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

Stock image of shipping containers in port
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry

The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.

Jorge Adeler Gods & Heroes coin pendant
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’

From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.

Courtney Leidy Amethyst Silk Cord Pendant
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings

Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.

Brought-To-By-Article-Top-Image.jpg
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center Stage

Colored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.

NJ Article image.png
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of Relationships

Mildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.

Weekly QuizJul 23, 2026
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Trucks at De Beers’ Orapa mine in Botswana
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2

Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.

Silvia Furmanovich Enchapado en Tamo Wooden Wheat Straw Sun Earrings
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s

“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.

DCA-NJ-article-1872x1052-060826.jpg
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce Solutions

DCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.

Sissy’s Log Cabin Saracen Casino
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino Store

The jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.

Kate Spade New York watches
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New York

The watch company will design, manufacture, and distribute Kate Spade New York watches.

Stock photo of loose polished diamonds
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods

The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.

Monica Rich Kosann Enchanted Garden Cherry Necklace
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is Fruitful

The “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.

Liljenquist new Rolex boutique McLean Virginia
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New Boutique

It’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.

NY Now exhibitor booth
Events & AwardsJul 22, 2026
NY Now Returns in August Under New Ownership

The show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.

The Retail Smith Principal Partner and National Jeweler columnist Sherry Smith
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond Market

Smith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.

Emerald logo
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald Acquisition

Former Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.

Graff Seraphina Brooch and Lina Pendant
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches Metamorphosize

The 12-piece capsule collection transforms from brooches to pendants.

Rough diamonds from De Beers’ Gahcho Kue mine in Canada
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De Beers

A Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.

Stock image of shipping containers
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones Exempt

The new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.

Vhernier Freccia High Jewelry Necklace
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High Jewelry

The collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.

Krista Collins Walters
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of Instore

She will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.

Attendees at the Jewelry Symposium
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 Event

Organizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.

HOWL Frida Venetian Glass Collar
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ Campaign

Woodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.

A diamond ring in a jewelry box
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot Sale

A WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.

Unveiling Rarities
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens Memoir

The founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.

Gem Awards 2027 Logo
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination Period

Submissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.

Guzema Founder and Creative Director Valeriya Guzema and Co-Owner and CEO Mariana Lenha
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year Anniversary

Valeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.

×

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