Movado Group Inc. on Thursday posted strong increases in fourth-quarter and year-end earnings, boosted by a one-time $15 million tax benefit.Earnings for the three months ended Jan. 31 grew 39.6 percent to $19.6 million, or 72 cents a diluted share, from $14 million, or 52 cents, in the same year-ago quarter. Sales declined 2.6 percent to $138.6 million from $142.3 million. For the full year, Movado said income jumped 21.3 percent to $60.8 million, or $2.23 a diluted share, on a sales gain of 5 percent to $559.6 million.During a call on Thursday, company executives said the fourth quarter was challenging because of economic woes in the United States. According to the company, it received $20.8 million, or 76 cents a diluted share, from the settlement of an Internal Revenue Service tax examination. That resulted in the $15 million boost to fourth-quarter results.The company attributed its positive results to a strategically diversified business model that expanded its geographic exposure and brand diversity.Efraim Grinberg, chairman and chief executive officer of the company, said 50 percent of the company’s wholesale revenue and 40 percent of total revenue are generated internationally. “Our international performance exceeded our expectations and offset weakness in the U.S. In fact, total international sales in fiscal 2008 increased a strong 29 percent over last year, excluding sales of excess discontinued product,” Grinberg said during a call Thursday. Separately, Movado named Sallie DeMarsilis as chief financial officer and principal accounting officer. She succeeds Eugene Karpovich, who remains an officer of the company and a senior member of its management team.Previously, DeMarsilis served as senior vice president of finance at Warnaco Group Inc.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim