EXHIBIT 99.1


CONTACT:
 
ICR, Inc.
   
Rachel Schacter/Allison Malkin
   
203-682-8200

FINAL


MOVADO GROUP, INC. ANNOUNCES FOURTH QUARTER
AND FISCAL YEAR 2020 RESULTS

~ Fiscal Year 2020 Net Sales Increased 3.1% to $701.0 Million ~
~ Fiscal Year 2020 Operating Income of $43.0 Million; Adjusted Operating Income of $50.0 Million ~
~ Fiscal Year 2020 Earnings Per Share of $1.83; Fiscal Year 2020 Adjusted Earnings Per Share of $1.57, includes a 26.4% Effective Tax Rate ~
~ Discontinues Quarterly Dividend Pending Clarity on COVID-19 ~

Paramus, NJ – March 26, 2020 -- Movado Group, Inc. (NYSE: MOV) today announced fourth quarter and fiscal year 2020 results for the periods ended January 31, 2020.

Efraim Grinberg, Chairman and Chief Executive Officer, stated, “In a period of unprecedented times where COVID-19 has affected communities around the world, we’re focused on the health of our associates, customers and business partners. We have temporarily closed all of our stores and asked office workers around the world to work from home, with the exception of Asia which recently reopened. Due to the increasing uncertainty related to the potential impacts of COVID-19, we are not providing an annual outlook at this time.”

Mr Grinberg continued, “In the near term, we are reducing costs and allocating our resources to maximize financial flexibility and allow us to navigate through a difficult environment. We’re fortunate to have balance sheet strength with approximately $190 million in cash as of March 25, 2020 after giving effect to a recent draw down of $30 million on our credit facility. We have decided to discontinue our regular quarterly dividend with an expectation to resume the dividend when business conditions warrant it. We believe that our powerful portfolio of brands, and talented and passionate team that is focused on bringing to market innovative assortments will serve us well when conditions stabilize. Overall, we believe we are well positioned to navigate these challenging times.”

Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)
Fourth quarter fiscal 2020 results of operations included the following charges and benefits:

Operating expenses include a $0.7 million pre-tax charge, or $0.6 million after tax, representing $0.03 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition of Olivia Burton;

$1.0 million pre-tax charge, or $0.8 million after tax, representing $0.03 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT; and

Other non-operating income includes a favorable $1.7 million pre-tax benefit, or $1.3 million after tax, representing $0.06 per diluted share, associated with the remeasurement of the contingent consideration liability associated with the MVMT acquisition.


The following information was filed by Movado Group Inc (MOV) on Thursday, March 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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