Watchmaker Movado Group Inc raised its full-year profit outlook and said it expects to post strong first-quarter results driven by higher demand for its luxury and licensed brand categories.

Photo: Movado

Shares of Paramus, New Jersey-based company were up 9 percent to $28.34 on Wednesday, making it the top percentage gainer on the New York Stock Exchange.

Movado, which distributes watches under licensed brands like Juicy Couture and Lacoste, now expects to post full-year profit of $1.15 per share up from its previous forecast of $1.10 per share.

Citi analyst Oliver Chen wrote in a note that the company's stock will reflect a continued upside on strong inventory control, revenue momentum and increasing global footprint.

The company, which sells its products through upscale department store chains and jewelry shops, has been launching new products and increasing marketing spending to attract more customers.

Movado expects first-quarter profit of 24 cents per share to 26 cents per share and expects sales to rise 15 percent to $103 million.