Movado Group, Inc. Announces Increase in Share Buyback Program to $100 Million
November 25 2014 - 7:01AM
Business Wire
Movado Group, Inc. (NYSE:MOV) today announced that its Board of
Directors has approved an increase in its share buyback program
from the original authorized amount of $50 million to $100 million.
The authorization expires on January 31, 2016. Under this share
buyback program, the Company may purchase its outstanding common
shares from time to time, depending on market conditions, share
price and other factors. As of October 31, 2014, $23.6 million was
utilized of the original $50 million that was authorized on March
21, 2013.
Efraim Grinberg, Chairman and Chief Executive Officer, stated,
“The share buyback program was initially established with the
principal intent of offsetting share dilution related to equity
grants. Although that objective remains, we also believe that the
current share price offers the Company the ability to purchase
shares at an attractive price which will benefit our long-term
shareholders. We remain confident in our brands and our business
model, and our ability to deliver sustainable profitable growth
going forward."
About Movado Group, Inc.
Movado Group, Inc. designs, sources, and distributes MOVADO®,
EBEL®, CONCORD®, ESQ® Movado, COACH®, TOMMY HILFIGER®, HUGO BOSS®,
JUICY COUTURE®, LACOSTE® and SCUDERIA FERRARI® watches worldwide,
and operates Movado company stores in the United States.
ICR, Inc.Rachel Schacter/Allison Malkin203-682-8200
Movado (NYSE:MOV)
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