News In the first quarter of 2004, watchmaking group Movado recorded a net profit down by 16.3% to 736,000 dollars (860,000 dollars in the first quarter of 2003). But without the La Chaux-de-Fonds firm Ebel, taken over in March, this amount increased threefold to 2.6 million dollars.
Net turnover increased by 23.3% to 74.2 million dollars, against 60.2 million, indicated the Biel based group. Without Ebel, net sales rose by 17.6%.
Operating profit, for its part, fell to 1.7 million dollars, against 2.0 million one year previously. Without Ebel, operating profit was 4.1 million dollars. The gross margin was 58.5% (59.5% without the La Chaux-de-Fonds firm).
Movado President Efraim Grinberg expressed confidence with regard to Ebel’s growth and potential within the group. Financial targets have been maintained for 2004. Turnover should therefore reach 400 million dollars.
June 15, 2004