Net sales for the second quarter are looking good for Movado Group, who reported a four per cent year-over-year rise, going from $138 million to $143.6 million. The success is credited to the performance at the outlet retail stores and the brand growth in the retail categories. Operating income has increased to $17.2 million or 12 per cent of nat sales. Last year, same period saw an operating income of $17 million or 12.3 per cent net sales.
Richard Quintero was recently appointed as president last month, who annou8nced intentions to focus on the company’s long-term growth.
“We are pleased to deliver a solid second quarter highlighted by increased sales, a strong gross margin performance and operating profit growth despite a more challenging retail climate and as we invested in support of our future expansion,” says Movado Group Chairman and CEO Efraim Grinberg in the earnings release. “With the second quarter, we have achieved 18 consecutive quarters of increased operating performance, attributed to the disciplined execution of our growth strategies and supported by powerful innovation and compelling owned and licensed brands.” CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
