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Apr 30, 2020
Movado Q1 2021 Earnings Report
Movado Group's first quarter results were significantly affected by the COVID-19 pandemic, with net sales decreasing and a net loss reported, but the company took actions to ensure liquidity and manage expenses.
Key Takeaways
Movado Group reported a challenging first quarter due to the COVID-19 pandemic. Net sales decreased by 52.5% to $69.7 million, and the company experienced a net loss of $150.0 million, or ($6.48) per diluted share. However, the company ended the quarter with $188 million in cash and implemented measures to minimize expenses and preserve financial health.
Net sales decreased 52.5% to $69.7 million compared to $146.5 million in the first quarter of last year.
The company recorded a net loss of $150.0 million, or ($6.48) per diluted share, compared to net income of $3.9 million, or $0.17 per diluted share, in the same quarter last year.
Adjusted net loss was $12.9 million, or ($0.56) per diluted share, excluding certain charges.
The company ended the first quarter with $188 million in cash.
Forward Guidance
Given the dynamic nature of the COVID-19 crisis and lack of visibility, the potential financial impact to the business cannot be reasonably estimated and the Company is refraining from providing fiscal 2021 guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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