NEW YORK — Fueled by sales growth and better operating efficiencies, Movado Group Inc. posted improved first-quarter results.
For the three months ended April 30, income was $332,000, or 3 cents a share, against a loss of $128,000, or 1 cent, in the year-ago quarter. Last year’s loss was prior to a cumulative adjustment necessitated by the adoption of an accounting rule.
Sales were up 1.3 percent to $57.3 million from $56.5 million, while comparable-store sales rose 8.8 percent at the company’s retail boutiques.
Efraim Grinberg, president and chief executive officer, said in a statement that the earnings improvement was “fueled by our overall sales growth, continued strong gross margins and operating expense efficiencies.”
The ceo added that the company was “comfortable” with its full-year fiscal 2003 earnings per share guidance of 15 percent growth versus last year.
Rick Cote, executive vice president and chief operating officer, said, “During the first quarter, we continued to significantly benefit from the strategic initiatives we implemented over the last year aimed at driving productivity improvements across our organization.””