While Movado Group Inc.’s fourth quarter was impacted by a charge in connection with the repositioning of the Coach watch brand, the company said it expects annual sales growth of 10 percent through 2017 along with a 20 percent annual gain in operating profits for the same period.
Net income for the three months ended Jan. 31 fell 25.9 percent to $7.9 million, or 31 cents a diluted share, from $10.7 million, or 42 cents, last year. The quarter was impacted in part by a $4.9 million charge to reposition the Coach watch brand as it better aligns with Coach’s lifestyle strategy. Adjusting for one-time charges and tax benefits in both the current and year-ago quarters, net income would have been $10.5 million, or 41 cents a diluted share, compared with $5.9 million, or 24 cents, a year ago. Net sales for the quarter rose 1 percent to $123.6 million from $122.4 million. On an adjusted basis for the Coach repositioning, sales rose 7.6 percent to $128.5 million.
Steve Aoki held a presentation, a runway show and outdoor concert for his men's line Dim Mak. Here's a look from his spring 2018 collection, which was titled "Paradise Found." #wwdfashion #wwdmens (📷: George Chinsee)
"It's really hard sometimes. I think I have a reputation for being really tough and aggressive and pushy but I really am a very shy person who wants to be liked, and that's the conflict constantly. There's something that takes hold - I want people to like me, I don't want to be mean - but if I see something that just cries out to be answered, I go for it," says renowned NBC News correspondent Andrea Mitchell. (📷: @axeldupeux)