Movado Group Discontinues Dividend, Share Buyback - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter and fiscal 2020 on Thursday, Movado Group, Inc. (MOV) refrained from providing financial guidance for the full year 2021 due to the increasing uncertainty related to the potential impacts of coronavirus (COVID-19) pandemic. 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 has already closed all of its stores and asked office workers around the world to work from home, with the exception of Asia which recently reopened.

Additionally, the company's Board of Directors has decided to discontinue the regular quarterly dividend until further notice with an expectation to resume the dividend when business conditions warrant it. They have also has determined to suspend share repurchases until further notice.