Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
MajorsNov 22, 2017
Movado Group’s Q3 Sales Up 6%
They increased to $190.7 million, with a challenging U.S. market offset by strong global performances.
Though the Movado brand saw sales decline in the U.S., Movado Group said it continues to gain market share. Seen here is the Movado Connected, the brand’s new smartwatch powered by Android Wear 2.0.
Paramus, N.J.--Movado Group said net sales were up in the company’s third quarter ended Oct. 31 despite continued struggles in the U.S.
The company said sales increased 6 percent to $190.7 million during the period, compared with $179.8 million in the third quarter last year. On a constant dollar basis, net sales were up 5 percent.
Operating income was $25.2 million, compared to $31.1 million in the same period last year, while operating expenses increased $11.4 million to $78.9 million.
Gross profit was $104.1 million, or 54.6 percent of sales, compared to $98.6 million, or 54.8 percent of sales, in the third quarter of the last fiscal year.
CEO Efraim Grinberg said that despite a challenging U.S. market, international sales growth led its performance, noting particular strength in Europe, Latin America, China and the Middle East.
The Movado brand saw a low double digit sales decline in the U.S., though Grinberg noted in a conference call Tuesday morning that the brand continued to gain market share in the $300 to $3,000 price category. Sales from Movado.com doubled during the quarter after an increase in digital marketing and new product introductions.
For the quarter, licensed brands grew 9 percent, with strong growth for Tommy Hilfiger, Hugo Boss and Lacoste, driven in international markets. The U.S. faces challenged in the fashion watch category, the company said.
The acquisition of the Olivia Burton brand was completed in July. The company has launched a U.S.-based website for the brand, which it said is already seeing very strong results. It now will convert the U.K. site into the salesforce platform on which the U.S. site is hosted and will launch a global website for the brand.
Meanwhile, the company also noted strong results in its outlet division, which saw comps increase 11 percent during the quarter.
Movado Group continues to make investments in the digital space, which it said has helped elevate its brands with retailers and consumers.
This factor, along with the changing retail landscape and the growing importance of online channels, has led Movado to decide to pull out of Baselworld for next year.
RELATED CONTENT: Baselworld Cuts Number of Exhibitors by HalfThe company plans to reinvest the approximate $10 million trade show costs it will save in other marketing activities, including digital brand-building and sales growth initiatives.
Movado Group is updating its outlook for fiscal 2018
Editors' Picks
Sponsored by
upward; it now expects net sales to be in a range of $550 million to $555 million, up from an anticipated $530 to $545 million announced in the second quarter fiscal results, and operating income to be approximately $58 million to $60 million, up from a prediction of $53 to $58 million.
The company anticipates net income in fiscal 2018 to be between approximately $39.7 million and $41 million.
The company anticipates net income in fiscal 2018 to be between approximately $39.7 million and $41 million.
More on Majors
The Latest
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High 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.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
