First-quarter sales of well-known watchmaker Movado fell 13% to a net loss of $ 4.16 million
Movado, a well-known watchmaker known for its Museum Watch collection, recently reported first-quarter fiscal 2017 earnings, dipped in the downturn in the US retail sector and reported a 13% year-on-year decrease in sales for Movado in the first quarter. For the first three months ended April 30, 2017, Movado's core financial figures are as follows:
Net sales of 99.26 million U.S. dollars, a year-on-year decrease of 13% Gross profit 49.13 million U.S. dollars, down 20% from the same period of previous year. Operating costs dropped from 55.9 million U.S. dollars to 52.8 million U.S. dollars. The decrease was from retail sales, with a net loss of 4.16 million U.S. dollars.
Evora Grinberg, Chairman and CEO of Movado, blames the downturn in sales on the downturn in the overall retail environment in the United States. He said: "We recognized this trend early in the overall planning process, and through decisive action to mitigate the resulting impact, greatly reducing operating costs.Expected this year the US retail market will continue to face challenges we expect in the international market Increase. "
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