Movado Group’s results for the second quarter of 2014, posted Tuesday, fell short of analysts’ expectations.
Net sales increased 3.8 percent to $143.6 million, which fell short of the hoped-for figure of $153 million. Net income was $12.2 million, or $0.44 per diluted share.
The company remained optimistic that it would meet its yearly guidance, however.
“We are pleased with our second quarter and first half results, even with a cautious global retail environment,” Rick Coté, vice chairman and CEO, said in a statement. “Our retail sell-through continues to outpace our shipments and the overall market. We continue to gain share in our key global markets in both our largest brand, Movado, and also our largest business, our licensed brand division. Our outlet retail stores continue to deliver positive sales and profit increases. These positive results and trends allow us to reiterate our previously issued full year guidance of delivering 10 percent sales growth and 19 percent operating profit growth.”
Movado named a new president in July.
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