By Exec Edge Editorial Staff
Watch company Movado Group Inc. (NYSE: MOV) reported higher sales in the second quarter, boosted by international business.
Net sales increased 5.1% (10.5% on a constant dollar basis) to $182.8 million compared to $173.9 million in the second quarter of fiscal 2022, it said in a statement. Movade generated a 15% increase in its international business with particular strength in Latin America, India and Europe.
The parent company of brands that include Ebel and MVMT expects net sales to be $780 million to $790 million for the year ending Jan. 31. The forecast is higher than fiscal year 2022’s sales, which totaled $732.4 million.
The company said it expects operating income to be at the high end of its previous outlook of $125 million to $130 million, based on the first-half results.
“As we look ahead, we will remain disciplined in executing our strategy as we navigate an increased level of uncertainty in the second half of our fiscal year including global inflation, currency headwinds, rising interest rates and the elimination of domestic stimulus programs,” said CEO Efraim Grinberg. “The strength of our balance sheet and our variable expense-management approach position us well for the rest of the year and beyond, as we remain focused on delivering long-term sustainable growth.”