Movado's net income rose 21%

Movado Group reported that revenue increased 6.1% year on year to $110 million for the first quarter that ended on April 30. Gross profit margin as a percentage of sales slipped to 54.5% compared with 56.9% one year ago. Cost of sales jumped 12.2% to $50.1 million, net income rose 21% to $8.2 million. Pretax gain from property sale in Switzerland. Inventory levels were flat year on year at $172.3 million and Movado's cash and cash equivalents fell 10.9% to $141.5 million. For the current fiscal year, Movado anticipates sales growth of approximately 12% and net income to improve about 28% to $48 million.