Movado Group Affirms FY17 Outlook; To Collaborate With Rebecca Minkoff

(RTTNews) - While reporting its financial results for the third quarter today, Movado Group Inc. (MOV) affirmed its financial outlook for fiscal 2017.

For fiscal 2017, the company maintained its outlook for net sales will be in a range of $550 million to $560 million and earnings of $1.40 to $1.55 per share, reflecting a 32 percent anticipated effective tax rate.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.46 per share for the year on revenues of $554.66 million. Analysts' estimates typically exclude special items.

The company's board of directors has approved the payment on December 16, 2016 of a cash dividend in the amount of $0.13 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 December 2, 2016.

Separately, Movado Group announced a new long-term global partnership with fashion designer Rebecca Minkoff.

The two will collaborate on design, development, distribution and marketing of women's watches for Rebecca Minkoff's global lifestyle brand and men's watches for the Uri Minkoff brand. The collections will launch in North America in summer of 2017.

The collections will be available for both men and women, retailing from $125 to $295 and available at Rebecca Minkoff stores, rebeccaminkoff.com and select retailers.