×
1 105
Fashion Jobs
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Bentalls, Kingston - 22.5 Hours / 4 Days - Part Time, Permanent
Permanent · Kingston upon Thames
SHISEIDO
Ecommerce Manager - Nars, Shiseido & Drunk Elephant
Permanent · London
VANS
Account Coordinator - Dutch Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
The Estée Lauder Companies - CRM And Loyalty Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Bluewater - 25.5 Hours - Part Time, Permanent
Permanent · Dartford
ESTÉE LAUDER
Clinique - Consultant - Boots - Metro, Gateshead - 21 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Director, Global Social Marketing
Permanent · London
ESTÉE LAUDER
Tom Ford - Business Manager - John Lewis, Milton Keynes - 37.5 Hours, Days - Full Time, Permanent
Permanent · Milton Keynes
SHISEIDO
Nars Account Manager, Fenwick Bond Street (37.5 Hours)
Permanent · London
LIBERTY LTD
Sales Manager
Permanent · LONDON
LIBERTY LTD
Retail Security Officer
Permanent · LONDON
VF INTERNATIONAL
Inbound Logistics Analyst - 12 Month Ftc
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Trainer
Permanent · COALVILLE
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots, White City London - 35 Hours - Full Time, Permanent
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Harvey Nichols, Birmingham - 37.5 Hours / 5 Days - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Regulatory Scientist - Global Ingredients Compliance
Permanent · Petersfield
By
Reuters
Published
Jun 9, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Movado posts narrower-than-expected Q1 loss

By
Reuters
Published
Jun 9, 2009

June 9 (Reuters) - Watch-maker Movado Group Inc (MOV.N) posted a narrower-than-expected quarterly loss, helped by lower expenses that offset drop in sales, and forecast a surprise profit for fiscal 2010.


Movado

The company also said it secured a new $50 million asset-based loan agreement with Bank of America Corp (BAC.N) that will be used to repay debt and finance its business on an ongoing basis.

Movado, which distributes watch brands like Concord, Ebel, Tommy Hilfiger and Hugo Boss, posted a first-quarter loss of $9.0 million, or 37 cents a share, compared with a profit of $1.2 million, or 5 cents a share, a year earlier.

Sales fell 33 percent to $67.6 million for the period ended April 30.

Two analysts were expecting a loss of 49 cents a share, before items, on revenue of $68.5 million, according to Reuters Estimates.

"The decisive cost savings initiatives we embarked upon last year are clearly materializing in our results, as first-quarter operating expenses declined 24 percent from the year-ago period," Chief Operating Officer Richard Cote said in a statement.

Cote expects the company to generate annualized cost savings of 50 million to $60 million, a big portion of which will be realized this year.

The company, which expects to be free cash flow positive this year, said it remains focused on cash flow management and is taking actions to lower inventory.

For fiscal 2010, the company forecast earnings of about 50 cents a share while analysts were expecting a loss of 14 cents a share.

Shares of Paramus, New Jersey-based Movado closed at $8.10 Monday 8 June on the New York Stock Exchange.

For related alerts double click (Reporting by Renju Jose in Bangalore; Editing by Anil D'Silva)

© Thomson Reuters 2022 All rights reserved.