US watchmaker Movado Group almost doubled its profit in the first quarter of the year as its sales increased by 21.2 percent.
In the three months to April 30, the group’s net income widened to 18.5 million dollars from 9.4 million dollars a year earlier.
The group, whose portfolio of brands includes Movado, MVMT, Concord, and Ebel, reported sales of 163.4 million dollars, up from 134.8 million dollars in the prior year period.
US sales increased by 6.6 percent, while international sales were up up 24.3 percent.
Movado Group chair and CEO Efraim Grinberg told investors: “We are very pleased to continue the positive momentum from last year reporting first quarter results that marked a strong start to our fiscal year with record sales and profit.”
The company’s outlook for the fiscal 2023 year remained unchanged. It expects fiscal 2023 net sales to be in a range of approximately 780 million dollars to 800 million dollars, and operating income of between 125 million dollars and 130 million dollars.