2020-06-09 06:49:35 MOV Movado
06/09/20 06/0906:49 06/09/2006:49 | Movado reports Q1 adjusted EPS (56c) vs. 24c last yearReports Q1 revenue $69.7M vs. $146.5M last year. The company said, "Our Q1 had a strong start with performance in line with our expectations; however, the escalating COVID-19 pandemic created significant disruption to our operations and business during the remainder of the quarter. Our immediate focus was on ensuring the safety and health of our employees, customers and the communities where we operate. At the same time, we acted swiftly to position our Company to navigate through the crisis. The moves we implemented to ensure liquidity and tightly manage inventory and capital expenditures enabled us to end the quarter with net cash above the Q1 last year even with limited operations. We move forward with a highly variable cost structure as a result of a reduction of fixed expenses, thereby leaving us poised to be nimble and entrepreneurial in the future." |
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