In its watch and accessory brands operations, international sales decreased slightly from $123.6 million to $122.8 million. The company faced challenges in various areas last quarter. Profitability is also extremely high with a return on equity of 22% and return on assets above 13%, while the debt equals less than a full year of net profit. The company's balance sheet is strong as well with current assets of $563 million, $186 million of that in cash, far outpacing the companys $292 million in total liabilities. This has helped the company keep gross margins comfortably above 50% while producing a net profit of nearly $100,000 per employee. Movado has a tight control on costs and has enough brand power to increase prices of its watches over time. Drilling down into the financials, things look even better. Movado Group has grown steadily throughout the last decade, producing $103 million in net income over the last 12 months on $763 million in total revenue. While it does not have the cache of other mass watch producers like Rolex or Omega, it does earn a good deal of money. Movado, the flagship brand in the portfolio, is still a recognized luxury brand in the $600 billion market. Today Movado also owns the Concord and EBEL brands, along with licensing deals for Coach, Hugo Boss, Lacoste, MVMT, Olivia Burton, Tommy Hilfiger and Scuderia Ferrari watch brands.? The Museum watch features a simple black dial with a single dot at the 12 o'clock position, which has become a signature element of the company's design aesthetic. Over the years, Movado has collaborated with a number of famous designers, including Nathan George Horwitt, who created the iconic Museum watch in 1947. Founded in 1881 in La Chaux-de-Fonds, Switzerland by Achille Ditesheim, the company initially focused on designing and manufacturing pocket watches, but in 1905, it began producing wristwatches, which became increasingly popular.
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