Watch maker Movado Group (NYSE:MOV) announced that profit in the fourth quarter fell by 26 percent due to a charge it took took as it repositioned the Coach watch brand. The company earned $7.9 million, or 31 cents per share, down from $10.7 million, or 42 cents per share, in the same period last year. Excluding items, earnings were 41 cents per share versus 24 cents per share in the same period last year. Revenue was higher by about one percent to $123.6 million from $122.4 million. For the whole year, the company earned $57.1 million, or $2.22 per share, while the company earned $32 million, or $1.27 per share last year. Revenue was higher by about eight percent to $505.5 million from $468.1 million. The company expects 2014 profits to be about $1.80 per share on $570 million to $575 million in revenue.
Shares are higher in early trading.
Lululemon Athletica (NASDAQ:LULU) announced that profit during the fourth quarter increased by 48%, but it expected a recall to impact earnings in the first quarter. Earnings during the fourth quarter increasedto $109.4 million, or 75 cents per share, versus $73.9 million, or 51 cents per share, in the same period last year. Analysts had expected a profit of 74 cents per share. Revenue increased by 31% to $485.5 million, beating estimates of $482 million slightly. Same store sales were higher by about ten percent. Earnings for the full year of $1.85 per share beat estimates by a penny, and revenue of $1.37 billion me expectations.
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