Movado Group has ‘Banner Year’

Sales for the Movado Group, the U.S. watchmaker whose brands include Movado, Concord, and newly acquired Ebel, posted record results for the fiscal year ending Jan. 31, including a second consecutive year of record cash flow. For fiscal 2004, net sales rose 10% to $330.2 million, and net income increased 13.9% to $22.9 million, the company announced in March. Operating profit increased 9.5% to $34.8 million. Gross margin was 60.7% compared with 61.4%, primarily because of the weak U.S. dollar. For Movado boutiques, comparable store sales increased 20.1%. In the fourth quarter, net sales were $92.7 million, a 16.6% gain. Net income grew 11.2% to $6.2 million. Operating profit rose 7.8% to $9.2 million. Comparable store sales were up 15.1%. In addition, for the second consecutive fiscal year, the company posted a record cash flow from operations, in excess of $50 million. Also, the

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