Movado Updates Outlook To Reflect Acquisition Of Olivia Burton Brand

(RTTNews) - Movado Group, Inc. (MOV) updated its outlook for fiscal 2018 to reflect the addition of seven months of the Olivia Burton brand in the company's operations, excluding transaction related costs and the amortization of acquisition accounting adjustments. The company anticipates net income in fiscal 2018 to be approximately $35.5 million to $38.8 million, or $1.50 to $1.65 per share.

Movado Group said the Olivia Burton brand continues to perform in line with its expectations. For fiscal 2018, the Group now anticipates that net sales will be in the range of $530.0 million to $545.0 million.

Movado Group also announced that on August 29, 2017, the Board approved the payment on September 25, 2017 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 September 11, 2017.

The company also announced that its Board has approved a new share buyback program under which the company may purchase up to $50 million of its outstanding common shares from time to time, depending upon a variety of factors. Consistent with the company's prior buyback program, the primary objective of the new share repurchase program is to offset the impact of potential share dilution. The authorization expires on August 29, 2020 subject to extension or earlier termination by the Board.

Second-quarter adjusted EPS was $0.43 compared to $0.27 in prior year period. Net sales increased 0.5% to $128.8 million, or 1.2% on a constant dollar basis.