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Movado reports Q3 sales growth

December 13, 2006

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Paramus, N.J.—Movado Group net sales increased 17.3 percent in the third quarter ended Oct. 31 to $166.3 million.

Net sales included $12.1 million in discontinued product sales.

Same-store sales at Movado boutiques edged up 0.5 percent, following a 10.6 percent gain last year.

Movado's gross profit for the quarter totaled $97.9 million, or 58.9 percent of sales, compared with $86.2 million, or 60.8 percent of sales, last year.

For the third quarter, Movado's operating profit totaled $19.8 million, up from $19 million in the same period last year. The income reflects a change in estimate of the company's reserve for accounts receivable, which resulted in a $6 million non-cash charge, or $0.14 per fully diluted share, and a $2.2 million gain from an out-of-period adjustment related to foreign currency, or $0.06 per fully diluted share.

Year-to-date sales for the group increased 13.3 percent to $390.6 million, including the discontinued product sold in the third quarter.

Same-store sales in the company's boutiques increased 5 percent year-to-date, matching the sales gain for the same period in 2005.
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