Movado Group reports modest revenue growth of 3.8% in the second quarter
Movado Group posted revenue growth of 3.8% in the second quarter, pushing net sales to $143.6 million. Yet that figure fell well short of the $153 million that most investors had expected to see. Last quarter, Movado also fell short on sales estimates, although revenue growth of nearly 10% wasn’t as sluggish as this quarter’s results.
Movado Group CEO Efraim Grinberg noted that both of the company’s main segments helped support growth, with the Movado brand seeing solid demand and Movado’s licensing arrangements with partners like Coach , Hugo Boss, and Lacoste also fostering greater sales. Movado also owns luxury watch brand Ebel.
Movado once again repeated its guidance for the full year. The watchmaker expects to see a 10.7% jump in net sales and a roughly 18% rise in earnings per share for fiscal 2015.