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Movado to Buy Back Up to 1M Shares



By AP
15 April 2008 @ 09:36 am EST

PARAMUS, N.J. - Watchmaker Movado Group Inc. said Tuesday it plans to buy back up to 1 million shares of common stock.

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The buyback program follows a previous repurchase of 1 million shares the company completed on Monday. It bought back the stock for $19.4 million, at an average price of $19.38 per share.

Movado designs and distributes watches under the Movado, Ebel, Coach and Lacoste brands and another brands. Shares rose 60 cents, or 3.2 percent, to $19.60 in morning trading.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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