Movado Group, Inc. announced Wednesday a gross profit drop of 29 percent in the third quarter ending October 31st.

Gross profit was $60.3 million, or 46.8 percent of sales, compared to $85.4 million, or 62.9 percent of sales, in the same period last year. For fiscal year 2009, gross profit is down 30 percent. Gross profit was $147.7 million, or 51.6 percent of sales, compared to $232.9 million, or 63.5percent of sales, last year.

Net sales in the third quarter of fiscal 2010 were $129.0 million compared to $135.8 million in the same period last year. Net sales for the quarter included $8.4 million of sales of excess discontinued product. For fiscal year 2009, net sales were $286.2 million compared to $366.9 million in the same period last year. Net sales for the nine-month period of fiscal 2010 included $13.6 million of sales of excess discontinued product.

JCK