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Movado boutiques Comp Store sales jump 2.3% in Q2

09
Sep '05
Leading watch maker Movado Group Inc reported second quarter results for the period ended July 31, 2005.

Second Quarter Fiscal 2006
- Net sales increased 17.9 percent to $115.3 million from $97.8 million last year.

- Comparable store sales increased 2.3 percent at the Company's Movado boutiques on top of an 11.8 percent comparable store sales gain in the year-ago period.

- Gross margin was 60.7 percent this year compared to 59.3 percent last year.

- Operating profit increased to $12.3 million versus $8.7 million in the year-ago period.

- Net income increased to $8.6 million, or $0.33 per diluted share, compared to net income of $7.1 million, or $0.28 per diluted share, in the prior year period. Net income in the year-ago period included a one-time gain of $0.03 per fully diluted share associated with a legal settlement the Company reached with Swiss Army Brands.

First Half Fiscal 2006
- Net sales increased 18.1 percent to $203.1 million from $172.0 million last year.

- Comparable store sales increased 2.7 percent at the Company's Movado boutiques on top of an 18.4% comparable store sales gain in the year-ago period.

- Gross margin was 60.5 percent compared to 58.9 percent.

- Operating profit was $14.4 million versus $10.5 million in the year-ago period.

- Net income was $9.5 million, or $0.37 per diluted share, compared to net income of $7.8 million, or $0.31 per diluted share, in the prior year period. Net income for the first half of last year included a one-time gain of $0.03 per fully diluted share associated with a legal settlement gain recorded in the second quarter of fiscal 2005.

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People-oriented, dynamic and fast-growing watch company Movado Group Inc designs, manufactures, and distributes Movado, Ebel, Concord, ESQ, Coach, Tommy Hilfiger and Hugo Boss watches worldwide, and operates Movado boutiques and company stores in the United States. It also design & market exclusive Movado jewelry and gifts through their Movado Boutique stores in the United States.

Movado Group Inc


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