Watch maker Movado Group operating profit up 25.3% to $2.1mn

03 Jun '05

3 min read

US based premier watch maker Movado Group Inc reports its Q1 results for the period ended April 30th 2005.These results include the Ebel business, which was purchase on March 1st 2004.

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First Quarter Fiscal 2006
- Net sales increased 18.3% to $87.8 million from $74.2 million last year. Ebel accounted for net sales of $6.6 million in the first quarter of fiscal 2006 compared to net sales of $2.3 million in the year-ago period. Excluding Ebel, first quarter fiscal 2006 net sales grew 13.0% from last year.

- Comparable store sales at the Company's Movado boutiques increased 3.2% on top of an 18.2% gain in the year-ago period.

- Gross margin improved to 60.2% compared to 58.5% last year.

- Operating profit increased 25.3% to $2.1 million versus $1.7 million in the year-ago period.

- Net income grew 35.5% to $997,000, or $0.04 per diluted share, compared to net income of $736,000, or $0.03 per diluted share, in the prior year period.

Efraim Grinberg, President and Chief Executive Officer, commented, "We are pleased with our first quarter results which were achieved on top of a very strong first quarter delivered in the comparable period last year. Double digit gains in sales and profits reflect the power of our portfolio of brands and businesses, innovative new product offerings and consistent integrated marketing support. Our brands continue to perform extremely well at retail and we are especially pleased with our performance in our international markets."

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