Movado Set to Report 3Q results

Sterne Agee released its research report yesterday on Movado Group MOV in anticipation of 3Q results December 2nd. In a note to clients, Sterne Agee writes, "Our projection has been for EPS of $0.36 compared to an estimated $0.25 LY excluding the retail boutiques, all but one of which were closed in Q2. Our model incorporates a total sales gain of 9.2% to $133.8 million, with FC currently at $128.8 million and EPS of $0.32. While Q2 results were disappointing, management noted that plans were in place to drive improving sales for each of the brands in the 2H and the Q3 should have benefitted from TV in October to support the rollout of Movado Bold to the wholesale channel beginning in September." Sterne Agee maintains a Neutral rating on MOV. MOV closed Monday at $12.46.