Movado Group posts increase in Q4 sales, swings to FY net profit

Watch specialist Movado Group has reported an increase in net sales in the fourth quarter as it ended the year back in the black.

For the quarter ending January 31, the group reported net sales of 206 million dollars, a year-over-year increase of 15.5 percent, or 17.2 percent on a constant dollar basis.

The group, whose portfolio of brands includes Movado, MVMT, Concord, and Ebel, made a net income of 31.4 million dollars in the quarter, slightly up on the 30.3 million dollars it posted a year earlier.

For the full year, the group made record net sales of 732.4 million dollars, up 44.6 percent from a year earlier, or up 42.8 percent on a constant dollar basis.

Movado Group swung to an annual net income of 91.6 million dollars compared to a loss of 111.5 million dollars a year earlier.

Looking ahead, the group expects fiscal 2023 net sales to be in the range of around 780 million dollars to 800 million dollars, and operating income of between 125 million dollars and 130 million dollars.

Movado Group also announced Thursday the appointment of Eran Cohen as the new chief executive of US watch and accessories brand MVMT.

Cohen joins from luxury knitwear label St. John Knits, where he served as president and CEO since 2018.