Movado Group Inc.’s stock fell 12.9 percent to $9.45 on Wednesday after the watchmaker said its third-quarter earnings took a big hit from tax charges and sluggish demand from distressed U.S. jewelry retailers.
For the period ended Oct. 31, the Paramus, N.J.-based firm recorded a net loss of $20.9 million, or 85 cents a diluted share, compared with a profit of $15.7 million, or 62 cents a share, in the year-ago quarter. Excluding a noncash tax charge and a charge for sales of excess discontinued products, net income was 12 cents a diluted share, far lower than the 65 cents expected by analysts.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)