MOVADO GROUP, INC. (NYSE:MOV) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
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Results of Operations and Financial Condition.
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press release announcing fourth quarter and fiscal year 2017
results for the periods ended January 31, 2017. The press
release is attached hereto as Exhibit 99.1.
shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities
Act of 1933.
| Item 2.05. | Costs Associated with Exit or Disposal Activities. |
Company, on March 15, 2017, the Company committed to
cost-savings initiatives intended to better align the Companys
global infrastructure with the current business environment.
These initiatives primarily constitute a reduction in the
Companys workforce predominantly impacting its North American
and Swiss operations. The Company expects these initiatives to
yield approximately $12.0 million of pre-tax savings in fiscal
2018 (excluding the impact of the charges described below) and
approximately $15.0 million in ongoing annual pre-tax savings,
with the majority being in general and administrative expenses.
pre-tax charge in a range of approximately $7.0 million to
$10.0 million predominantly in the first quarter of fiscal
2018, with the balance being incurred throughout the remainder
of the fiscal year. Approximately $6.0 million to $9.0 million
of the aggregate amount represents cash charges for employee
termination costs. Of the balance, approximately $0.5 million
represents a non-cash charge for a fixed asset write-down, with
the remainder being other miscellaneous cash charges.
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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| 99.1 |
Press Release issued March 20, 2017 announcing fourth quarter and fiscal year 2017 results for the periods ended January 31, 2017. |
About MOVADO GROUP, INC. (NYSE:MOV)
Movado Group, Inc. designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains, department stores and independent jewelers. The Retail segment includes its retail outlet stores. The Company’s subsidiary, Movado Retail Group, Inc., operates approximately 40 outlet stores located in outlet centers across the United States. The Company divides its business into two geographic locations: the United States and International. It has international operations in Europe, the Americas (excluding the United States), the Middle East and Asia. Its portfolio of brands includes Coach Watches, Concord, Ebel, ESQ Movado, Scuderia Ferrari Watches, HUGO BOSS Watches, Juicy Couture Watches, Lacoste Watches, Movado and Tommy Hilfiger Watches. MOVADO GROUP, INC. (NYSE:MOV) Recent Trading Information
MOVADO GROUP, INC. (NYSE:MOV) closed its last trading session down -0.70 at 22.90 with 521,791 shares trading hands.
