Movado Shares Rise On 1Q Results, Clearer Guidance

On June 9, Movado reported that it lost $9 million in its fiscal first quarter as sales fell by a third because consumers spent less amid the recession. The watch maker lost 37 cents per share in the quarter that ended April 30, better than the 48 cent per share loss that analysts had expected.

In a presentation from its annual meeting that was posted on its Web site, the company also said it has generated savings of $50 million to $60 million through cost cuts. It also said it expects the economy to start to stabilize in the second half of the year.