By  on December 9, 2009

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.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus