The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Q2 sales climb 17 percent for Movado
Watch design and distribution company Movado Group Inc. reported strong increases in both sales and income in the second quarter.
Paramus, N.J.--Watch design and distribution company Movado Group Inc. reported strong increases in both sales and income in the second quarter.
The company announced Tuesday that sales for the second quarter ended July 31 totaled $138.3 million, a 17 percent year-over-year increase from $118 million in the prior-year period.
Gross profit was $74.8 million, or 54 percent of sales, compared with $65.8 million, or 56 percent of sales, in the second quarter of last year. A shift in channel and product mix caused the drop in gross margin percentage, Movado said.
Operating income increased to $17 million, or 12 percent of net sales, from $10.7 million, or 9 percent of sales, in the prior-year period. Net income rose from $8.2 million to $12.7 million.
Movado Chairman and CEO Efraim Grinberg said the company continued its positive momentum from the first quarter.
“Our topline strength was fueled by strong innovation across our Movado and licensed brands and included the continued successful introduction of our Scuderia Ferrari watch brand and our newly repositioned Coach watch brand into the fashion watch category,” he said.
Grinberg added that the later dates for Baselworld, which took place near the end of April this year, helped to boost second quarter year-over-year results.
Year-to-date, net sales increased 12 percent to $248.3 million compared with $221.7 million in the first six months of the prior fiscal year.
Gross profit fell from 56 percent of sales to 54 percent of sales due to changes in channel and product mix.
Operating income increased from 9 percent to 11 percent of net sales. Net income rose from $14.7 million to $20.7 million.
The company increased its guidance for the year, now expecting net sales to increase 13 percent, up from an earlier estimate of 12 percent.
Movado Group designs, sources and distributes Movado, Ebel, Concord, ESQ Movado, Coach, Tommy Hilfiger, Hugo Boss, Juicy Couture, Lacoste and Scuderia Ferrari watches worldwide and operates Movado stores in the United States.
The Latest
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.