MOVADO GROUP COO RICK COTÉ TO RETIRE IN JUNE
The Movado Group made a number of announcements on Thursday, including that Rick Coté, vice chairman and COO, will retire in June 2016, after 16 years with the company. Following his retirement, Coté will serve as a non-management member of the Board of Directors. Movado does not plan to replace the COO role.
“Rick has been instrumental in developing the platform in place today and has helped drive our growth and profitability,” said CEO Efraim Ginsberg. “We are pleased that Rick will continue to serve as a member of the Board, and remain involved in helping us evolve our strategies and continue on a path of sustainable profitable growth. We wish him well in his retirement.”
On the financial front, Movado announced that net sales increased 7.0% to $143.3 million compared to $133.9 million in the fourth quarter of fiscal 2015, while net sales increased 1.4% to $594.9 million compared to net sales of $587 million in fiscal 2015.
Finally, the company noted that its Board of Directors has approved a new share buyback program under which the company may purchase up to $50 million of its outstanding common shares until September 30, 2017, and that shareholders will now receive an approximately 18% increase in the company’s quarterly cash dividend to $0.13 for each share of the company’s outstanding common stock and class A common stock. This dividend will be paid on April 26, 2016 to all shareholders of record as of the close of business on April 12, 2016.
Movado Group, Inc. designs, sources, and distributes such brands as Movado, Ebel, Concord, Coach and Tommy Hilfiger worldwide and operates Movado company stores in the United States.
