NEW YORK (TheStreet) -- Shares of Movado Group Inc. (MOV) are lower by -7.04% to $40.94 in mid-morning trading on Tuesday, after the company reported financial results for the fiscal 2015 second quarter that fell short of analysts' expectations.
The luxury watch maker said net income for the most recent quarter declined to $12.2 million, or 47 cents per diluted share, compared to $12.5 million, or 48 cents per diluted share for the fiscal 2014 second quarter.
Movado's adjusted net income was $11.5 million, or 44 cents per diluted share, falling short of the 54 cents per share analysts polled by Thomson Reuters were expecting.
The company's net sales grew 3.8% to $143.6 million for the fiscal 2015 second quarter, while analysts were expecting $152.99 million in revenue.
Separately, TheStreet Ratings team rates MOVADO GROUP INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MOVADO GROUP INC (MOV) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."