Movado Group reports higher Q3 net income, provides guidance for fiscal 2013

Movado Group, Inc., a retailer and manufacturer of watches, has reported that net income attributable to the company was $34.47 million, or $1.34 per share, for the third quarter ended October 31, 2012, compared to $16.40 million, or $0.65 per share, for the same quarter ended October 31, 2011. For the fiscal year 2013, the Company expects net sales to increase approximately 10% to $510 million.

Net sales for the third quarter ended October 31, 2012 were $160.20 million, compared to $142.62 million for the same quarter ended October 31, 2011.

Net income attributable to the company for the nine months ended October 31, 2012 was $49.16 million, or $1.92 per share, compared to $21.30 million, or $0.85 per share, for the same period ended October 31, 2011.

Net sales for the nine months ended October 31, 2012 were $381.88 million, compared to $345.71 million for the same period ended October 31, 2011.

Efraim Grinberg, chairman and CEO, stated, "Our strong performance continued in the third quarter with double digit growth in sales and a 46% increase in adjusted operating income, continuing the positive momentum in our business over the past 11 quarters. We continue to provide compelling styles across our watch portfolio fueled by innovation and quality craftsmanship. We were pleased with the initial response to our new ESQ Movado and EBEL assortments, which were introduced in the latter part of the third quarter. As we begin the fourth quarter, we believe we remain well positioned with strong marketing programs in place to support each of our brands for the upcoming holiday season."