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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Movado Group Inc | NYSE:MOV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.23 | 0.86% | 26.88 | 27.02 | 26.83 | 26.84 | 89,416 | 01:00:00 |
MOVADO GROUP, INC.
|
|
(Exact name of registrant as specified in its charter)
|
|
NEW YORK
|
|
(State or other jurisdiction of incorporation)
|
|
1-16497
|
13-2595932
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
650 FROM ROAD , SUITE 375
PARAMUS, NEW JERSEY
|
07652-3556
|
(Address of principal executive offices)
|
(Zip Code)
|
(201) 267-8000
|
(Registrant’s telephone number, including area code)
|
NOT APPLICABLE
|
(Former name or former address, if changed since last report)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit No.
|
Name
|
|
99.1
|
Press Release issued November 24, 2015 announcing results for the third quarter ended October 31, 2015.
|
MOVADO GROUP, INC.
|
|||
|
By:
|
/s/ Mitchell C. Sussis | |
Name: |
Mitchell C. Sussis
|
||
Title: |
Senior Vice President and
General Counsel |
||
Exhibit No.
|
Name
|
|
99.1
|
Press Release issued November 24, 2015 announcing results for the third quarter ended October 31, 2015. |
CONTACT: |
ICR, Inc.
Rachel Schacter/Allison Malkin
203-682-8200
|
— | Net sales decreased 1.6% to $185.6 million compared to $188.6 million in the third quarter of fiscal 2015. Net sales on a constant dollar basis increased 2.1% compared to net sales in the third quarter of fiscal 2015. |
— | Gross profit was $100.1 million, or 53.9% of sales, compared to $99.8 million, or 53.0% of sales, in the third quarter last year. The increase in gross margin percentage was primarily due to channel and product mix, selective price increases and certain sourcing improvements, partially offset by the unfavorable impact of changes in foreign currency exchange rates. |
— | Operating expenses increased $0.1 million, or 0.2%, to $66.6 million compared to $66.5 million in the third quarter last year. This increase was primarily the result of an increase in compensation and benefit expenses mostly offset by the favorable impact of foreign currency exchange rates, as well as lower marketing and selling related expenses. |
— | Operating income increased to $33.5 million compared to operating income of $33.3 million in the same period last year. |
— | The Company recorded a tax provision of $11.2 million in the third quarter of fiscal 2016 as compared to a tax provision of $10.9 million in the prior year. The effective tax rate in the third quarter of fiscal 2016 was 33.9% compared to an effective tax rate of 32.7% in the third quarter of fiscal 2015. |
— | Net income was $21.5 million, or $0.92 per diluted share, compared to net income of $22.2 million, or $0.87 per diluted share, in the third quarter of fiscal 2015. |
— | Net sales decreased 0.3% to $451.7 million compared to $453.1 million in the same period of fiscal 2015. Net sales on a constant dollar basis increased 4.1% compared to net sales in the first nine months of fiscal 2015. |
— | Gross profit was $241.6 million, or 53.5% of sales, compared to $242.6 million, or 53.5% of sales in the same period last year. Adjusted gross profit for the first nine months of fiscal 2016, which excludes $0.7 million in charges related to operating efficiency initiatives and other items in the first quarter of fiscal 2016, was $242.3 million, or 53.6% of sales. The increase in adjusted gross margin percentage was primarily impacted by a favorable shift in channel and product mix, selective price increases and certain sourcing improvements, mostly offset by the unfavorable impact of changes in foreign currency exchange rates. |
— | Operating expenses were $183.0 million as compared to $181.2 million in the same period last year. For the first nine months of fiscal 2016, adjusted operating expenses were $181.0 million, which excludes $2.0 million of expenses related to operating efficiency initiatives and other items recorded in the first quarter. Adjusted operating expenses remained relatively flat due to the favorable impact of foreign currency exchange rates as well as lower marketing expenses mostly offset by an increase in compensation and benefit expenses. |
