Movado Group (NYSE:MOV) Announces Rise in First Quarter Profit – MOV, FOSL, JOY, OVTI

The Paramus, New Jersey based Movado Group, Inc’s (NYSE:MOV) reported on Thursday that profit in the first-quarter moved up, assisted by higher sales and a lower tax rate.

Movado announced on Thursday that its net income moved up to $6.6 million or 26 cents a share in the quarter finished April 30 evaluated against $491,000 or 2 cents a share in the previous year.

The high-end watch retailer reported hat revenue moved up 15% to $103.7 million from $89.9 million assisted by strong demand for its products.

Movado reported that it had a $1.6 million tax provision in the present quarter, offering it a tax rate of 19.1%.

Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Fossil, Inc. (NASDAQ:FOSL ) fell -0.11% to settle at $73.16, Joy Global Inc. (NYSE:JOY) moved down -5.12% to end at $55.26 while OmniVision Technologies, Inc. (NASDAQ:OVTI) jumped +6.45% to finish on Thursday at $16.18.

Movado Group, Inc (NYSE:MOV) on May 31, 2012 decreased -2.70% to the closing price of $27.70. The overall volume in the last trading session was 690,000 shares. Its fifty two week range was $10.93-$29.97. The total market capitalization remained $695.16 million.

MOV is ahead its 52 week low with +154.82% and lagging behind from its 52 week high price with -7.57%. MOV last month stock price volatility remained 5.06%. In its share capital MOV has 25.13 million outstanding shares among them 17.53 million shares have been floated in market exchange. MOV stock institutional ownership remained 85.56% while insider ownership included 5.17%.

The stock price of MOV is moving forward from its 20 days moving average with +1.70% and remote positively from 50 days moving average with +6.28%. MOV current year earnings per share experienced an addition with +234.15% while its current quarter performance remained +28.06%. Company’s beta coefficient included 1.82. Beta factors measures the amount of market risk associated with market trade.

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