Paramus-based Movado Group Inc. announced Wednesday financial results for its fourth quarter and full year 2013 that ended on Jan. 31, 2014.
"The fourth quarter marked an excellent finish to a strong year of growth for Movado Group," said Efraim Grinberg, chairman and CEO of Movado. "Our consistent growth is a clear validation of our powerful innovation and developed infrastructure that enables us to drive sales increases across our Movado and licensed brands at increasing rates of profitability."
According to the announcement, here are Movado's full year 2013 highlights:
Net sales increased by 13.3 percent to $578.1 million compared to last year.
Gross margin was 53.7 percent of sales, compared to 55.4 percent of sales last year.
Operating expenses increased by $9.2 million, or 4.1 percent, to $234.8 million in 2013 from $225.5 million last year.
Net income was $53.6 million, or $2.07 per share compared to $42.1 million, or 1.64 per share last year.
Fourth quarter highlights:
Net sales increased by 9 percent to $140.1 million compared to last year.
Net income was $12 million, or 46 cents per share, compared to $10.5 million, or 41 cents per share last year.
Gross margin was 53 percent of compared to last year at 52.6 percent.
Operating expenses increased by $2.3 million, or 4 percent, to $59.9 million in the fourth quarter from $57.6 million last year, the announcement said.
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