Movado Group Inc. (MOV) reported that its second quarter net income was $12.1 million, or $0.50 per share, compared to $12.2 million, or $0.47 per share in the prior year.
Net sales were $145.57 million, up 1.4% from $143.59 million in the comparable quarter last year. Net sales on a constant dollar basis increased 6.1% compared to net sales in the fiscal 2015 second quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share and revenues of $142.25 million for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2016, the company continues to expect net income to be in the range of approximately $48.5 million to $51.0 million, or $2.00 to $2.10 per share, reflecting a 30.0% anticipated effective tax rate and reduced share count. Net sales are still anticipated to be in the range of $590 million to $600 million. Wall Street currently is looking for fiscal year 2016 earnings of $2.05 per share on annual revenues of $593.13 million.
The Company also anticipates recording the remainder of the previously announced $3.0 million to $4.0 million pre-tax charge related to operating efficiency initiatives by the end of fiscal 2016, which is excluded from its guidance.
The company announced that on August 27, 2015 the Board of Directors approved the payment on September 22, 2015 of a cash dividend in the amount of $0.11 for each share of the Company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on September 8, 2015.
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