Shares of Movado Group (MOV) - Get Report tumbled 21.6% to $19.58 Wednesday after the watchmaker missed Wall Street's second-quarter earnings and revenue estimates and cut its full-year guidance.

The Paramus, New Jersey-based company reported net income of $17.5 million, or 75 cents a share, up from $9.1 million, or 39 cents a share a year ago. Adjusted earnings came to 36 cents a share, missing analysts' calls for 49 cents.

Revenue came to $157.8 million, the company said, up 9.5% from a year ago, but missed Wall Street's estimate of $167 million.

Movado also reduced its fiscal 2020 sales guidance to a range of $725 million to $740 million, and cut its annual earnings guidance to $2.25 to $2.35 a share. The company had said earlier that it expected to report earnings of $2.70 to $2.80 a share and sales of $750 million to $765 million for the full year.

Efraim Grinberg, chairman and CEO, said in a statement that "we believe it is prudent to update our outlook given unfavorable currency rates, ongoing challenges in our category, the impact of tariffs and the increasingly volatile global environment."

Net sales for the first six months of the year came to $304.4 million compared with $271.2 million in the year-ago period.

The stock was down 19.9% to $20 in premarket trading.

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