Movado Group Inc. on Thursday posted substantial gains in first-quarter net income, as well as a 15.4 percent rise in net sales.
For the three months ended April 30, net income attributable to Movado was $6.6 million, or 26 cents a diluted share, from $491,000, or 2 cents, last year. Net sales rose to $103.7 million from $89.9 million.
The company said gross profit in the quarter was 56.9 percent of sales, or $59 million, versus 54.1 percent of sales, or $48.6 million, in the year-ago period.
Efraim Grinberg, chairman and chief executive officer, told Wall Street analysts in a conference call that the first-quarter revenue gain marked “nine consecutive quarters of revenue growth” for the company, and that sales in the quarter were driven by strength in its Movado brand as well as its licensed brands.
He added, “While our strategic focus on women’s watches for Ebel has been gaining traction, we remain on track to launch two new collections in time for the holidays this year.”
Richard Coté, chief operating officer and executive vice president, said to analysts: “From a global perspective, the watch category continues to perform reasonably well and we continue to experience strong watch sell-through performance at our retail partners.”
Coté noted that the company anticipates “moderate growth in North America, modest growth in Northern Europe, economic uncertainty continuing in Southern Europe, and reasonable continued growth in Asia and South America.”
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast