Drosos shared her top takeaways from a recent Botswana trip and her insights into the natural diamond market.
Movado Group Reports 3 Percent Decrease in Sales for Q3
The company is maintaining its outlook for the full fiscal year, with net sales predicted to fall between $550 million and $560 million.
Paramus, New Jersey--Movado Group, Inc. has released its third quarter fiscal year 2017 results for the period ending Oct. 31.
The company reported a 3 percent decrease in net sales from the third quarter of fiscal year 2016, from $185.6 million to $179.8 million.
Gross profit as a percentage of sales increased from 54 percent, or $100.1 million, to 55 percent of sales, or $98.6 million. Movado said the increase was “primarily the result of the favorable impact of channel and product mix, and certain sourcing improvements partially offset by the reduced leverage of certain fixed costs.”
Operating expenses increased in the third quarter by $0.8 million, or about 1 percent, to $67.5 million from last year’s $66.6 million. This was due to increases in employee compensation, but was offset by a lower marketing budget and favorable foreign currency exchange rates.
Operating income decreased from $33.5 million in Q3 of last year to $31.1 million in this year’s third quarter, while net income was $20.2 million, compared with last year’s $21.5 million.
The company said it is maintaining its outlook for fiscal year 2017, with net sales predicted to fall between $550 million and $560 million.
“We are pleased to report third quarter financial results at the high end of our internal expectations driven by the disciplined execution of our strategy,” said Movado Group CEO and chairman Efraim Grinberg.
“In a challenging retail environment, which pressured sales growth, we delivered a 90-basis-point expansion in gross margin, demonstrating the ongoing power of our portfolio of brands and the strength of our innovation. We believe we are well positioned for the holiday season with a strong product pipeline of traditional and connected watches.”
Grinberg also said Movado will collaborate with fashion and accessory brand Rebecca Minkoff on women’s and men’s watches in spring 2017.
The Latest
The retailer is expanding its footprint via retail partnerships, previously inking deals with Kohl’s and Macy’s.
Members will now have access to “eBay Concierge,” a white-glove dedicated customer service team.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The deadline to apply is March 29.
Ticketholders can dig for diamonds in the Arkansas park ahead of the eclipse viewing event on April 8.
The versatile jewel pairs ancient Egyptian inspiration with a modern design.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
The company’s rough sales improved for the third sales cycle in a row.
The spring application window closes on March 31.
It’s estimated to sell for up to $1.3 million at the upcoming sale on March 28.
It aims to support aspiring journalists, media professionals, content creators, and communicators.
“Ice Cold: An Exhibition of Hip-Hop Jewelry” will open at the New York City museum on May 9.
He succeeds David Bouffard, who is leaving Signet and the RJC next month.
Three winners will have their jewelry sketches turned into a real piece of jewelry in time for the holiday.
“Power of Couture” recalls Frédéric Boucheron’s love of fabric using diamonds and rock crystal.
A Harry Winston diamond necklace and other top lots failed to find buyers.
Lilian Raji offers advice to a business owner who is having trouble crossing the finish line with customers.
He brings 30 years of retail store management experience to the role.
At its annual gala, Diamonds Do Good will present awards to GIA, London Jewelers, and Lisa Bridge.
Vibrant gemstones, layered diamond pieces and brooches with a story stole the show.
The 2024 winners expressed gratitude to their teams, industry colleagues, and those who turn jewelry dreams into reality.
They are Marla Aaron, Marie Lichtenberg, and Jean Prounis.
The Jewelers’ Security Alliance will honor the industry veteran at its upcoming annual luncheon.
The annual video stars Pomellato CEO Sabina Belli alongside Jane Fonda and other celebrities and activists.
Sponsored by IGI
The Pennsylvania native, who sold for Gumuchian and others, is remembered for being kind and outgoing.