XML 44 R33.htm IDEA: XBRL DOCUMENT v3.25.1
Quarterly Financial Information (Unaudited)
 12 Months Ended
Jan. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (unaudited)

NOTE 20 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The Company is presenting herein restated unaudited interim condensed consolidated financial information for each of the previously reported quarters during the fiscal years ended January 31, 2025 and 2024 and for the year-to-date periods then ended. See Note 1A - Restatement of Previously Issued Consolidated Financial Statements for additional information on the restatement. The Company will effectuate the restatement of the unaudited interim condensed consolidated financial information for the first three quarters of the fiscal year ended January 31, 2025 as part of filing interim Form 10-Qs for the fiscal year ended January 31, 2026.

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

For the Three Months Ended January 31, 2025

 

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

 

 

Net sales

 

$

134,379

 

 

$

157,000

 

 

$

180,524

 

 

$

181,475

 

Gross profit

 

$

72,920

 

 

$

85,252

 

 

$

96,630

 

 

$

98,338

 

Operating income

 

$

2,118

 

 

$

2,642

 

 

$

6,033

 

 

$

9,222

 

Net income

 

$

2,139

 

 

$

3,566

 

 

$

5,046

 

 

$

8,458

 

Net income attributable to Movado Group, Inc.

 

$

2,015

 

 

$

3,469

 

 

$

4,827

 

 

$

8,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.09

 

 

$

0.16

 

 

$

0.22

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.09

 

 

$

0.15

 

 

$

0.21

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

For the Three Months Ended January 31, 2024

 

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

Net sales

 

$

146,544

 

 

$

158,020

 

 

$

184,072

 

 

$

175,753

 

Gross profit

 

$

82,733

 

 

$

87,530

 

 

$

99,802

 

 

$

94,094

 

Operating income

 

$

11,629

 

 

$

7,892

 

 

$

18,166

 

 

$

10,783

 

Net income

 

$

9,903

 

 

$

6,676

 

 

$

15,497

 

 

$

10,099

 

Net income attributable to Movado Group, Inc.

 

$

9,754

 

 

$

6,538

 

 

$

15,216

 

 

$

9,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.44

 

 

$

0.29

 

 

$

0.69

 

 

$

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.43

 

 

$

0.29

 

 

$

0.67

 

 

$

0.43

 

 

 

For the Three Months Ended April 30, 2024

 

For the Three Months Ended July 31, 2024

 

For the Three Months Ended October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$136,669

 

$(2,290)

 

$134,379

 

$159,313

 

$(2,313)

 

$157,000

 

$182,727

 

$(2,203)

 

$180,524

Cost of sales

 

61,156

 

303

 

61,459

 

72,948

 

(1,200)

 

71,748

 

84,331

 

(437)

 

83,894

Gross profit

 

75,513

 

(2,593)

 

72,920

 

86,365

 

(1,113)

 

85,252

 

98,396

 

(1,766)

 

96,630

Selling, general and administrative

 

72,202

 

(1,400)

 

70,802

 

83,335

 

(725)

 

82,610

 

91,846

 

(1,249)

 

90,597

Operating income

 

3,311

 

(1,193)

 

2,118

 

3,030

 

(388)

 

2,642

 

6,550

 

(517)

 

6,033

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

2,172

 

—

 

2,172

 

1,877

 

—

 

1,877

 

1,522

 

—

 

1,522

Interest expense

 

(118)

 

—

 

(118)

 

(110)

 

—

 

(110)

 

(144)

 

—

 

(144)

Income/(loss) before income taxes

 

5,365

 

(1,193)

 

4,172

 

4,797

 

(388)

 

4,409

 

7,928

 

(517)

 

7,411

Provision/(benefit) for income taxes

 

2,302

 

(269)

 

2,033

 

936

 

(93)

 

843

 

2,495

 

(130)

 

2,365

Net income/(loss)

 

3,063

 

(924)

 

2,139

 

3,861

 

(295)

 

3,566

 

5,433

 

(387)

 

5,046

Less: Net income/(loss) attributable to noncontrolling interest

 

172

 

(48)

 

124

 

140

 

(43)

 

97

 

383

 

(164)

 

219

Net income/(loss) attributable to Movado Group, Inc.

