in the second-quarter of prior fiscal year was $11.5 million, or $0.44 per share, excluding tax benefit.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.54 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 3.8% to $143.6 million compared to $138.3 million, prior year. The company said its revenue growth was driven by growth in the Movado brand and the licensed brand and retail categories. Analysts expected revenue of $152.99 million for the quarter.

Te company reiterated guidance for fiscal 2015. In 2015, the company anticipates that net sales will increase approximately 10.7% to $640 million. The company anticipates net income to increase to approximately $63.5 million, or $2.44 per share. Analysts expect the company to report fiscal 2015 profit per share of $2.46 on revenue of $640.17 million.

The company also announced that its Board has approved the payment on September 19, 2014 of a cash dividend in the amount of $0.10.