Movado Group, Inc. (NYSE:MOV) $317M (MarketCap) Announces First Quarter Results and Future Plans
Movado Group, Inc. is currently trading at 12.91, up 1.83 or 16.52%. This company designs, sources, markets, and distributes fine watches and jewelry. The company offers its watches under Movado, Ebel, Concord, ESQ, Coach, HUGO BOSS, Juicy Couture, Tommy Hilfiger, and Lacoste brand names. It also designs, develops, markets, and retails Movado-branded jewelry through its luxury Movado Boutiques.
Today, it has announced its First Quarter Results. Adjusted net loss in the first quarter ended April 30, 2010, was $4.8 million, or $.19 per diluted share, compared to adjusted net loss of $9.5 million or $.39 per shared in the previous year.
Financial Highlights Include:
- Net sales in the first quarter of fiscal 2011 increased 16.7% to $78.9 million compared to $67.6 million in the first quarter of fiscal 2010 primarily driven by growth in both the U.S. and international wholesale categories. Excluding excess discontinued product sales of $4.3 million in the prior year quarter, net sales increased 24.6%.
- Gross profit was $44.2 million, or 56.0% of sales, compared to $35.7 million, or 52.8% of sales in the first quarter last year. Excluding excess discontinued product sales, adjusted gross margin in the first quarter of fiscal 2010 was 57.6% of sales.
In an effort to streamline its business, redirect investment toward higher return businesses, and improve the company’s overall profitability, it additionally announced the closing of its retail boutique division today. Movado Retail Group, Inc. will close this division effective June 30, 2010. The company will continue to sell its watch products primarily through its wholesale model, where it expects to increase its market share by further expanding relationships with existing wholesale customers and enhancing its relationships with independent retailers. The boutique closings will have no impact on the availiability of any of Movado’s watch products. In addition, MRG will continue to sell all of its watch brands directly to consumers through its 31 outlet stores and will keep the Movado Boutiques located in New York’s Rockefeller Center open as a flagship store.
Rick Cote, President and Chief Operating Officer of Movado Group, Inc., commented, “Following several years of unprofitability and a strategic review of the business, we have decided to close our retail boutique division. We believe that this action will assist Movado Group to return U.S. operations to profitability. We will continue to make strategic investments in our brands to capitalize on growth prospects, build market share and elevate our connection with consumers. We believe in the strength of the Movado brand and the rest of our portfolio of iconic brands, and we expect these actions will solidify our position as a leader in the watch industry.”
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