By  on May 22, 2014

Movado Group Inc. posted lower first-quarter profits due to a year-ago gain in connection with the sale of its company-owned building in Switzerland.

For the three months ended April 30, net income fell 10.3 percent to $7.4 million, or 29 cents a diluted share, from $8.2 million, or 32 cents, a year ago. Excluding the $1.5 million pretax gain from the real estate sale a year ago, operating income rose 9.2 percent to $10.9 million from $10 million. Net sales rose 9.9 percent in the quarter to $120.9 million from $110 million.

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