It is located in Marin County, California.
Movado Bracing for ‘Challenging’ Year
The watch company saw sales increase in the fourth quarter and fiscal year but is tempering its growth forecast for the year ahead.
Paramus, N.J.--Movado Group reported Thursday that sales increased in both the fourth quarter and fiscal year, but the watch maker is tempering its 2016 outlook as the retail environment remains challenging.
Net sales for the watch company whose brands include Movado, Ebel and Concord were up 1 percent year-over-year to $594.9 million in the fiscal year ended Jan. 31. Excluding the impact of foreign exchange rates, net sales increased 6 percent year-over-year.
Gross profit increased to $316.9 million, or 53 percent of sales, compared with gross profit of $310 million, or about 53 percent of sales, last year. Movado said a favorable shift in channel and product mix, selective price increases and sourcing improvements helped to buoy gross profit but that was mostly offset by the unfavorable impact of changes in foreign currency exchange rates.
Net income slid from $51.8 million to $45.1 million.
In the fourth quarter, Movado’s net sales increased 7 percent, from $133.9 million to $143.3 million. Excluding the impact of foreign exchange rates, net sales were up 10 percent year-over-year.
Gross profit grew from $67.4 million, or 50 percent of sales, to $75.4 million, or 53 percent of sales, while net income fell from $10.1 million to $7.9 million.
Commenting on the company’s results, Chairman and CEO Efraim Grinberg called the company’s fourth quarter performance “solid” and noted that the Q4 and full-year performance “demonstrate the strength of our Movado brand and licensed brand portfolio, which continue to outperform the overall watch market, as well as the early success of our new collection launches.”
Despite the company’s solid finish to the year, Grinberg said they expect the retail environment to remain “challenging” in the coming year.
As a result, Movado projects sales of $585 million to $600 million, and net income of $43.3 million to $46.7 million.
Also on Thursday, Movado announced that Vice Chairman and Chief Operating Officer Rick Coté, who joined the company in 2001, will retire in June. He will remain on the board of directors.
The company said it will not replace him.
In addition, Grinberg announced that the company has increased its ownership of its joint venture subsidiaries in France and Germany to 100 percent.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.