Movado Group posts $4.4 million profit in Q2

The Movado Group reported a 33 percent year on year increase in second-quarter revenue for fiscal-year 2012 at $113.2 million and the cost of sales rose 28 percent to $52.3 million for the three months that ended on July 31.  Movado posted profit of $4.4 million compared with a loss of nearly $21 million one year ago. Gross profit rose to 53.8 percent of sales, compared with 52 percent one year ago.  The increase was primarily the result of leverage on certain fixed costs as well as a favorable shift in channel and product mix. Based upon second-quarter results, Movado reiterated its prior guidance for the full fiscal 2012 to anticipate net income in the range of $15 million to $16.5 million.