Movado Group 1Q profit, revenue climb

Associated Press

PARAMUS, N.J. (AP) -- Watch maker Movado Group Inc.'s fiscal first-quarter net income climbed 24 percent, helped by a gain related to the sale of a building in Switzerland.

For the three months ended April 30, the company earned $8.2 million, or 32 cents per share. A year earlier the company earned $6.6 million, or 26 cents per share.

The current period included a gain of 4 cents per share tied to the building sale. Excluding this item, earnings were 28 cents per share.

Revenue increased 6 percent to $110 million from $103.7 million, thanks to better sales in the "accessible luxury" category.

Movado maintained its fiscal 2014 forecast for earnings of $1.80 per share on revenue between $570 million and $575 million.

The Paramus, N.J., company also said Wednesday that its board declared a quarterly dividend of 5 cents per share. The dividend will be paid June 21 to shareholders of record June 10.