PARAMUS, N.J., April 6, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Movado Group, Inc.
(NYSE: MOV), today announced its Board of Directors has approved an increase
in the Company's quarterly dividend to $0.06 per share. The increased
dividend rate will be effective commencing with the regular quarterly dividend
payable on April 28, 2006 to shareholders of record as of April 14, 2006.
Efraim Grinberg, President and Chief Executive Officer, stated, "The 20%
increase in our dividend marks the fourth consecutive year of increasing
Movado Group's quarterly dividend and underscores our company's powerful
financial resources, consistent earnings growth and commitment to enhancing
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel,
Concord, ESQ, Coach, Tommy Hilfiger and Hugo Boss watches worldwide, and
operates Movado boutiques and company stores in the United States. The
Company plans to launch Juicy Couture watches in the fall of 2006 and LACOSTE
watches in the spring of 2007.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The Company
has tried, whenever possible, to identify these forward-looking statements
using words such as "expects," "anticipates," "believes," "targets," "goals,"
"projects," "intends," "plans," "seeks," "estimates," "projects," "may,"
"will," "should" and similar expressions. Similarly, statements in this press
release that describe the Company's business strategy, outlook, objectives,
plans, intentions or goals are also forward-looking statements. Accordingly,
such forward-looking statements involve known and unknown risks, uncertainties
and other factors that could cause the Company's actual results, performance
or achievements and levels of future dividends to differ materially from those
expressed in, or implied by, these statements. These risks and uncertainties
may include, but are not limited to: the Company's ability to successfully
introduce and sell new products, the Company's ability to successfully
integrate the operations of newly acquired and/or licensed brands without
disruption to its other business activities, changes in consumer demand for
the Company's products, risks relating to the retail industry, import
restrictions, competition, seasonality and the other factors discussed in the
Company's Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission. These statements reflect the Company's current beliefs
and are based upon information currently available to it. Be advised that
developments subsequent to this press release are likely to cause these
statements to become outdated with the passage of time.
SOURCE Movado Group, Inc.
Investor Relations - Suzanne Michalek, Director of Corporate Communications of Movado
or Melissa Myron or Rachel Albert,
both of Financial
for Movado Group, Inc.