Watch Maker Movado Reaffirms 2018 Outlook, Says President Ricardo Quintero Is Leaving

By Ciara LinnaneMarketsMarketWatch Pulse

Watch maker Movado Group Inc. said Tuesday its president, Ricardo Quintero, is leaving the company. Quintero's duties will be assigned to senior management and he will remain until April 30 to ensure a smooth transition, the company said in a statement. It reaffirmed the outlook for fiscal 2018 provided in March, when the company said it expects sales to range from $515 million to $530 million and operating income to range from $50 million to $55 million. The company said it expects net income of about $33 million to $36 million, or $1.40 to $1.55 a share. Shares were not yet active in premarket trade, but are down 16% in the year so far, while the S&P 500 has gained 5%.

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