Shares of luxury watchmaker Movado Group, Inc. (MOV) are falling more than 15% Thursday morning after reporting lower profit in the fourth quarter.
Net income for the fourth quarter was $22.7 million, or $1.00 per share, lower than $31.4 million, or $1.33 per in the same quarter a year ago. Excluding one-time items, earnings were $23.3 million, or $1.03 per share.
Quarterly sales decreased to $194.3 million from $206 million last year, impacted primarily by decline in wholesale revenue.
MOV, currently at $27.76, has traded in the range of $27.25-$41.75 in the last 1 year.
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