The net sales increase was due to growth in the firm’s international wholesale business and its own store.
For the 12 months to 31 January, Movado Group’s international net sales increased by 8.2% from a year earlier.
The luxury watchmaker’s net income for the year was $94.5m, up from $91.59m in FY22.
Movado Group chairman and CEO Efraim Grinberg said: “We managed our business well throughout the year, driving Movado Group to a record year for net sales and operating income with expansion in gross profit margin, as compared to FY22.
“We achieved this while generating fourth quarter results that, as expected, moderated from the fourth quarter of the prior year.”
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Movado Group’s operating income for FY23 stood at $120.4m, an increase from $117.5m a year earlier.
Grinberg said the firm could continue to face a ‘difficult’ retail market in the US and Europe going forward.
He added: “Our strong balance sheet, with over $251m in cash and no debt, allows us to navigate through this period of uncertainty while continuing to invest behind our brands, our teams and our customers.”
Movado Group’s operating expenses in FY23 were $313.5m, compared with $301.6m in fiscal 2022.
This increase was mainly due to higher payroll-related costs and marketing expenses as well as other operating expenses to support the net sales increase.
In the fourth quarter of FY23, Movado repurchased around 103,500 shares under its November 2021 share repurchase programme.
In addition, Movado’s board has approved a regular quarterly dividend of $0.35 for each share, as well as a $1.00/share special dividend.
For fiscal 2024 (FY24), the company anticipates net sales of between $725m and $750m.