I remember when I bought my first Movado (NYSE:MOV) watch five years ago. The experience was not a "religious" one, but that trademark dot on the top center of the watch made me feel as though I had arrived. A few years later, the swelling has reduced in my head, and I still am the proud owner of that quality timepiece.

The Movado Group has grown beyond its trademark expensive watches recently and expanded into a variety of price points. Among the watches manufactured and distributed by the company are Concord, ESQ, Coach (NYSE:COH), and Tommy Hilfiger (NYSE:TOM) watches, and the recently acquired Ebel line.

Movado reported strong third-quarter results today, bolstered by a 26% jump in net sales over last year's third quarter. Even more impressive was the company's 12.8% gain in same-store sales, which signals that its more than 20 Movado boutiques are growing well. The recent acquisition of Ebel contributed about 12%, or $15.7 million, to total net sales.

The company's earnings of $0.44 per share were 10% ahead of last year's earnings of $0.40 per share (13% on a pure net income basis) and were in line with the analysts' consensus estimate. Movado said the acquisition of Ebel reduced earnings by $0.01 per share in the quarter but should contribute to the bottom line going forward.

Management was particularly happy with the performance of the boutiques, which take advantage of the company's strong brand name and position it next to quality, upscale retailers such as Tiffany (NYSE:TIF). Movado plans to add four to seven boutiques this year and will probably expand by a similar number next year.

Movado appears to be well-positioned for the holiday season. The company raised earnings expectations for the year to $0.98 to $1.02 per share from a previous forecast of $0.96 to $1.00 per share.

The current consensus earnings estimate for next year is $1.19 per share, although a strong performance by Ebel might push that higher. Trading at 15 times that $1.19 per share, the shares, which have a dividend yield of 0.93%, look timely and attractive relative to the expected earnings growth rate of around 20%.

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Fool contributor Phil Wohl spent more than 12 years on Wall Street and does not own shares in any of the companies mentioned above.