Movado Group's (MOV) fiscal first-quarter results disappointed Wall Street and the stock was tumbling sharply on Thursday.
The American watchmaker reported first-quarter adjusted EPS of 24 cents vs. 37 cents; analysts expected 31 cents a share. First-quarter adjusted net sales came in at $146.5 million vs. consensus estimates of $148.5 million. Sales a year earlier were $127.1 million.
The company also reiterated its fiscal 2020 outlook. It said it sees full-year EPS between $2.70 and $2.80 vs. estimated $2.80, according to Bloomberg. Full-year operating income should be between $82 million and $85 million. The company expects full-year net sales of between $750 million and $765 million vs. analysts' estimate of $755million.
First-quarter gross margin was 53.8% vs. 53.1% in the first quarter last year and an estimated margin of 53%.
The stock fell 7.4% to $28.44 on Thursday.