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Movado Group fiscal Q3 profit falls YOY

Movado Group Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 came to 80 cents per share, compared with the S&P Capital IQ consensus estimate of 86 cents per share.

In the prior-year period, the per-share result came in at a profit of 81 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $20.6 million, a decrease from $20.8 million in the year-earlier period.

The normalized profit margin declined to 10.9% from 11.0% in the year-earlier period.

Total revenue totaled $188.6 million, compared with $189.7 million in the year-earlier period, and total operating expenses came to $155.2 million, compared with $155.6 million in the prior-year period.

Reported net income fell year over year to $22.3 million, or 87 cents per share, from $23.0 million, or 89 cents per share.