Movado Sales Up, Profits Down

Highlights of Movado’s fourth quarter and 2011 results (ended Jan. 31, 2011):

  • 4Q: Net Sales: $101 million, up 23.1 percent
  • 4Q: Gross profit: $30.9 million, up 3.7 percent
  • 4Q: Net loss: $31.8 million, compared to net loss of $23.6 million in 2010
  • FY2011: Net Sales: $382.2 million, up 9.3 percent
  • FY2011: Gross profit: $185.2 million, up 11.8 percent
  • FY2011: Net loss: $49.9 million, compared to net los of $54.6 million in 2010

For more information on Movado’s financial statement, click here.

The company also announced the appointment of two new members to its board of directors, effective April 11.

The new directors are Maurice Reznik, CEO of Maidenform Brands, and Alex Grinberg, senior vice president of the Movado Group. Reznik will also serve as a member of the Audit Committee.

Reznik has been CEO and a director of Maidenform Brands since July 2008.  Grinberg, brother of the company’s current chairman and CEO, has been with Movado for 17 years.

To receive the latest jewelry news and blogs every day in
your
inbox, subscribe to JCK’s e-newsletter here.