Movado's stock jumps after profit and sales beat by wide margin, raised outlook

Shares of Movado Group Inc. MOV, +3.56%shot up 6.2% in premarket trade Wednesday, after the watch maker reported first-quarter profit and sales that were well above expectations, and raised its outlook. Net income for the quarter to April 30 was $8.1 million, or 35 cents a share, after a loss of $4.

2 million, or 18 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 37 cents, beating the FactSet consensus of 11 cents. Revenue rose 28% to $127.1 million, above the FactSet consensus of $109.5 million. For the full fiscal year, Movada raised its EPS guidance range to $2.35 to $2.40 from $2.15 to $2.25, and lifted its revenue outlook to $615 million to $625 million from $605 million to $615 million. "We saw sales strength across regions and channels, generating strong results in our international markets as well as our outlet stores and e-commerce business," said Chief Executive Efraim Grinberg. The stock had soared 31.1% year to date through Tuesday, while the S&P 500 SPX, -1.16%had gained 0.6%.