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Movado Group profits drop despite rise in sales

May 31, 2007

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For the period ended April 30, Movado Watch Group reported a 3.7 percent increase in net sales to $101.4 million. Compared to the same period ended April 2006, however, profits fell 1.5 percent.

Efraim Grinberg, Movado's president and chief executive officer, was pleased with the company's performance and attributes the slow sales growth to a shift in the U.S. retail calendar. Predictions for fiscal 2008 include diluted earnings of $1.72 million per share (compared to $1.54 per share in 2007) and net sales between $550 million and $560 million.
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