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Movado’s Q3 sales slip 2 percent
Though sales and income fell slightly, Movado Group said its brands “outperformed” other watches in what its CEO described as an “extremely challenging retail environment.”
Paramus, N.J.--Though sales and income both fell in the third quarter for Movado Group, Chairman and CEO Efraim Grinberg called the company’s results “solid,” driven by both Movado and its licensed brands outselling other watches at retail.
In its financial results released Tuesday, Movado reported that its total net sales during the three-month period ended Oct. 31 were down nearly 2 percent year-over-year, from $188.6 million to $185.6 million.
Net income fell from $22.2 million to $21.5 million, a 3 percent decrease, while operating income rose from $33.3 million to $33.5 million.
Commenting on the results, Grinberg said, “We are pleased with our third quarter results, which reflect the successful execution of our growth and efficiency strategies during an extremely challenging retail environment. Our solid results were driven by both Movado and our licensed brands portfolio, which continue to outperform the overall watch category at retail.”
Year-to-date, Movado has experienced a very slight decrease in net sales, from $453.1 million last year to $451.7 million this year. That is a less than a 1 percent decline.
Operating income for the half-year also slid, decreasing to $58.6 million compared with $61.4 million in the same period last year. Net income has fallen 11 percent to $37.2 million.
Movado said it expects net sales to be in the range of $590 million to $600 million for the full fiscal year 2016.
Earlier this month, the brand introduced its first smartwatches, marking its entrance into the wearable technology category.
Grinberg said the company believes that the smartwatches, along with the introduction of Movado Edge, a watch collection developed in collaboration with industrial designer Yves Behar, “position us well for the upcoming holiday season.”
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