Movado Group Posts Strong Half-Year Gains

The Movado Group, headquartered in Paramus, N.J., on Sept. 8 announced strong half-year and second-quarter results. The results include the impact of the Ebel luxury watch business, acquired March 1, 2004. In the first half, net sales rose 25.8% to $172 million, up from $136.7 million the prior year. Comparable store sales rose 18.4% at the company's Movado boutiques. Gross margin was 58.9%, compared with 61.2% the previous year. The addition of Ebel had a negative effect of about 0.8% on gross margins in fiscal 2005's first half. Operating profit was $10.5 million vs. $10.8 million; The Ebel acquisition caused a $4.1 million decrease. Net income was $7.8 million compared with $6.6 million the prior year. That includes the impact of Ebel, which was partially offset by $835,000 from a legal settlement the company reached with Swiss Army Brands. The second quarter's net sales rose
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