NEW YORK — Movado Group Inc. on Thursday posted a 32.7 percent hike in second-quarter earnings, driven by the launch of the Brasilia and Hugo Boss collections and the Series 800 sports line.
For the three months ended July 31, income rose to $11.3 million, or 43 cents a diluted share, from $8.6 million, or 33 cents, in the prior year. Sales jumped 9.8 percent to $126.6 million from $115.3 million. Total same-store sales gained 9.3 percent versus a 2.3 percent rose last year.
For the six-month period, earnings jumped 48.8 percent to $14.2 million, or 54 cents a diluted share, from $9.5 million, or 37 cents, a year ago. Sales gained 10.5 percent to $224.3 million from $203.1 million.
“We continue to put Ebel front and center in the eyes and minds of the consumer with a comprehensive and consistent marketing campaign,” said Efraim Grinberg, president and chief executive officer, in a conference call to Wall Street.
Grinberg also told analysts that “sales of our proprietary Movado jewelry continue to be driven by diamond fashion, including our very successful Ono collection.”
Ebel delivered a high-single-digit sales increase in the second quarter, reflecting a strong demand for the luxury line around the world. The company plans to launch a new collection in the third quarter aimed at the Ebel male consumer.
There are also plans to reinvent the Concord brand in the luxury watch category and at the end of September, Movado will introduce the Juicy Couture timepiece collection.
The company, which makes watches under the Movado, Hugo Boss and Coach labels, expects earnings for fiscal 2007 in the range of $1.53 and $1.58 a share.