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Movado Group profit misses consensus by 19.2% in fiscal Q1


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Movado Group profit misses consensus by 19.2% in fiscal Q1

Movado Group Inc. said its normalized net income for the fiscal first quarter ended April 30 amounted to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS climbed 8.2% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.7 million, a gain of 7.5% from $6.3 million in the year-earlier period.

The normalized profit margin dropped to 5.6% from 5.7% in the year-earlier period.

Total revenue rose 9.9% year over year to $120.9 million from $110.0 million, and total operating expenses grew 10.0% year over year to $110.0 million from $100.0 million.

Reported net income fell 10.0% from the prior-year period to $7.5 million, or 29 cents per share, from $8.3 million, or 32 cents per share.