Movado Group, Inc. (NYSE: MOV) today announced its Board of Directors has approved an increase in the Company’s quarterly dividend to $0.08 per share. The increased dividend rate will be effective commencing with the regular quarterly dividend payable on April 30, 2007 to shareholders of record as of April 16, 2007. On an annualized basis, the new dividend rate would increase to $0.32 per share from $0.24 per share.
Efraim Grinberg, President and Chief Executive Officer, stated:
“Our company has a powerful and diverse portfolio of brands that we believe will continue to grow globally. The 33% increase in our dividend marks the seventh consecutive year of increasing our quarterly dividend; underscores our company’s strong cash flow and financial position; and demonstrates our on-going commitment to building value for our shareholders.”
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel,
Concord, ESQ, Coach, Tommy Hilfiger, HUGO BOSS, Juicy Couture and LACOSTE
watches worldwide, and operates Movado boutiques and company stores in the
Interestingly enough, the stock dropped 10% in early trading today on a lower outlook for 2008 due to tax changes.