Movado Group (NYSE: MOV) reported Q4 EPS of $0.15, versus $0.74 reported last year. Revenue for the quarter came in at $191 million, versus $199.4 million reported last year.

Fiscal 2021 Outlook and COVID-19 Update

Given the rapidly changing environment with COVID-19, the Company is refraining from providing fiscal 2021 guidance. The Company expects the COVID-19 pandemic to negatively impact its business, results of operations, and financial position; however, the related financial impact cannot be reasonably estimated at this time.

The Company is taking a number of proactive measures to increase its financial flexibility during this period of uncertainty, including strategic cost reductions across all functional areas and borrowing an additional $30 million on its revolving credit facility in March 2020. The Company’s strong balance sheet, with approximately $190 million of cash as of March 25, 2020, will help it navigate the current unprecedented situation. Additionally, the Company maintains strong, long-term relationships with its vendors, landlords and banking partners.

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