Movado lower on earnings miss

• Movado (NYSE:NYSE:MOV) reports net sales declined 7.5% on a constant currency basis in Q4.
• Gross margin rate squeezed 300 bps to 49.5% primarily driven by an unfavorable shift in channel and product mix.
• Operating margin rate fell 240 bps to 5.7%.
• Inventory -5.7% Y/Y to $153.17M.
• FY2018 Guidance: Net sales: $515M to $530M; Operating income: ~$50M to $55M; Tax rate: 32%; Net income: ~$33M to $36.3M; Diluted EPS: $1.40 to $1.55.
• MOV -6.99% premarket.