Movado's posts 4Q profit increase by 40%

Movado Group revenue increased by 1.2% year on year to $133.9 million. For the fourth quarter which included Christmas sales ending on Jan 31. However, revenue declined 4.4% when compared with adjusted net sales during the prior year, due to the impact of a $7.8 million charge for the anticipated sales returns related Movado’s ESQ reallocation strategy, Despite the rise in cost of sales at 5.6% amounting to $66.5 million, The profit jumped 35.5% to $9.9 million, while net income attributable to Movado Group increased 39.7% to $10.1 million or 40 cents per share.