This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Movado Group, Inc. Announces Fourth Quarter And Fiscal 2013 Results

Stocks in this article: MOV

Movado Group, Inc. (NYSE: MOV) today announced fourth quarter and fiscal year 2013 results for the period ended January 31, 2013.

Efraim Grinberg, Chairman and Chief Executive Officer, stated: “Our fourth quarter marked a great finish to a strong year of growth for Movado Group. During the quarter our sales momentum continued and our operating margins remained strong, which led to adjusted operating income increasing 17% from the fourth quarter of fiscal 2012. Our growth continued to be driven by the strong performance of Movado and our licensed brand portfolio. During the fourth quarter we took a $4.9 million charge to reposition the Coach watch brand into the fast growing fashion watch segment beginning in the second half of fiscal 2014. We are excited about the growth opportunities for Coach watches as we more closely align ourselves with Coach’s recently announced lifestyle strategy. We are also excited to announce our multi-year strategic plan that positions us well for future growth in both sales and profitability.”

During the fourth quarter of fiscal 2013, the Company recorded certain unusual items including the pre-tax charge of $4.9 million, or $0.13 per diluted share, related to a sales allowance for the Coach repositioning initiative. Partially offsetting this unusual item was a benefit of approximately $0.8 million, or $0.03 per diluted share, related to various tax adjustments including the previously announced increase in ownership of the Company’s UK joint venture, as well as the partial reversal of a valuation allowance on certain U.S. net deferred tax assets.

In the prior year fourth quarter, the Company recorded certain unusual items including a non-recurring pre-tax benefit of $2.3 million, or $0.07 per diluted share, related to a sale of mechanical movements. Additionally during the fourth quarter of fiscal 2012, the Company recorded a net tax benefit of $3.1 million which included the release of a $10.3 million Swiss valuation allowance and a $4.3 million settlement with the Swiss federal tax authorities. Partially offsetting these unusual items was a $3.0 million, or $0.12 per diluted share, pre-tax contribution to the Movado Group Foundation, which was reflected in operating expenses for the fiscal 2012 fourth quarter.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,040.92 -12.79 -0.07%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs