Movado up 10% on Stellar Earnings, Special Dividend

Movado Group

is trading higher on the session following its Q4 earnings announcement. The company reported EPS of $0.24 vs $0.10 estimate and revenues of $122.4 million vs $105 million estimate. Additionally, Movado declared a special cash dividend of $0.50 per share. Efraim Grinberg, Chairman and Chief Executive Officer of Movado, stated, "Our strong results for the fourth quarter and full fiscal year demonstrate the traction we are gaining from the strategic initiatives we began implementing last year. We have refined our product lines and introduced more frequent innovation, both of which have improved our competitive brand positioning while delivering more consistent sales and profit growth. We believe we are only beginning to see the benefits from these initiatives and, with a solid foundation in place and consistent execution against these initiatives, remain confident in our ability to sustain positive momentum into fiscal 2013 and beyond." Movado Group is currently trading at $24.49, a gain of $2.22 or 9.97%.