Reflecting the anemic retail environment, Movado Group Inc. posted double-digit declines in third-quarter income and sales, and lowered guidance for the year.
For the three months ended Oct. 31, the Paramus, N.J.-based watch company said income fell 40.7 percent to $15.7 million, or 62 cents a diluted share, compared with $26.5 million, or 97 cents, in the year-ago quarter. Sales declined 24.6 percent to $135.8 million from $180.2 million. Adjusted earnings per share for the most recent quarter was 53 cents, 24 cents below the consensus estimate.
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