good morning, Thank and everyone. Efraim, you,
and review our then results our and today's with will begin financial I For of quarter outlook. a third discuss balance sheet, call,
for and included in Before I results to point would begin, like special I XXXX fiscal XXXX. the out fiscal items our
non-GAAP describes items of measures. and release and press the includes GAAP these table Our also
the acquired adjustments of to million and October Included compensation the MVMT MVMT was XXXX Group $X.X of year-to-date purchase assets, of acquisition. X, fiscal related on of results the accounting Movado in charges comprised pretax deferred primarily intangible XXXX. amortization
charge to $XXX,XXX third was After this fiscal $XXX,XXX tax, $X.XX of quarter equates or the share. million in tax $X.X the charge of dollars diluted or per XXXX. pretax after
year-to-date, After tax, for related the includes Our million expenses transaction in costs million share. consolidated charges $X.XX GAAP of quarter. third of pretax recorded amortization $X.X and was the per million third XXXX $XX.X or quarter which the equated to to diluted $XX.X acquisition, MVMT results fiscal
per Additionally, related nine consideration non-cash benefit fiscal of contingent non-operating income the remeasurement in share. a of MVMT million acquisition to this was the to $X.XX the $XX.X liability fiscal XXXX of $XX.X included tax, This a associated gain months recorded equates second or for the quarter gain with XXXX. diluted After of million.
Burton approximately of amortization $X.X XXXX XXXX. intangible non-cash for results in the Movado months the July acquired nine assets. Group acquired Olivia fiscal was million Included on X, of the first of
acquisitions, which diluted share. million or $X.X or to nine million XXXX per tax the to $X.X months of first diluted $X.X related fiscal $X.XX charge the approximately equates a tax, $X.XX the per equated charge, after included to related million Similarly After of share.
fiscal benefit GAAP the to Our share of foreign $X.XX or items. $X.X included impact as certain change of tax XXXX as third a related tax well Tax results period million per in for year-to-date XXXX quarter of Act discrete and the diluted estimated the
just savings balance share $XXX,XXX Our accrual The results change to the GAAP exclude tax estimate after a for of my benefit, per included months remarks the remaining $X.XX nine discussed. or $XXX,XXX fiscal of in of fiscal will cost connection initiatives. diluted with in pretax the for our special XXXX equates items which first XXXX
to Now our results. turning
$XXX.X fiscal third fiscal For million or the was our of XXXX, of sales quarter from owned The overall a decrease were X.X% sales third driven decrease decline the brand. XXXX. by in quarter in
year. Our over increased licensed business stores last retail brand outlet and were slightly
were in dollars, U.S., sales dollars To for $XXX.X brand and segment increased X.X% of constant down were to watch the million internationally. constant X.X% compared this period X.X%. in sales end, sales million the our $XXX.X same these In as year. Sales in and accessories last of increased
and the increased the watch and X.X% $XX.X to being accessories owned business prior to year. by $XX strongest growth accessories XX.X% both million X.X% in with the compared brand decrease and year. driven our dollars, sales geography, to Europe sales to in $XXX.X our watch By constant million East. U.S. increased brand. Middle This international international In The $XXX.X compared was million and million decreased last business licensed
$XXX.X or margin Sales from gross XX.X% in last to of $XXX.X as was mix compared or driven Gross operated decrease and year. percent foreign locations the quarter, The two year. compared last sales million unfavorable sales year. million Canadian including increased of of the impact the in last in locations, unfavorable by company currency we compared outlet third was stores XX.X% X.X% to XX end stores and rate. of business primarily product profit quarter At the to exchange change channel XX of
MVMT, brand, This increasing future and compensation. joint business costs by $XX.X last were million increase our approximately growth, was related $XX expenses This primarily offset to decrease outlet recent Operating quarter. was locations. year's for third in venture initiatives performance-based from in our a newest million including of newest operating due to Spain XX.X% our
in year. quarter of the increase the the effective an million million XX.X% drove of and or $X.X sales tax $XX.X compared XXXX operating income or period. income rate to prior effective $X.X expense third million fiscal operating third of in the $XX.X reported Income quarter year-ago in compared million Lower tax tax tax the to rate to decline expense expenses of XX.X% in an in
diluted income per year-ago $XX of or share income Net net per $XX.X in $X.XX million $X.XX quarter versus the was share diluted third period. the million or in
of increase October from XX, were sales XXXX. X.X% constant ended basis, On period, nine-month the dollar fiscal X.X%. at sales million, an XXXX, a $XXX increased Looking
the being or XX.X% fixed margin flat Gross to for by as currency compared of million year. offset year-to-date profit sales leverage XX.X% million was $XXX.X $XXX.X with on period, unfavorable was certain sales Gross costs. relatively last or of
million For $X was diluted XXXX, of $XX.X $XX the income operating net or income million as XX, XXXX. per to compared ended diluted per million million $XX.X months $X.XX was in to Net nine share the $XX.X period. year-ago share or in fiscal income October compared
of primarily decrease paid sheet. end balance fiscal capital. at fiscal the our the million $XXX.X the Cash to driven $XXX dividends working versus turning at by million XXXX end the year-over-year and of period of Now quarter XXXX. was third was changes the The same of in
period $XX.X due to the same of the Accounts Inventory of $XX.X the million end million to receivable or were wholesale million increase or purchases sales. timing quarter the fourth year, up year. direct-to-consumer the compared at prior quarter $XXX.X last for predominantly and from of was X.X% as
share million, acquired million $X.X nine-month stock the included of the Year-to-date, $XX and repurchase expense million Burton. was of were amortization our program. we under MVMT repurchased of Olivia $X.X period related for expenditures amortization assets depreciation Capital to and $XX intangible approximately which million million $XX.X and
outlook I to fiscal would discuss our XXXX. now for updated like
global retail be to Efraim mentioned, the As category industry our challenging increasingly volatile. and faced environment an continues market the and
Given this update our outlook. felt it to environment and prudent was we our year-to-date results,
margin Gross percent are For expected flat fiscal range mix. unfavorable of in year, XXXX, last driven sales to now to be $XXX is from be down million. predominantly product a to million slightly anticipated and approximately to by currency $XXX
year have future continue fiscal for remainder expenses, previously as expenditures strong this our important discussed, and As foundation operating initiatives committed we of to business in invest opportunities for we for to have committed provide a the XXXX. These growth. will earlier
income of approximately $XX.X $XX.X to to $XX Operating be expected range approximately XX% rate. is income million, in a net now of million is $XX to a reflecting now range to in be million, and effective million tax projected a
in $X.XX updated to $X.XX. the earnings expectation share approximately range fiscal diluted Our a in XXXX of per is a
excludes to XXXX be provided for approximately the MVMT related our $XX expenses amortization amounts we of improvements and fiscal of million XXXX intangible and to and sites. Burton. million of outlook The at continue assets in include Olivia acquisitions expenditures $X.X fiscal e-com for other support have to Capital acquired estimated
to the The for related in the liability consideration remeasurement MVMT fiscal $XX.X change savings the remaining the of and XXXX million $XXX,XXX cost estimate the accrual acquisitions initiatives. for contingent
items, Our tariff prevailing exchange no no prevailing no further and outlook fluctuations foreign changes further assumes unusual rates significant in currency from rates.
to now for the questions. open up I call like would
