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fvh,
Nice to hear that someone is also analyzing movado. I don't have my spreadsheet out in front of me, but for the last ~3 years movado has had both defensive, enterprising, and accrual profits. Furthermore, I HIGHLY suggest that you obtain the data directly from the 10K annual filings. I never trust the numbers second hand, since they are likely prone to error. Secondly, the spreadsheet is made by foulweather. I would not use sand's spreadsheet at this point, since you are likely to learn a lot more manually typing in the data yourself. Anyways, good luck and I hope we collaborate more about the earnings power of Movado.

Regards,

investinginfinity
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