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Movado shares tick higher as watchmaker smashes forecasts with Q4 earnings; hikes divi

Adjusted earnings, sales and outlook for 2019 all topped analysts’ estimates, while the strong performance meant the dividend was raised by more than 50%

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Some Movado watches sell for upwards of US$2,000

Movado Group Inc (NYSE:MOV) was one of the top risers on Wall Street in pre-market trading on Thursday after the luxury watchmaker’s fourth-quarter earnings beat analysts’ forecasts.

The New Jersey-based group actually swung to a net loss US$33.9mln, or US$1.47 a share, in the quarter, from a profit of US$5.2mln, or 22 cents a share, in the same period a year ago.

Excluding one-off items such as a US$1.95-per share tax charge adjusted earnings per share came to 52 cents - double the figure analysts had been looking for.

Revenues rose 14% in the quarter to US$149.2mln - above the consensus estimate of US$132.6mln - with same-store sales up 6.4%.

On the back of the strong finish to its fiscal year, Movado hiked its quarterly dividend by 54% to 20 cents a share.

As for fiscal 2019, sales are expected to be between US$605mln and US$615mln, above Wall Street forecasts of US$570.9mln.

Shares were up 14.3% to US$37.95 shortly before the opening bell in New York.

Quick facts: Movado Group

Price: 16.5 USD

Market: NYSE
Market Cap: $382.03 m

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