MOVADO GROUP, INC. Selected Financial Data The selected financial data presented below has been derived from the Consolidated Financial Statements. This information should be read in conjunction with, and is qualified in its entirety by, the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Amounts are in thousands except per share amounts. $^{(1)}$Includes $8.3 million pre-tax or $0.46 per share after tax one-time charge and $4.8 million pre-tax or $0.28 per share after tax gain from the sale of the Company’s Piaget business during 2000. Excluding these items, net income would have been $15.9 million or $1.24 per share on a diluted basis. 60 Fiscal Year Ended January 31, 2001 2000 1999 1998 1997 Statement of income data: Net sales $320,841 $295,067 $277,836 $237,005 $215,107 Cost of sales 123,392 126,667 111,766 97,456 95,031 Selling, general and administrative 163,317 152,631 133,395 113,593 99,657 Total expenses  286,709 279,298 245,161 211,049 194,688 Operating income 34,132 15,769 32,675 25,956 20,419 Gain on disposition of business 4,752 Net interest expense 6,443 5,372 5,437 5,383 4,874 Income before income taxes 27,689 15,149 27,238 20,573 15,545 Provision for income taxes 6,922 1,428 6,265 4,731 3,853 Net income  (1) $020,767 $013,721 $020,973 $015,842 $011,692 Net income per share-Basic  $0001.78 $0001.10 $0001.63 $0001.35 $0001.04 Net income per share-Diluted  (1) $1.75 $0001.06 $0001.58 $0001.29 $00v1.02 Basic shares outstanding 11,651 12,527 12,842 11,736 11,273 Diluted shares outstanding 11,866 12,890 13,256 12,236 11,489 Cash dividends declared per share $000.105 $0000.10 $0000.08 $00v0.08 $000.064 Balance sheet data (end of period): Working capital $154,637 $157,465 $191,033 $157,103 $126,690 Total assets 290,405 259,649 296,375 249,069 208,443 Long-term debt 40,000 45,000 55,000 35,000 40,000 Shareholders’ equity $159,470 $147,815 $162,608 $145,533 $013,870