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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2020
Income Statement [Abstract]      
Net sales [1] $ 732,393 $ 506,397 $ 700,966
Cost of sales 313,328 235,898 326,077
Gross profit 419,065 270,499 374,889
Selling, general and administrative 301,574 256,707 331,898
Impairment of goodwill and intangible assets (Note 6) 0 155,919 0
Total operating expenses 301,574 412,626 331,898
Operating income/(loss) [1],[2],[3],[4],[5],[6],[7],[8] 117,491 (142,127) 42,991
Non-operating income/(expense):      
Other income (Note 19) 530 387 86
Gain on sale of a non-operating asset 0 1,317 0
Change in contingent consideration (Note 12) 0 0 15,356
Interest expense (688) (1,959) (930)
Income/(loss) before income taxes 117,333 (142,382) 57,503
Provision/(benefit) for income taxes (Note 14) 24,774 (31,188) 15,124
Net income/(loss) 92,559 (111,194) 42,379
Less: Net income/(loss) attributable to noncontrolling interest 960 324 (320)
Net income/(loss) attributable to Movado Group, Inc. $ 91,599 $ (111,518) $ 42,699
Basic income/(loss) per share:      
Weighted basic average shares outstanding 23,190 23,239 23,123
Net income/(loss) per share attributable to Movado Group, Inc. $ 3.95 $ (4.80) $ 1.85
Diluted income/(loss) per share:      
Weighted diluted average shares outstanding 23,679 23,239 23,297
Net income/(loss) per share attributable to Movado Group, Inc. $ 3.87 $ (4.80) $ 1.83
[1] The United States and International net sales are net of intercompany sales of $358.9 million, $236.9 million and $346.8 million for the fiscal years ended January 31, 2022, 2021 and 2020, respectively.
[2] Fiscal 2020 United States and International locations of the Watch and Accessory Brands operating (loss)/income included income of $0.3 million due to a change in estimate related to the Company’s fiscal 2018 cost savings initiatives.
[3] Fiscal 2021 operating loss in the United States locations of the Watch and Accessory Brands segment included a charge of $99.7 million, related to the impairment of goodwill and intangible assets associated with the MVMT brand. Fiscal 2021 operating loss in the International locations of the Watch and Accessory Brands segment included a charge of $56.2 million related to the impairment of goodwill associated with the Olivia Burton brand and City Time Joint Venture.
[4] Fiscal 2022 operating income in the United States locations and the International locations of the Watch and Accessory Brands segment included income of $0.1 million and $1.0 million, respectively, related to a reversal in certain corporate initiatives charges due to a change in estimate that the Company took in fiscal 2021 in response to the impact on its business due to the COVID-19 pandemic primarily due to a collection of a previously reserved receivable. Fiscal 2021 operating loss in the United States locations and the International locations of the Watch and Accessory Brands segment included a charge of $8.0 million and $4.6 million, respectively, related to the corporate initiatives that the Company took in response to the impact on its business due to the COVID-19 pandemic.
[5] Fiscal 2022, 2021 and 2020 operating income/(loss) in the United States locations of the Watch and Accessory Brands segment included $0.4 million, $1.6 million and $4.6 million, respectively, of expenses primarily related to the amortization of intangible assets, deferred compensation and certain accounting adjustments associated with the MVMT brand.
[6] Fiscal 2022, 2021 and 2020 operating (loss)/income in the International locations of the Watch and Accessory Brands segment included $2.9 million, $2.7 million and $2.8 million, respectively, of expenses primarily related to the amortization of acquired intangible assets, as a result of the Company’s acquisition of the Olivia Burton brand.
[7] The International operating income/(loss) included $80.5 million, $63.0 million and $73.3 million of certain intercompany profits related to the Company’s supply chain operations for the fiscal years ended January 31, 2022, 2021 and 2020, respectively.
[8] The United States operating income/(loss) included $38.7 million, $29.1 million and $29.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2022, 2021 and 2020, respectively.