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A challenging retail environment was offset by selective price increases and source improvements in the supply chain to slightly bump sales for Movado in its second quarter.
Paramus, N.J.--A challenging retail environment and weak watch industry were offset by selective price increases and source improvements in the supply chain to slightly bump sales for Movado in its second quarter.
In its financial results released Tuesday, Movado reported that its total net sales during the three-month period ended July 31 were up 1 percent, increasing from $143.6 million to $145.6 million, driven primarily by the licensed brands and luxury businesses.
Net income was down 2 percent to $11.9 million, perhaps affected by the foreign exchange and currency volatility that the market is seeing, while operating income rose 6 percent to $18.2 million.
The six-month period overall also saw similar results, with Movado reporting a sales increase of 1 percent to $266 million.
Operating income for the half-year was $25.1 million, compared with $28.1 million in the year-earlier period, while net income slid from $19.6 million in 2014 to $15.6 million in 2015.
The company noted in its earnings call Thursday that within the $300 to $3,000 price category it competes in, the Movado brand’s market share rose to more than 21 percent in the United States for the period of January to June.
RELATED CONTENT: Movado raises prices, readies for wearables launch
Movado also noted that it has seen significant double-digit growth over the last year in all of the e-commerce platforms in which it participates.
For the full-year fiscal 2016, the company said it expects net sales to be in the range of $590 million to $600 million.
It heads into the holiday season with a number of new product releases ready, including its first entry into wearable tech, which Movado said it believes represents “a great opportunity” for the company.
Movado is slated to introduce its inaugural “smart” timepiece to in the fourth quarter.
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