Time is not on

Movado's

(MOV) - Get Report

side.

The watch maker swung to a loss in the first quarter, hurt by weaker sales as consumers continue to cut back on discretionary purchases.

But the results were better than expected, sending shares up 17.5% to $9.52 in morning trading.

During the quarter, the company posted a loss of 9 million, or 37 cents a share, compared with a profit of $1.2 million, or 5 cents, in the year-ago period. Analysts expected a loss of 48 cents.

Sales fell 33% to $67.6 million.

Going forward the company expects full-year earnings of 50 cents a share, compared to a loss of 9 cents last year. In a statement, Movado said its 2010 estimate depends on an improvement in sales.

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