It’s a good time to be involved with Movado Corporation: the company reported a 16 percent increase in sales in the third quarter of the year. Reporting a $142.6 million in total sales, the company reported a gross profit of $81 million, nearly 57 percent of their sales.
According to a National Jeweler article, Movado chair views these gains as a positive omen for business:
“We continued to build on our momentum during the third quarter, achieving broad-based sales growth again across all of our brand categories,” Movado Chairman and CEO Efraim Grinberg. “In particular, we remain pleased with the strong sell-through of our Movado and licensed brands, which continue to resonate very well with consumers and validate our strategic positioning in the marketplace.”
The big name, fashion watches are selling big in the markets today, giving watchmakers hope of a watch resurgence despite the recent decline of watch popularity for the general public. The sales increases promise that watches still hold a strong place in the hearts of consumers, though they may become more of a fashion statement than a time keeper.