5.09%QQQQ 34.86 3.65%XLF 17.80 5.22%
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PARAMUS, N.J. - Upscale watch maker Movado Group Inc. affirmed its fiscal 2009 guidance on Thursday after reporting that first-quarter earnings dropped 48 percent.
| MOV | 19.55 |  -0.53 |
Movado continues to expect earnings per share of about $1.65 to $1.72, compared with profit of $1.71 per share in fiscal 2008. The company also maintained its full-year sales guidance of $555 million to $565 million.
Analysts surveyed by Thomson Financial forecast full-year earnings of $1.69 per share.
The company said its guidance "continues to reflect a cautious outlook on the U.S. economic environment and favorable foreign exchange rates." It also continues to include a loss of about 20 cents per share related to reducing its U.S. wholesale distribution network, severance costs and other one-time expenses.
Movado shares lost 36 cents at $22.73 in morning trading.
(This version CORRECTS reference to closing wholesale stores to say company is reducing wholesale distribution; UPDATES stock quote.)
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