Interviews
Watch maker Movado Group operating profit up 25.3% to $2.1mn
03 Jun '05
3 min read
Rick Cote, Executive Vice President and Chief Operating Officer, stated, "In addition to our strong sales results, they are pleased with the improvement in our gross margin due to the full integration of Ebel into our supply chain and improved margins in our Movado boutiques. We believe this represents a level commensurate with where we expect gross margin to be for the fiscal year. Our balance sheet also remains strong with a cash position of approximately $50 million."
Mr. Grinberg concluded, "they are encouraged by the strong reception that our brands received at the recently held annual watch and jewelry show in Basel, Switzerland. Looking ahead, they have comprehensive marketing and merchandising initiatives in place to support our brands and drive sell through at retail throughout fiscal 2006."
Movado Group noted that due to the delay in the adoption of FASB 123R, the Company has increased its fiscal year 2006 guidance for diluted earnings per share to now range between $1.18 and $1.24.
Included in this guidance is an expected $0.04 per diluted share expense related to equity compensation of restricted stock. The Company projects fiscal year 2006 sales to grow approximately 12% from last year.
One of the premier watchmakers, Movado Group Inc designs, manufactures and distributes watches from six of the most recognized and respected names in time: Movado, Ebel, Concord, ESQ SWISS, Coach Watches and Tommy Hilfiger Watches. Cotimtime: Movado, Ebel, Concord, ESQ SWISS, Coach Watches and Tommy Hilfiger Watches. Collectively, our watches are sold throughout North and South America, Europe, Asia and the Far East.
Mr. Grinberg concluded, "they are encouraged by the strong reception that our brands received at the recently held annual watch and jewelry show in Basel, Switzerland. Looking ahead, they have comprehensive marketing and merchandising initiatives in place to support our brands and drive sell through at retail throughout fiscal 2006."
Movado Group noted that due to the delay in the adoption of FASB 123R, the Company has increased its fiscal year 2006 guidance for diluted earnings per share to now range between $1.18 and $1.24.
Included in this guidance is an expected $0.04 per diluted share expense related to equity compensation of restricted stock. The Company projects fiscal year 2006 sales to grow approximately 12% from last year.
One of the premier watchmakers, Movado Group Inc designs, manufactures and distributes watches from six of the most recognized and respected names in time: Movado, Ebel, Concord, ESQ SWISS, Coach Watches and Tommy Hilfiger Watches. Cotimtime: Movado, Ebel, Concord, ESQ SWISS, Coach Watches and Tommy Hilfiger Watches. Collectively, our watches are sold throughout North and South America, Europe, Asia and the Far East.
Movado Group
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
