Movado Reports Profit In Q2 On Higher Sales; Ups Annual Sales View

(RTTNews) - Luxury watch maker Movado Group, Inc. (MOV) on Thursday reported second-quarter net income of $19.4 million, or $0.82 per share, compared with net loss of $6.62 million, or $0.28 per share in the same quarter a year ago.

Excluding items, earnings were $20.1 million, or $0.85 per share.

Net sales for the quarter increased 96.4% to $173.87 million from $88.5 million las year.

Looking forward, the company has raised its full-year sales outlook to $680 million-$695 million from $650 million-$665 million expected earlier.

Earnings per share for the full year are expected between $2.75 and $2.90.

The company's Board declared a dividend of $0.20 per share to shareholders shareholders of record on September 8.