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.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)