good everyone. morning, and Thank you, Efraim,
for our XXXX. fiscal For I will financial today’s results call, review
fiscal our out I full point and I like XXXX would quarter results for and in items XXXX. fiscal to the Before included begin, year special fourth
items these the describes also table non-GAAP and of release and press includes measures. GAAP Our
to charges, $X.X primarily the and accounting for assets, XXXX. compensation the million fiscal deferred purchase pre-tax Movado XXXX adjustments Group the acquired annual X, of intangible amortization results MVMT on in of related Included comprised was of MVMT October acquisition. consolidated
or million, the per $X.X $XXX,XXX After-tax, million $X.XX quarter XXXX. was after-tax fourth charge share. charge in fiscal dollars equates $X of of diluted to or this pre-tax the
XXXX included charge of or results equates million diluted million of or $X.X acquisition to recorded million for $XX.X pre-tax $X.X charge charges, this fourth integration GAAP consolidated $XX.X $X.XX of Our quarter. primarily million fiscal per the After-tax, this was related pre-tax in share. the MVMT. to dollars after-tax and
was $X.XX $XX.X non-operating year and pre-tax. Additionally, contingent per related $XX.X the associated gain included full in tax, was recorded $XX.X quarter. million $X.X XXXX gains of for equates share. of income million million in diluted of or second gain the fiscal a the of recorded a the acquisition million fourth the remeasurement quarter this to benefit After liability with MVMT this non-cash consideration to
XXXX fiscal to Movado of Olivia the the $X.X After $X.X approximately After full or results $X.XX of was $XXX,XXX to diluted which million the the million intangible per of the million July $XXX,XXX amortization $X.XX diluted was for $X.X in fiscal assets, charge, XXXX. X, on million XXXX related for the full included the acquisition in Burton of Group fourth approximately quarter. equates quarter. per acquired acquired charge $X.X equated Included tax, a year non-cash was tax, related the fourth share. which the to of for approximately in Similarly, charge or share. year
million diluted the items. fiscal impact as diluted certain per well Tax for accounting our recorded of the benefits Included $X.XX per foreign related fourth million in XXXX tax share the $X.X finalizing $X.XX was as quarter. Act, were share $XX in or consolidated or XXXX to discreet the for results of tax
connection diluted in estimates both cost fiscal $X.XX for a initiatives. savings $XXX,XXX share fiscal remaining tax XXXX Our results include in GAAP pre-tax XXXX to the accrual equates for change of XXXX and the which or benefit, after with fiscal per $XXX,XXX
in occurred fourth quarter. benefit this XXXX, the fiscal For
the balance of special will items remarks exclude disused. my The just
Now, turning to results. our
business X.X% constant decline of fiscal owned sales in $XXX an from In stores, constant decrease down which outlet the For internationally. sales end, and retail the partially XXXX. licensed XXXX, the and and brand. U.S., overall fourth increased increased was driven in a by was X.X%. XX.X%, or The these X.X% our of fourth dollars this This in quarter XX.X% quarter. fourth decrease our year’s quarter over decrease were in XX.X% million, $X.X fiscal last dollars, offset by million our decreased respectively sales sales brand in strength To were
segment decreased $XXX.X of our accessories watch sales compared In for million, as period constant in of and year. were brand sales last same to Sales $XXX.X dollars, million these X.X%. the
by million to the sales MVMT This Efraim owned By large as decreased accessories website was issues performance year. brand, geography, the plan, $XX.X business last our U.S. impacted a which cited. was to million brand $XX.X watch driven of from and primarily by decrease e-commerce with XX.X% being impact compared the adversely
X.X% business The as our brand growth in year. international and million $XX.X X.X% international Europe accessories million the dollars, prior watch in being to and sales sales $XX.X Middle increased increased compared constant East. the strongest with In to
the we from For up year. the the locations, locations last quarter, At XX business end the XX of stores quarter, XX.X% last including to year. was outlet two Canadian operated Company’s retail as compared
tariffs was currency the margins basis-point impact driven or of sales last compared the the was $XXX.X XX.X% in on profit of million, decrease foreign exchange year. gross The product of in by mix, or primarily to unfavorable channel U.S. unfavorable and and million fixed impact XXX in fourth additional Gross XX.X% special $XXX.X rate, costs lower change quarter of sales.
to compensation. recent costs, from performance-based Australia, a was locations, ventures primarily by company initiatives in X.X% $XX.X year’s were including and decrease growth, $X.X increasing our This Spain retail joint for to fourth related approximately increase last in offset our quarter. newest due of expenses Operating million operating future business and outlet million,
compared the Net Lower per period fiscal $X.X to XXXX and expenses in year-ago sales a per $X.XX an share operating $X.X in million period. million of $X.X $XX.X quarter the in the or same compared of $XX.X in to increase XXXX. expense fourth Income $X.X decline share tax to was net the million, diluted operating in million, versus was drove fourth quarter million income $X.XX income fiscal last or of income of diluted in year. million,
the XXXX. year Gross basis, for a Looking X.X% X.X%. sales, million, sales the was were from full was XXXX. $XX by an or for sales as compared fiscal increase dollar $XXX.X Operating $XXX ended constant was million, to or those results of in quarter. profit decrease XX.X% as income driven the fiscal $XX.X XX.X% million or sales, to million, fourth January The of On margin sales last increased in XX, X.X% compared year. items same of Sales million, the $XXX primarily XX.X% XXXX. or at of
rate $XX.X XX.X% was year. Income for tax rate XXXX, The tax mix compared the tax related XX.X% than our effective $XX for last result the limitation the million, And expense our tax expected, GILTI compared foreign tax, a of as than fiscal higher to year was to effective and year. a last of rate earnings. of last jurisdictional to effective portion a credits higher due the to tax was of million
million year. fiscal compared of was Net $XX.X the income $XX.X per share to per in current income million the to compared per Diluted in $X.XX prior to last year, year. share decreased $X.XX share earnings net
sheet. to our balance turning Now,
Accounts million, quarter $XXX.X of flow, year-end receivables to $X.X generated inventory we million year. last down was as year. cash of fourth fiscal $XXX.X the and period the of up and was X.X% were last our or XXXX, million During $X.X same to prior cash $XX.X the from million compared operating million at compared year as
the $XX year related million Olivia stock share approximately $XX.X Burton. were of million. which repurchased amortization million we was Depreciation assets MVMT intangible year, for to amortization repurchase of under program. expense the For the $XX.X of expenditures $X.X included $X.X million, acquired and Capital and our million
not increasing the of light outlook providing at In regarding financial the time. we’re COVID-XX evolving any pandemic, uncertainty this
our reductions implementing however, areas, as expenditures. as are well We reducing all across strategic cost functional capital
Company strong down cash reserve $XX has million drawn and our credit facility. a balance to position, the flexibility to on increase have we financial our additional since sheet an Although,
a our repurchase with resume also to when to as quarterly decided suspend share discontinue business our have until further warranted, an well notice. We dividend as to program regular expectation dividend conditions
our have important, you of working of balance at is we the taking With entire times. support our and the we the believe and navigate both communication we these precautions sheet challenging time team, the necessary to the feel are but same strength ability and management I Efraim and focus to remotely.
will that loved are ones staying such, not your taking you hope any I this well. and As morning. we be questions
