Sales climbed 16 percent in the third quarter for Movado Group Inc., the company reported Thursday. Sales in the third quarter of fiscal 2012 were $142.6 million, up from $123.0 million in the third quarter of fiscal 2011.
Gross profit was $81.0 million, or 57 percent of sales, up from $68.9 million, or 56 percent of sales, in the third quarter of last year. Movado said the increase in gross margin percentage was due to a shift in channel and product mix and leverage gained on certain fixed costs, partially offset by the unfavorable effect of fluctuations in foreign currency exchange rates.
“We continued to build on our momentum during the third quarter, achieving broad-based sales growth again across all of our brand categories,” Movado Chairman and CEO Efraim Grinberg. “In particular, we remain pleased with the strong sell-through of our Movado and licensed brands, which continue to resonate very well with consumers and validate our strategic positioning in the marketplace.”
Year-to-date, sales are up 23 percent to $345.7 million for Movado. Gross profit is $190.6 million, or 55 percent of sales, compared to $151.8 million, or 54 percent of sales, at this time last year.
Movado designs, sources and distributes Movado, Ebel, Concord, ESQ by Movado, Coach, Tommy Hilfiger, Hugo Boss, Juicy Couture and Lacoste watches worldwide and operates Movado company stores in the United States, including its flagship store in New York City and outlets throughout the country.
-National Jeweler
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