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Movado up 13.2 percent for fiscal year

April 02, 2007

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Paramus, N.J.—Net sales of Movado Group products increased 13.2 percent in the fiscal year ended Jan. 31 to $532.9 million.

Net sales for the year include $16.6 million of excess discontinued product.

Same-store sales for the company increased 2.3 percent at the company's Movado boutiques, following an 8.5 percent increase the previous year.

Gross profit for the year reached $322.9 million, or 60.6 percent of sales. Excluding excess discontinued-product sales, adjusted gross profit totaled $322.9 million or 62.5 percent of sales, an improvement of 170 basis points over the same period the preceding year.

Operating profit for the year increased 8.9 percent to $52.3 million, and other income increased 30 percent to $1.3 million.

On a reported basis, net income for the year increased 46.9 percent to $50.1 million, and earnings per diluted share increased 83 percent to $1.87.

For the fourth quarter only, net sales increased 12.8 percent to $142.3 million, including $4.4 million of excess discontinued product.
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