Movado sales fall in weak watch market

Slow overall watch sales and poor sell-through on its flagship brand overseas led to a disappointing third quarter for the Movado Group Inc. The company reported its final results for the third quarter ended Oct. 31 on Tuesday. Net sales were down 1 percent year-over-year from $189.7 million to $188.6 million. Net income in the third quarter totaled $22.2 million, down slightly from $23.0 million in the third quarter of last year. Movado has projected that sales will increase only 1 to 2 percent, reaching the range of $585 to $590 million.