Movado: Profit Drop a Major Slap on Its Wrist

Movado posts a 94% plunge in second-quarter earnings.
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PARAMUS, N.J. (

TheStreet

) -- It's really not

Movado's

(MOV) - Get Report

time. The watchmaker saw second-quarter profits plunge 94% as sales continued to tumble.

During the quarter, the company earned $528,000, or 2 cents a share, compared with $8.1 million, or 32 cents, in the year-ago period.

Still, its adjusted profit was 6 cents a share, better than the loss of 21 cents analysts had expected.

The company's revenue tanked 31% to $89.7 million from $129.7 million last year.

Regardless, Movado maintained its full-year outlook of about 50 cents a share.

Last month rival

Fossil

(FOSL) - Get Report

also posted lower second-quarter profit, but beat Wall Street's forecast and raised its full-year guidance.

-- Reported by Jeanine Poggi in New York

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