Movado Group, Inc. (NYSE:MOV) $317M (MarketCap) Announces First Quarter Results and also Future Plans

Movado Group, Inc. is definitely at present investing with 12.91, up 1.83 or even 16.52%. This company designs, sources, markets, in addition to blows excellent designer watches plus jewelry. The company gives you their different watches underneath Movado, Ebel, Concord, ESQ, Coach, HUGO BOSS, Juicy Couture, Tommy Hilfiger, and Lacoste make names. It furthermore designs, develops, markets, and also retails Movado-branded necklaces through its luxurious Movado Boutiques.

Today, they have declared its First Quarter Results. Adjusted world wide web reduction in the initial district ended April 30, 2010, had been $4.8 million, or perhaps $.19 each diluted share, as compared to modified world wide web deprivation regarding $9.5 thousand or maybe $.39 each propagated inside previous year.

Financial Highlights Include:

Net revenue from the first 1 / 4 of fiscal 2011 increased 16.7% in order to $78.9 trillion in comparison to $67.6 zillion inside very first quarter involving fiscal 2010 primarily influenced by simply growing both in the actual U.S. in addition to global general categories. Excluding excess discontinued product sales connected with $4.3 trillion in the earlier 12 months quarter, online income amplified 24.6%. Gross income appeared to be $44.2 million, or 56.0% connected with sales, likened to be able to $35.7 million, or perhaps 52.8% of profits while in the earliest one fourth very last year. Excluding excess concluded supplement sales, realigned gross border from the primary quarter of monetary the year 2010 appeared to be 57.6% regarding sales.

In hard work for you to streamline it has the business, reroute investment when it comes to higher returning businesses, as well as enhance the corporation's complete profitability, this on top of that proclaimed this shutting involving its store boutique category today. Movado Retail Group, Inc. will in close proximity this particular division useful June 30, 2010. The firm will pursue to offer their enjoy items primarily by way of it's at wholesale prices model, exactly where them expects to generate its sector write about by simply additionally expanding marriages with prevailing wholesale shoppers and boosting its human relationships with independent retailers. The boutique closings could have no effect on the actual availiability connected with any with Movado's watch products. In addition, MRG will continue to keep advertise each one of its observe brands specifically for you to shoppers by means of it has the 31 outlet stores all of which will keep your Movado Boutiques located in New York's Rockefeller Center open because a flagship store.

Rick Cote, President and Chief Operating Officer involving Movado Group, Inc., commented, "Following several years associated with unprofitability along with a organize review of the business, most of us have made a decision that will close some of our retail shop division. We consider until this motion will certainly assist Movado Group to come back U.S. procedures to help profitability. We will keep make strategic investments throughout each of our makes to be able to cash in about growth prospects, make market share and elevate our own interconnection with consumers. We confidence the actual muscle from the Movado company and also the majority associated with some of our portfolio of iconic brands, and many of us expect these kinds of activities will solidify our situation to be a leader inside watch industry."

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