The Scuderia Ferrari and Coach watch brands helped Movado Group achieve favourable second-quarter and six-month results, the company said.
“We continued our positive momentum from the beginning of the year, reporting a 17 per cent increase in sales and a 59 per cent rise in operating income in the second quarter,” said Movado chair and chief executive officer (CEO), Efraim Grinberg.
“Our topline strength was fuelled by strong innovation across our Movado and licenced brands, and included the continued successful introduction of our Scuderia Ferrari watch brand and our newly repositioned Coach watch brand into the fashion watch category. As expected, the quarter also benefited from the later timing of BaselWorld, the international watch and jewellery fair held annually in Basel, Switzerland. This, combined with the disciplined execution of our growth strategies, enabled us to leverage our infrastructure and produce operating income growth more than triple the rate of our sales increase.”
Highlights from second quarter fiscal 2014 include:
• an increase of 17.2 per cent in net sales to $138.3 million, compared to $118.0 million in the second quarter of fiscal 2013 (driven by growth in every brand category); and
• a gross profit of $74.8 million, or 54.1 per cent of sales, compared to $65.8 million, or 55.7 per cent of sales, in the second quarter last year.
