Movado Group Inc.

Good day, everyone, and welcome to the Movado Group Inc. Fourth Quarter 2020 Earnings Conference Call. As a reminder, today's call is being recorded and may not be reproduced in whole or in part without permission from the company. At this time, I'd like to turn the call over to Rachel Schachter of ICR. You may now begin.

Thank you. Good morning, everyone. With me on the call is Efraim Grinberg, Chairman and Chief Executive Officer, and Sallie DeMarsilis, Chief Financial Officer. Before we get started, I would like to remind you of the company's safe harbor language, which I'm sure you're all familiar with. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC, which includes today's press release. If any non-GAAP financial measure is used on this call, a presentation of the most directly comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release. Now, I'd like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.

Good morning and welcome to Movado Group's year-end conference call. I will keep my remarks brief and then Sallie will review our fourth quarter and full year financial results in greater detail. Since we are operating remotely, we will not be taking any questions. We are today faced with an unprecedented global health crisis. And at this time, our principal concern is the well-being of our associates and partners around the world. We hope for a return to a more stable environment as soon as possible. with the massive threats to people's health and well-being diminishes. This pandemic has created a severe decline in discretionary consumer spending. As I speak to you today, all of our offices around the world, with the exception of China and Hong Kong, are closed, and employees are working remotely. All of our retail stores in the US, Canada, and the United Kingdom are closed. Our warehouse in New Jersey which is operating on a skeleton crew in order to promote the safety of our people is delivering e-commerce orders from Movado and Olivia Burton. Our European, Hong Kong, and Kentucky warehouses are still open with skeleton crews. Most of our customers have closed their stores as have many malls around the world. We are working on contingencies so that we can exit these unprecedented times successfully and for the long term. Thank you for joining us. including Tommy Hilfiger in Europe, India, and Mexico, as well as Hugo Boss and Lacoste in Europe, and Movado within the department store channel in the United States. In our e-commerce business, Movado continued to show strong growth. Movement faced some significant performance challenges with its current website over the holiday season. Although we have now partially rectified these issues, We are focusing on upgrading to Salesforce's Commerce Cloud platform this coming June. Olivia Burton and Coach both performed well in e-commerce in China. We have a fabulous portfolio of brands, customers and partners, and a dedicated team of employees. We are reducing costs and inventory and reallocating our resources to the areas of the business that we believe will drive our long-term success. We have been in this business for many years and endured many downturns and believe our powerful brands, focus on innovation and operating discipline position us well to successfully navigate through these unprecedented times. Before I turn the call over to Sallie to conclude the call with her remarks, I would like to thank all of you for listening and hope that all of you and your families remain safe. Sallie?