Movado reports Q1 diluted EPS 6c vs. 9c last year; adjusted EPS 8c

Reports Q1 revenue $131.8M vs. $134.4M last year. Efraim Grinberg, Chairman and Chief Executive Officer, stated, “In the first quarter, we navigated a challenging retail environment with discipline and focus, continuing to invest in our iconic brands while driving operational efficiency. We were pleased to execute against our cost savings initiatives while delivering strong product innovation. Overall, our licensed brand portfolio performed very well, reflecting a renewed vibrancy in the fashion watch category. Our Movado (MOV) brand received a strong response to our new product introductions during the Mother’s Day holiday.” Grinberg continued, “As we begin the second quarter, we anticipate continued market volatility, yet we are optimistic about the opportunities that lie ahead, as we introduce compelling innovation across our powerful brand portfolio. We ended the quarter with $203.1 million in cash and no debt, and are pleased to announce that our Board approved a quarterly dividend payment of $0.35 per share. We remain confident in our strategy and our ability to deliver long term profitable growth.”