— | Operating income was $58.6 million compared to operating income of $61.4 million in the same period last year. Adjusted operating income for the first nine months of fiscal 2016, which excludes $2.7 million of expenses related to operating efficiency initiatives and other items recorded in the first quarter, was $61.2 million or 13.6% of net sales. |
— | The Company recorded a tax provision of $20.5 million for the nine month period of fiscal 2016 as compared to a tax provision of $19.2 million for the nine month period of fiscal 2015. The effective tax rate in the fiscal 2016 period was 35.3% compared to an effective tax rate of 31.4% in the fiscal 2015 period. The adjusted effective tax rate for first nine months of fiscal 2016 was 34.0%. |
— | Net income was $37.2 million, or $1.55 per diluted share, compared to net income for the nine month period of fiscal 2015 of $41.7 million, or $1.63 per diluted share. Adjusted net income for the first nine |
months of fiscal 2016 was $39.7 million, or $1.65 per diluted share, which excludes $2.5 million in expenses, net of tax, related to operating efficiency initiatives and other items in the first quarter of fiscal 2016. |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
October 31,
|
October 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net sales
|
$185,629
|
$188,557
|
$451,659
|
$453,069
|
||||||||||||
Cost of sales
|
85,537
|
88,715
|
210,080
|
210,470
|
||||||||||||
Gross profit
|
100,092
|
99,842
|
241,579
|
242,599
|
||||||||||||
Operating expenses
|
66,638
|
66,509
|
183,016
|
181,177
|
||||||||||||
Operating income
|
33,454
|
33,333
|
58,563
|
61,422
|
||||||||||||
Interest expense
|
(319
|
)
|
(78
|
)
|
(727
|
)
|
(272
|
)
|
||||||||
Interest income
|
17
|
51
|
105
|
97
|
||||||||||||
Income before income taxes
|
33,152
|
33,306
|
57,941
|
61,247
|
||||||||||||
Provision for income taxes
|
11,242
|
10,889
|
20,458
|
19,231
|
||||||||||||
Net income
|
21,910
|
22,417
|
37,483
|
42,016
|
||||||||||||
Less: Net income attributed to noncontrolling interests
|
378
|
208
|
277
|
291
|
||||||||||||
Net income attributed to Movado Group, Inc.
|
|
$21,532
|
|
$22,209
|
|
$37,206
|
|
$41,725
|
||||||||
Per Share Information:
|
||||||||||||||||
Net income attributed to Movado Group, Inc.
|
$0.92
|
$0.87
|
$1.55
|
$1.63
|
||||||||||||
Weighted diluted average shares outstanding
|
23,411
|
25,616
|
23,966
|
25,661
|
MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES |
|||||||||||||
As Reported
Three Months Ended
October 31,
|
% Change
As Reported
|
% Change
Constant
Dollar
|
|||||||||||
2015
|
2014
|
||||||||||||
Total Net sales
|
185,629
|
188,557
|
-1.6%
|
2.1%
|
|||||||||
As Reported
|
% Change
|
||||||||||||
Nine Months Ended
October 31,
|
% Change
As Reported
|
Constant
Dollar
|
|||||||||||
2015
|
2014
|
||||||||||||
Total Net sales
|
451,659
|
453,069
|
-0.3%
|
4.1%
|
Net Sales
|
Gross Profit
|
Operating Income
|
Pre-tax Income
|
Net Income Attributed to Movado Group, Inc.
|
EPS
|
|||||||||||||||||||
Three Months Ended October 31, 2015
|
||||||||||||||||||||||||
As Reported (GAAP)
|
|
$185,629
|
|
$100,092
|
|
$33,454
|
|
$33,152
|
|
$21,532
|
|
$0.92
|
||||||||||||
Three Months Ended October 31, 2014
|
||||||||||||||||||||||||
As Reported (GAAP)
|
|
$188,557
|
|
$99,842
|
|
$33,333
|
|
$33,306
|
|
$22,209
|
|
$0.87
|
||||||||||||
Nine Months Ended October 31, 2015
|
||||||||||||||||||||||||
As Reported (GAAP)
|
$451,659
|
$241,579
|
$58,563
|
$57,941
|
$37,206
|
$1.55
|
||||||||||||||||||
Operating Efficiency Initiatives and Other Items (1)
|
-
|
693
|
2,670
|
2,670
|
2,536
|
0.10
|
||||||||||||||||||
Adjusted Results (Non-GAAP)
|
|
$451,659
|
|
$242,272
|
|
$61,233
|
|
$60,611
|
|
$39,742
|
|
$1.65
|
||||||||||||
Nine Months Ended October 31, 2014
|
||||||||||||||||||||||||
As Reported (GAAP)
|
|
$453,069
|
|
$242,599
|
|
$61,422
|
|
$61,247
|
|
$41,725
|
|
$1.63
|
(1)
|
Related to a charge for severance, occupancy expenses and the write-off of certain fixed assets.
