Movado Group reported last week that its third-quarter 2014 net income declined, but the luxury watchmaker reported a rise in its net sales for the period.
Movado said its net income was $23 million, down from $34.5 million for the same period in fiscal 2013. Excluding items, adjusted earnings were a higher than expected $0.89 per share for the quarter, though; on average, analysts polled by Thomson Reuters had expected the company to report $0.87 per share.
There was better news this quarter, however. Net sales for the quarter rose 18.4 percent to $189.7 million, compared with last year’s $160.2 million. The increase was attributed to growth in the accessible luxury and licensed brand categories.
“The strength of our brands, the success of our growth strategies and the discipline with which our team operates led to another strong quarter for Movado Group,” Efraim Grinberg, chairman and CEO of Movado group, said in a statement.
The Movado Group updated its fiscal 2014 sales guidance to $580 million, compared with prior expectations of $575 million. The company said it still expects net income to be in the range of $1.90 per share, or $49 million.
For more information on the Movado group, visit movadogroup.com.