Movado Group Inc. (MOV) posted a surge in first-quarter net income to $6.6 million, or $0.26 per share, from $0.5 million, or $0.02 per share in the prior-year quarter.
Net sales in the first quarter of fiscal 2013 increased 15.4% to $103.7 million from $89.9 million in the first quarter of fiscal 2012, driven mainly by growth in the accessible luxury and licensed brand categories. On a constant dollar basis, net sales went up 16.6% compared with the previous year.
As reported earlier, the company anticipates that fiscal 2013 net sales would increase around 9% to $505 million - $510 million. Also, the company sees fiscal 2013 net income to increase over 25% to a range of $29.0 million - $29.7 million, or nearly $1.15 per share.
In addition, the company announced that on May 30, 2012 the board approved the payment on June 25, 2012 of a cash dividend in the amount of $0.05 for each share of the company's outstanding stock and class A stock held by shareholders of record as of the close of business on June 11, 2012.
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