* Comparable store sales increased 5.0% at the Company's Movado boutiques matching a 5.0% gain achieved last year.
* Gross profit was $236.0 million, or 60.4% of sales, compared to $209.0 million, or 60.6% of sales in the year-ago period. Excluding excess discontinued product sales, adjusted gross profit was $236.0 million, or 62.4% of sales.
* Operating profit was $37.3 million versus $33.4 million last year and includes the previously mentioned unusual items recorded in the third quarter of this year.
* Net interest expense was $0.6 million versus $2.9 million last year.
* Income tax expense of $1.0 million reflects a 2.8% tax rate in the year-to-date period compared to income tax expense of $7.9 million, or a 25.0% tax rate recorded last year, and reflects the further utilization of the Swiss NOL acquired with the Ebel brand in fiscal 2005.
* On a reported basis, net income and earnings per share were $36.1 million and $1.35, respectively, versus net income of $23.7 million and earnings per diluted share of $0.91 in the year-ago period.
Efraim Grinberg, President and Chief Executive Officer, commented, "We are very pleased with our performance in the third quarter reflecting the strength of our brands and the consistent execution of our strategies."
Rick Cote, Executive Vice President and Chief Operating Officer, stated, "Our strong financial results and balance sheet speak to the fundamental strength of our business model."
marketing@alchempro.com
