By  on September 4, 2009

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.

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