Movado Group beats by $0.03, misses on revs; lowers guidance below consensus citing current retail trends
- Reports Q1 (Apr) earnings of $0.19 per share, $0.03 better than the Capital IQ Consensus of $0.16; revenues fell 5.3% year/year to $114.1 mln vs the $116.47 mln Capital IQ Consensus.
- Co issues downside guidance for FY17, sees EPS of $1.55-1.70 vs. $1.89 Capital IQ Consensus Estimate; sees FY17 revs of $565-580 mln vs. $592.10 mln Capital IQ Consensus Estimate.
- "While we delivered results which were in line with our first quarter expectations, given the current retail trends, particularly in the fashion watch category in the United States, we feel it is prudent to lower our annual outlook. As we look to the balance of the year, we expect our brands to continue to increase market share and we remain encouraged by our innovation pipeline as evidenced by the early success of the Movado Edge collection, as well as our beautifully designed connected Movado watches. Our strong balance sheet allows us to continue to invest in our global brand building efforts while maintaining a high level of flexibility in this volatile environment."