Movado Group Inc. logged its best day on Wall Street since 2010 Tuesday after posting big second-quarter profit gains and raising its outlook for the year.
Shares of the company shot up 17.4 percent to $35.36, leading fashion stocks on Wall Street for the day.
Profits attributable to the company increased 83 percent to $8.1 million, or 32 cents, versus $4.4 million, or 18 cents, a year ago. Earnings came in 14 cents ahead of the 18 cents Wall Street expected, according to the consensus estimate by three analysts tracked by Yahoo Finance. RELATED STORY: Movado Names Lily Collins Brand Ambassador >>
Movado boosted its earnings projection for the year to $1.40 a share, up from the $1.15 previously projected.
“From a global perspective, the watch category continues to perform well and we continued to experience strong watch sell-through performance across our retail partners,” said Rick Coté, president and chief operating officer, on a conference call with analysts. “We remain cognizant that there is the potential for further deterioration of the world economies. However, our plans continue to anticipate moderate growth in North America, modest growth in Northern Europe, declines in Southern Europe and solid growth in Asia and South America.”
Sales for the second quarter ended July 31 rose 4.2 percent to $118 million from $113.2 million. The growth was driven by the firm’s Movado brand and its licensed portfolio. Those increases were offset by a planned reduction in ESQ and Ebel, which are being relaunched for fall.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty