Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
FinancialsNov 25, 2020
Movado’s Q3 Sales Slide 17%
Bright spots for the American watchmaker included sales in Europe and growth in the online channel.
One of four new watches in the limited edition Alexi x Movado collection, which features pictures taken by photographer Alexi Lubomirski on Movado’s iconic Museum dial. Movado released the collection, which features vegan watch straps and recycled packaging, earlier this year.
Paramus, N.J.—Movado Group weathered another tough quarter, recording a double-digit slide in both net sales and net income.
The New Jersey-based watchmaker and distributor reported Tuesday that third quarter net sales declined 17 percent year-over-year to $169.9 million, compared with $205.6 million in the same period last year.
On a constant-exchange-rate basis sales were down 19 percent year-over-year.
Europe, a key market for the company’s brands, and e-commerce were the bright spots, with sales of Movado-brand watches increasing 159 percent on the company’s own digital platform and the websites of its wholesale partners.
Gross profit improved, totaling $92.5 million, or 54.4 percent of net sales, as compared with $110.1 million, or 53.5 percent of net sales in the previous year.
Net income, however, declined, totaling $14.8 million, down from $17.8 million in the same period last year.
Movado’s sales were stronger in the third quarter than they were in the second—when net sales fell 44 percent—with Q3 results exceeding the company’s expectations.
It has been cutting costs amid the economic hardships brought on by the pandemic, announcing in July a restructuring plan that includes employee layoffs and tightly managing operating expenses and inventory levels, which are down 12 percent year-over-year.
Chairman and CEO Efraim Grinberg said in the company’s third quarter earnings release it is “encouraged” to see demand for its watches increasing despite the global economic environment that continues to be impacted by COVID-19.
He noted while there is uncertainty around the duration and trajectory of the second wave of the coronavirus, Movado is well-positioned for the holiday season due to the strength of its brands, focus on innovation and marketing campaigns.
Year-to-date, sales are down 36 percent to $328.1 million.
The company has recorded a net loss of $141.8 million, compared with net income of $39.2 million in the first nine months of the previous year.
Movado is not providing guidance for fiscal year 2021 given the uncertainty brought about by COVID-19.
More on Financials
The Latest
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
