Movado's Reports Better-than-expected Profit, Raises Dividend

Movado Group reported a fiscal fourth-quarter net profit that rose to $10.1 million, or 40 cents a share, from $7.2 million, or 28 cents a share, in the same period a year ago. That beat the FactSet consensus of 40 cents a share. Sales increased to $133.91 million from $132.26 million, just shy of the FactSet consensus of $134.7 million. For fiscal 2016, the watch maker and distributor expects EPS of $2.00 to $2.10 and sales of $590 million to $600 million, compared with the FactSet consensus of $1.90 and $598.5 million, respectively. Separately, Movado increased its quarterly dividend to 11 cents a share from 10 cents, to be paid on April 24 to shareholders of record on April 10. The stock, which traded up 5.9% on light volume, has lost 9.7% year to date, while the S&P 500 has gained 1.3%.