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FinancialsAug 29, 2018
Movado Reports Sales Increase, Raises Guidance Again
Net sales are up 19 percent so far this year for the watch company.
A MVMT women’s watch from the “Nova Collection.” Movado announced earlier this month that is was paying $100 million-plus to acquire the Los Angeles-based watch and accessories brand started five years ago by two college dropouts.
Paramus, N.J.—Net sales increased more than 10 percent in the second quarter and first half of the year for Movado Group Inc., prompting the watch company to again raise its expectations for the year.
The Paramus, New Jersey-based watch design and distribution company reported Wednesday morning that net sales in the second quarter ended July 31 totaled $144.1 million, a 12 percent increase over the prior year (11 percent on a constant-dollar basis).
Second quarter gross profit was $77.8 million, or 54 percent of sales, up from $66.1 million, or 51 percent of sales, in the prior-year period. Movado attributed the increase in part to changes in channel and product mix.
Net income was $9.1 million, up from $5.5 million.
In the first half of the year, net sales reached $271.2 million, an increase of 19 percent (16 percent on a constant-dollar basis).
Gross profit was $145.4 million, or 54 percent of sales, up from $115.3 million, or 51 percent of sales in the prior-year period.
Net income rose from $1.3 million to $17.3 million.
Commenting on the company’s results, Chairman and CEO Efraim Grinberg said sales growth had “notable strength” internationally in both Europe and Latin America. He also said that Olivia Burton, the U.K. brand the company acquired last July, “continues to perform very well.”
Also adding to Movado’s bullish outlook on the year is the announced acquisition of direct-to-consumer, millennial-focused watch and accessories brand MVMT. The deal is expected to close Oct. 1, and thereby will be on Movado’s books for the final four months of the fiscal year.
“Given the strong results we’ve seen year-to-date and the pending acquisition of MVMT, we are raising our annual outlook,” Grinberg said.
The company now anticipates sales in the range of $660-$675 million—up from $615-$625 million, which was already an increase on the initial guidance given in March—and net income of $58-$59.7 million ($54.9-$56.4 million).
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