Movado Group Posts 1Q Loss As Sales Drop A Third

PARAMUS, N.J. (AP) — Movado Group Inc. said Tuesday 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. That compares to a profit of $1.2 million, or 5 cents per share, a year earlier.

Revenue fell 33 percent to $67.6 million, matching an estimate from analysts polled by Thomson Reuters, from $101.4 million a year earlier. ...