The Paramus, New Jersey-based watch company’s net income rose to $8.1 million in Q1 2019, a leap forward from the loss of $4.2 million reported in the prior year period, pushed by strong sales and expanding margins.
The Paramus, New Jersey-based watchmaker reported its fourth quarter and full fiscal year 2018 results on Thursday, announcing a sales increase of 14.1% in Q4, driven by strong performances in its European subsidiaries.
Movado has appointed two executives to lead digital and social media, and also form a new Digital Center of Excellence. Behzad Soltani is new chief digital officer and Michelle Barna-Stern is the new VP of social media.
Movado Group Inc. saw a major drop in sales for the first financial quarter of 2018, from $114.1 million in the same quarter last year to $99.3 million. The New Jersey-based company will put its focus on new products.
Swiss watchmakers expect the market to stay challenging this year with the United States, their second-biggest market, showing no signs of recovering, executives told Reuters at an industry fair in Basel.