Business & Tech
Paramus-Based Movado Reports Quarterly Profits Up
The watchmaker saw an increase in sales and sold a building in Switzerland for $1.5 million.
The Paramus-based Movado Group, which makes Swiss watches for a variety of brands, reported Wednesday that its net sales for the quarter ending April 30 were up 6.1 percent compared to one year ago.
Net income increased from $8.2 million for the first quarter last year to $6.6 million for the first quarter this year, aided partially by the $1.5 million sale of a building in Switzerland.
"We began the year strong, continuing our positive sales momentum from fiscal 2013," Movado Chairman and CEO Efraim Grinberg said in a press release.
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Grinberg said he expected their new Ferrari watch collection and "repositioned" Coach line to add to second quarter profits. They are anticipating a 12 percent increase in net sales for the fiscal year for a total between $570 million and $575 million.
Movado was originally founded in Switzerland in the 19th century. They are currently based in Paramus and make watches under their own name and Concord, Ebel and ESQ, among others.
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