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Movado Group Sees 50 Cent Per Share Profit In 2010

The Associated Press

PARAMUS, N.J. (AP) — Movado Group Inc. said Tuesday it expects to earn 50 cents per share in fiscal 2010, assuming that sales improve in the second half of the year as the holidays approach.

That is higher than the 9 cent per share loss predicted by analysts polled by Thomson Reuters. In fiscal 2009, the company earned 9 cents per share in profit.

The company said its 2010 forecast depends on improved sales as retailers put in their holiday orders. The estimate assumes a high single-digit sales decline for the full year.

Movado sells watches under brands such as Movado, Ebel, ESQ, Coach, Hugo Boss, Lacoste and others.

Also Tuesday, Movado said it lost $9 million in its fiscal first quarter as sales fell by a third because consumers are spending less during the recession.

Movado shares rose $1.09, or 13 percent, to $9.19 in premarket trading. They have traded in a 52-week range of $4.65 to $26.17.