Movado Group Inc. returned to profitability after two consecutive quarters of losses, but second-quarter earnings fell 93.5 percent compared with last year even as the firm tried to streamline its cost structure.
Net earnings fell to $528,000, or 2 cents a diluted share, from $8.1 million, or 32 cents, a year earlier. Factoring out a charge related to refinancing, adjusted earnings for the quarter fell to 6 cents a share, well ahead of the 21-cent loss analysts projected. Sales for the quarter ended July 31 fell 30.8 percent $89.7 million from $129.7 million a year earlier.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"