BERN: The Movado Group reported that its sales were flat year-on-year at $120.4 million during the first quarter that ended April 30, 2015.
The company, a Swiss watch maker headquartered in New Jersey, said that the lack of sales growth was due primarily to the impact of fluctuating exchange rates between the dollar and the Swiss franc and euro. Sales during the quarter rose 5 percent on a constant-exchange rate basis, according to the company.
Movado group said that the negative impact of unfavorable foreign currency exchange rates on sales was partially offset by improvements in channel and product mix. Group net profit fell 51 percent to $3.6 million during the quarter, due primarily to a $2.7 million pre-tax charge related to operating efficiency initiatives and other items implemented in the early fiscal 2016.