|
October 31,
|
January 31,
|
October 31,
|
||||||||||
2015
|
2015
|
2014
|
||||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$181,180
|
$199,852
|
$157,937
|
|||||||||
Trade receivables, net
|
124,438
|
74,106
|
128,638
|
|||||||||
Inventories
|
178,965
|
170,788
|
182,663
|
|||||||||
Other current assets
|
35,972
|
40,532
|
37,927
|
|||||||||
Total current assets
|
520,555
|
485,278
|
507,165
|
|||||||||
Property, plant and equipment, net
|
41,331
|
46,673
|
45,340
|
|||||||||
Deferred income taxes
|
13,476
|
13,550
|
13,899
|
|||||||||
Other non-current assets
|
37,756
|
37,522
|
35,365
|
|||||||||
Total assets
|
|
$613,118
|
|
$583,023
|
|
$601,769
|
||||||
LIABILITIES AND EQUITY
|
||||||||||||
Accounts payable
|
$29,514
|
$27,767
|
$29,746
|
|||||||||
Accrued liabilities
|
50,661
|
30,933
|
49,933
|
|||||||||
Deferred and current income taxes payable
|
6,951
|
7,372
|
12,713
|
|||||||||
Total current liabilities
|
87,126
|
66,072
|
92,392
|
|||||||||
Loans payable to bank
|
40,000
|
-
|
-
|
|||||||||
Deferred and non-current income taxes payable
|
3,165
|
3,470
|
3,578
|
|||||||||
Other non-current liabilities
|
29,918
|
29,196
|
28,989
|
|||||||||
Noncontrolling interests
|
2,468
|
2,076
|
2,472
|
|||||||||
Shareholders' equity
|
450,441
|
482,209
|
474,338
|
|||||||||
Total liabilities and equity
|
|
$613,118
|
|
$583,023
|
|
$601,769
|
Nine Months Ended
October 31,
|
||||||||
2015
|
2014
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$37,483
|
$42,016
|
||||||
Depreciation and amortization
|
9,438
|
9,195
|
||||||
Other non-cash adjustments
|
5,495
|
4,309
|
||||||
Operating efficiency initiatives and other items
|
2,670
|
-
|
||||||
Changes in working capital
|
(45,571
|
)
|
(54,051
|
)
|
||||
Changes in non-current assets and liabilities
|
725
|
(120
|
)
|
|||||
Net cash provided by operating activities
|
10,240
|
1,349
|
||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(5,827
|
)
|
(7,485
|
)
|
||||
Proceeds from short-term investments
|
-
|
33,736
|
||||||
Long-term investments
|
-
|
(1,200
|
)
|
|||||
Other investing
|
(193
|
)
|
232
|
|||||
Net cash (used in) / provided by investing activities
|
(6,020
|
)
|
25,283
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
50,000
|
-
|
||||||
Repayments of bank borrowings
|
(10,000
|
)
|
-
|
|||||
Dividends paid
|
(7,780
|
)
|
(7,591
|
)
|
||||
Stock repurchase
|
(45,932
|
)
|
(13,150
|
)
|
||||
Other financing
|
(587
|
)
|
1,242
|
|||||
Net cash (used in) financing activities
|
(14,299
|
)
|
(19,499
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(8,593
|
)
|
(6,855
|
)
|
||||
Net change in cash and cash equivalents
|
(18,672
|
)
|
278
|
|||||
Cash and cash equivalents at beginning of year
|
199,852
|
157,659
|
||||||
Cash and cash equivalents at end of period
|
|
$181,180
|
|
$157,937
|
1 Year Movado Chart |
1 Month Movado Chart |
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