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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Jan. 31, 2021
Income Statement [Abstract]      
Net sales [1] $ 751,898 $ 732,393 $ 506,397
Cost of sales 318,003 313,328 235,898
Gross profit 433,895 419,065 270,499
Selling, general and administrative 313,541 301,574 256,707
Impairment of goodwill and intangible assets (Note 6) 0 0 155,919
Total operating expenses 313,541 301,574 412,626
Operating income/(loss) [2],[3],[4],[5],[6],[7] 120,354 117,491 (142,127)
Non-operating income/(expense):      
Other income (Note 19) 2,069 530 387
Gain on sale of a non-operating asset 0 0 1,317
Interest expense (518) (688) (1,959)
Income/(loss) before income taxes 121,905 117,333 (142,382)
Provision/(benefit) for income taxes (Note 14) 24,882 24,774 (31,188)
Net income/(loss) 97,023 92,559 (111,194)
Less: Net income attributable to noncontrolling interests 2,495 960 324
Net income/(loss) attributable to Movado Group, Inc. $ 94,528 $ 91,599 $ (111,518)
Basic income/(loss) per share:      
Weighted basic average shares outstanding 22,504 23,190 23,239
Net income/(loss) per share attributable to Movado Group, Inc. $ 4.20 $ 3.87 $ (4.80)
Diluted income/(loss) per share:      
Weighted diluted average shares outstanding 22,955 23,679 23,239
Net income/(loss) per share attributable to Movado Group, Inc. $ 4.12 $ 3.95 $ (4.80)
[1] The United States and International net sales are net of intercompany sales of $350.5 million, $358.9 million and $236.9 million for the fiscal years ended January 31, 2023, 2022 and 2021, respectively.
[2] 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.
[3] 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 established 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 established in response to the impact on its business due to the COVID-19 pandemic.
[4] Fiscal 2023, 2022 and 2021 operating income/(loss) in the United States locations of the Watch and Accessory Brands segment included $0.3 million, $0.4 million and $1.6 million, respectively, of expenses primarily related to the amortization of intangible assets, deferred compensation and certain accounting adjustments associated with the MVMT brand.
[5] Fiscal 2023, 2022 and 2021 operating (loss)/income in the International locations of the Watch and Accessory Brands segment included $2.6 million, $2.9 million and $2.7 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.
[6] The International operating income/(loss) included $81.0 million, $80.5 million and $63.0 million of certain intercompany profits related to the Company’s supply chain operations for the fiscal years ended January 31, 2023, 2022 and 2021, respectively.
[7] The United States operating income/(loss) included $37.0 million, $38.7 million and $29.1 million of unallocated corporate expenses for the fiscal years ended January 31, 2023, 2022 and 2021, respectively.