Financials

Movado Group’s Q1 Sales Tick Higher as US Market Recovers

FinancialsMay 28, 2021

Movado Group’s Q1 Sales Tick Higher as US Market Recovers

Its namesake Movado brand performed especially well in the first quarter.

20210528_Movado.jpg
Movado Group’s net sales rose 94 percent year-over-year in the first quarter, with demand for jewelry and watches exceeding expectations. Pictured here is a set of Movado Connect 2.0 watches.
Paramus, N.J.—Movado Group saw first quarter net sales nearly double year-over-year as the U.S. market slowly bounced back.

Net sales in the first quarter were up 94 percent to $134.8 million, compared with $69.7 million in the previous year’s first quarter.

U.S. net sales more than doubled, up 131 percent. 

International sales, which have been hampered by continued store closures in Europe and Latin America, rose 68 percent in the quarter.

When compared to pre-pandemic fiscal 2020 Q1, overall net sales were down 8 percent while U.S. sales were up 11 percent and international sales were down 21 percent.

Gross profit totaled $74.2 million, or 55 percent of net sales, compared with $31.9 million, or 46 percent of net sales, in the same period last year.

“This strong performance reflects the ongoing success of our strategy to maximize the power of our brands with sought-after innovation, improved digital capabilities, and high-impact social media and marketing,” said CEO Efraim Grinberg in a press release about the results.

Demand for watches and jewelry exceeded quarterly expectations across its wholesale and brick-and-mortar retail channels, he said.

Its digital channels, both owned and third-party sites, also performed well.

“Strong consumer response to our brands and offerings, coupled with the beginning of the easings of restrictions that brick-and-mortar retail in certain geographies led to net sales increases across our segments of owned brands, licensed brands and company stores, as well as across certain geographies, most notably the United States,” said CFO Sallie DeMarsilis on an earnings call Thursday morning.

 Related stories will be right here … 
The Movado brand was the star of the show this quarter, with its e-commerce site growing 250 percent compared with the previous first quarter.

The brand recently collaborated with photographer Alexi Lubomirski on a limited-edition watch collection featuring its first vegan straps.

The Movado jewelry brand, available exclusively on its website, also saw “a strong and growing demand,” said Grinberg on the earnings call.

There will be cable television ads as well as social and digital marketing campaigns for the Movado brand during the first half of the fiscal year.

Movado Group’s licensed brands, including Coach and Tommy Hilfiger, put on a solid performance, said Grinberg, with sales up 90 percent year-over-year. He attributed the growth to its e-commerce performance and the reopening of U.S. markets.

For the Tommy Hilfiger brand, jewelry and watches performed well, including its Parker and Baker watches and its ID bracelets. 

Coach’s new products, like Preston and Harrison, drove strong sales in the U.S. and China.

Hugo Boss performed well in the U.S. department store channel and via e-commerce partners in Europe, said the company.

Its new pilot edition chronograph, featuring a black style and brown strap, was a top performer for the brand. Meanwhile, its jewelry collection is undergoing an expansion.

The Lacoste brand introduced a new iconic Lacoste 12.12, featuring multi-colored crocodiles, that was well-received.

The MVMT brand has a new white ceramic collection, which sold out quickly, but is ready to go again in time for Father’s Day and graduation season.

Olivia Burton’s brick-and-mortar sales struggled in its home market of the United Kingdom amid store closings, but its online sales were strong. Its new tea party watch collection was well received, while its jewelry assortment grew.

Looking to the year ahead, Grinberg remained cautious as the COVID-19 battle rages on.

“We are hopeful that as more people become vaccinated, we will see an acceleration in reopening of markets in Europe and Latin America,” he said.

“Given our momentum from the first quarter combined with the strength of our balance sheet, we are well positioned to deliver sustainable growth over the long-term.”

Fiscal 2022 net sales are expected to be in the range of approximately $650 million to $665 million, gross profit of approximately 54 percent to 55 percent of net sales, and operating profit in a range of 10 percent to 11 percent of net sales.

The Latest

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Weekly QuizJul 17, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Rio Tinto Chief Executive Simon Trott
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at Diavik

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

Jewelers of America Learning Workship Logo
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This Fall

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

Eric Ford will step into the role, bringing with him decades of experience.

Bench jeweler holding a ring and a tool
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic Manufacturing

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

Guzema Celestial Blue
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone Jewelry

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

Nanis Mykonos Store Exterior and Interior
MajorsJul 14, 2025
Nanis Opens First Store

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

Long’s Jewelers Summer of Love promo
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s Jewelers

The New England jeweler is hosting a bridal event for the month of August.

Ethical Gem Fair
SourcingJul 14, 2025
Ethical Gem Fair Heads to Seattle

The trade-only event will host its debut fair in the Emerald City later this month.

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

James Avery Texas charm
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief Efforts

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Kelly Osbourne Engagement Ring
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as Honey

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

Penny Preville Anniversary Bangles and Penny Preville
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry Design

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Exterior shot of Alvin Goldfarb Jeweler in Bellevue, Washington
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb Jeweler

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

LVMH chairman and CEO of the Americas Michael Burke
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the Americas

Longtime LVMH executive Michael Burke has stepped into the role.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy