Movado Group, a renowned watch company headquartered in Paramus, New Jersey, has recently announced an impressive surge in sales performance during the second quarter of the year. The company’s net income rose to $9.1 million, reflecting an 11.9% growth in sales, which reached $144.1 million compared to $128.8 million in the same period last year. Additionally, the operating income saw a significant increase to $12.9 million, up from $8.3 million in the previous year.
Efraim Grinberg, the Chairman and CEO of Movado, expressed his satisfaction with the company’s strong performance, attributing the double-digit sales growth to the success of their distinctive timepieces and popular brands across Europe and Latin America. The acquisition of Olivia Burton in July 2017 played a pivotal role in contributing positively to Movado’s second-quarter results, while the upcoming addition of MVMT, a direct-to-consumer brand, is expected to further elevate their product offerings.
Looking forward to the holiday season, Movado remains upbeat about its product pipeline for the remainder of the year. With a robust balance sheet boasting $175.6 million in cash and no debt prior to the MVMT acquisition, the company is well-positioned to seize opportunities during the holiday season. The MVMT acquisition is slated to conclude around October 1, 2018.
As a result of its solid performance in the second quarter, Movado Group has revised its outlook for fiscal 2019 upwards. The company now projects net sales to fall within the range of $660.0 million to $675.0 million, up from the previous forecast of $615.0 million to $625.0 million. Net income is also expected to rise to $58.0 million to $59.7 million, compared to the earlier estimate of $54.9 million to $56.4 million. Movado’s successful second quarter and optimistic outlook underscore the company’s sustained growth and accomplishments in the watch industry.
For more information on Movado Group and its latest updates, visit their official website here. Additionally, to explore their range of exquisite timepieces and brand offerings, you can browse their collections at Movado Online Store.
