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Sales and income were down for the watch company, which also lowered its annual outlook as the retail environment remains challenging.
Paramus, N.J.--Movado Group reported Thursday that sales and income were down in the first quarter ended April 30 during a tough retail environment.
Net sales for the watch company were down from $120.5 million in the prior-year period to $114.1 million this year, a 5 percent decrease.
Net income was $3.3 million, compared with $3.6 million last year. Operating income also was down, decreasing 2 percent from the year-earlier period to $5.4 million in the first quarter.
Commenting on the results, CEO Efraim Grinberg said the company still expects its brands, which include Movado, Ebel and Concord, to gain market share, and that he is encouraged by Movado’s innovation pipeline, as seen by the early success of Movado Edge, a watch collection developed in collaboration with industrial designer Yves Behar.
He is also optimistic about the brand’s smartwatches.
The company said that given the “current retail trends,” especially the fashion watch category in the U.S., it has lowered its outlook for the full fiscal year, with net sales for fiscal 2017 expected to be in the range of $565 million to $580 million.
Movado anticipates net income for the full year will be between $55 million and $60 million.
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