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.