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Movado Ticks Along

The third quarter beats, but guidance looks soft.
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Updated from 7:53 a.m.


(MOV) - Get Movado Group Inc. Report

beat third-quarter targets but guided below the full-year consensus. Shares fell 3%.

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The Paramus, N.J., watch seller made $22 million, or 82 cents a share, for the third quarter ended Oct. 31, up from the year-ago $14 million, or 54 cents a share. On an adjusted basis, excluding certain items, earnings rose to 64 cents from 50 cents a year earlier.

Sales rose 17% from a year ago to $166 million, as same-store sales at Movado boutiques rose 0.5%.

Analysts surveyed by Thomson Financial were looking for a 61-cent profit on sales of $156 million.

The company said it expects to make $1.45 to $1.50 a share for the year ending next month, up from the year-ago $1.25. Analysts were looking for $1.58. The company cites a higher tax rate for the discrepancy.

Shares dropped 71 cents to $25.29.