Movado cuts FY20 EPS view to $1.55-$1.70 from $2.25-$2.35, one estimate $2.27
Cuts FY20 revenue view to $690M-$700M from $725M-$740M, one estimate $729.39M. The company is updating its outlook for fiscal 2020 to reflect results to-date and the challenging watch category and retail environment, and currency headwinds. The outlook excludes approximately $7.5M of amortization of the acquired intangible assets and other expenses for fiscal 2020 related to the acquisitions of MVMT and Olivia Burton, the $13.6M remeasurement of the contingent consideration liability related to the MVMT acquisition and the $0.3M change in the estimate for the remaining accrual for the fiscal 2018 cost savings initiatives. The company's outlook assumes no other unusual items, no significant fluctuations from prevailing foreign currency exchange rates and no further changes in prevailing tariff rates.