Movado Sales Up 13% for Fourth Quarter and Fiscal Year
Movado Group Inc. reports that net sales rose 12.8 percent to $142.3 million from $126.1 million in the fiscal 2006 fourth quarter. Same-store sales at the company's Movado boutiques decreased 1.8 percent, versus a 14.4 percent increase in the prior year period.
For the year, net sales rose 13.2 percent to $532.9 million from $470.9 million in the prior year. Same-store sales increased 2.3 percent at the company's Movado boutiques compared to an 8.5 percent increase in the prior fiscal year.
"Movado Group's continued success in fiscal 2007 demonstrates the distinctive positioning of our brands, the clarity of our strategy and the power of our business model," said Efraim Grinberg, Movado president and chief executive officer. "These outstanding results were achieved as we continued to support our existing brand portfolio and launch new business initiatives."
The company said it expects 2008 earnings to fall 8 percent because of higher tax rates, The Associated Press reports.
The company also forecasts 2008 revenue between $500 million and $560 million, compared with 2007 sales of $532.9 million, the AP reports.
Movado Group, Inc., with corporate headquarters in Paramus, N.J., and Bienne, Switzerland, designs, manufactures, and distributes Movado, Ebel, Concord, ESQ, Coach, Tommy Hilfiger, HUGO BOSS, Juicy Couture, and LACOSTE watches worldwide, and operates Movado boutiques and company stores in the United States.
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