Shares of Movado Group, Inc.
were climbing 9% in premarket trade Tuesday after the watch-maker beat second-quarter earnings expectations. Movado reported net income of $5.5 million, or 24 cents per share, down from $6.3 million, or 27 cents per share, in the year-earlier period. It reported adjusted earnings per share of 43 cents, above the FactSet consensus of 23 cents. Net sales were $128.8 million, up from $128.1 million in the year-earlier period, and above the FactSet consensus of $119 million. It updated its guidance, now reflecting the addition of the Olivia Burton brand, with net sales between $530 million and $545 million for the year and GAAP earnings per share of $1.50 to $1.65. Shares of Movado Group have gained 11.5% in the past three months, while the S&P 500
has gained 1%.