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Movado earnings mixed in second quarter

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Watch maker Movado Group, Inc., on Tuesday announced its net income fell slightly in the second quarter of its fiscal 2015 year, while its operating income rose slightly during the same period.

The Paramus-based company said in a news release that net income for the quarter was $12.2 million, or 47 cents per diluted share, compared with $12.5 million, or 48 cents per diluted share, in the second quarter of fiscal 2014. Operating income increased to $17.2 million, compared with $17 million in the same period a year earlier.

Net sales increased 3.8 percent, to $143.6 million, compared with $138.3 million in the year-ago period, Movado said.

“We are pleased to deliver a solid second quarter highlighted by increased sales, a strong gross margin performance, and operating profit growth despite a more challenging retail climate, and as we invested in support of our future expansion,” Efraim Grinberg, chairman and CEO, said in the release. “With the second quarter, we have achieved 18 consecutive quarters of increased operating performance, attributed to the disciplined execution of our growth strategies and supported by powerful innovation and compelling owned and licensed brands. Revenue growth in the second quarter was primarily driven by the Movado brand and our licensed brand and retail categories.”

The company also announced a quarterly dividend of 10 cents per common share would be payable Sept. 19 to shareholders of record as of Sept. 5.


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