Movado Group Announces Results and Retail Boutique Closings
Movado Group, Inc. has announced its first quarter results. The company enjoyed top-line growth of 25%, though the bottom line did not fair as well, with an adjusted net loss of $4.8 million. The company also announced that it will close its retail boutique division effective June 30, 2010 in an effort to redirect investment toward higher return businesses. The move does not affect the company’s 31 outlet stores, nor will it affect the company’s flagship Movado Boutique in New York’s Rockefeller Center. Regarding the boutique closings, Rick Cote, President and Chief Operating Officer of Movado Group, Inc., said, “Following several years of unprofitability and a strategic review of the business, we have decided to close our retail boutique division. We believe that this action will assist Movado Group to return U.S. operations to profitability. We will continue to make strategic investments in our brands to capitalize on growth prospects, build market share and e

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