 

$2,891

 

$(876)

 

$2,015

 

$3,721

 

$(252)

 

$3,469

 

$5,050

 

$(223)

 

$4,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,253

 

—

 

22,253

 

22,303

 

—

 

22,303

 

22,283

 

—

 

22,283

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.13

 

$(0.04)

 

$0.09

 

$0.17

 

$(0.01)

 

$0.16

 

$0.23

 

$(0.01)

 

$0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,673

 

—

 

22,673

 

22,658

 

—

 

22,658

 

22,559

 

—

 

22,559

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.13

 

$(0.04)

 

$0.09

 

$0.16

 

$(0.01)

 

$0.15

 

$0.22

 

$(0.01)

 

$0.21

 

 

 

For the Six Months Ended July 31, 2024

 

For the Nine Months Ended October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$295,982

 

$(4,603)

 

$291,379

 

$478,709

 

$(6,806)

 

$471,903

Cost of sales

 

134,104

 

(897)

 

133,207

 

218,435

 

(1,334)

 

217,101

Gross profit

 

161,878

 

(3,706)

 

158,172

 

260,274

 

(5,472)

 

254,802

Selling, general and administrative

 

155,537

 

(2,125)

 

153,412

 

247,383

 

(3,374)

 

244,009

Operating income

 

6,341

 

(1,581)

 

4,760

 

12,891

 

(2,098)

 

10,793

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

4,049

 

—

 

4,049

 

5,571

 

—

 

5,571

Interest expense

 

(228)

 

—

 

(228)

 

(372)

 

—

 

(372)

Income/(loss) before income taxes

 

10,162

 

(1,581)

 

8,581

 

18,090

 

(2,098)

 

15,992

Provision/(benefit) for income taxes

 

3,238

 

(362)

 

2,876

 

5,733

 

(492)

 

5,241

Net income/(loss)

 

6,924

 

(1,219)

 

5,705

 

12,357

 

(1,606)

 

10,751

Less: Net income/(loss) attributable to noncontrolling interest

 

312

 

(91)

 

221

 

695

 

(255)

 

440

Net income/(loss) attributable to Movado Group, Inc.

 

$6,612

 

$(1,128)

 

$5,484

 

$11,662

 

$(1,351)

 

$10,311

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,278

 

—

 

22,278

 

22,280

 

—

 

22,280

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.30

 

$(0.05)

 

$0.25

 

$0.52

 

$(0.06)

 

$0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,665

 

—

 

22,665

 

22,627

 

—

 

22,627

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.29

 

$(0.05)

 

$0.24

 

$0.52

 

$(0.06)

 

$0.46

 

 

 

For the Three Months Ended April 30, 2023

 

For the Three Months Ended July 31, 2023

 

For the Three Months Ended October 31, 2023

 

For the Three Months Ended January 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$144,905

 

$1,639

 

$146,544

 

$160,390

 

$(2,370)

 

$158,020

 

$187,686

 

$(3,614)

 

$184,072

 

$179,620

 

$(3,867)

 

$175,753

Cost of sales

 

62,902

 

909

 

63,811

 

71,104

 

(614)

 

70,490

 

85,358

 

(1,088)

 

84,270

 

82,843

 

(1,184)

 

81,659

Gross profit

 

82,003

 

730

 

82,733

 

89,286

 

(1,756)

 

87,530

 

102,328

 

(2,526)

 

99,802

 

96,777

 

(2,683)

 

94,094

Selling, general and administrative

 

71,104

 

—

 

71,104

 

79,638

 

—

 

79,638

 

81,636

 

—

 

81,636

 

83,311

 

—

 

83,311

Operating income

 

10,899

 

730

 

11,629

 

9,648

 

(1,756)

 

7,892

 

20,692

 

(2,526)

 

18,166

 

13,466

 

(2,683)

 

10,783

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

1,025

 

—

 

1,025

 

1,537

 

—

 

1,537

 

1,632

 

—

 

1,632

 

1,800

 

—

 

1,800

Interest expense

 

(113)

 

—

 

(113)

 

(113)

 

—

 

(113)

 

(135)

 

—

 

(135)

 

(136)

 

—

 

(136)

Income/(loss) before income taxes

 

11,811

 

730

 

12,541

 

11,072

 

(1,756)

 

9,316

 

22,189

 

(2,526)

 

19,663

 

15,130

 

(2,683)

 

12,447

Provision/(benefit) for income taxes

 

2,534

 

104

 

2,638

 

2,885

 

(245)

 

2,640

 

4,519

 

(353)

 

4,166

 

2,723

 

(375)

 

2,348

Net income/(loss)

 

9,277

 

626

 

9,903

 

8,187

 

(1,511)

 

6,676

 

17,670

 

(2,173)

 

15,497

 

12,407

 

(2,308)

 

10,099

Less: Net income/(loss) attributable to noncontrolling interest

 

149

 

—

 

149

 

138

 

—

 

138

 

281

 

—

 

281

 

262

 

—

 

262

Net income/(loss) attributable to Movado Group, Inc.

 

$9,128

 

$626

 

$9,754

 

$8,049

 

$(1,511)

 

$6,538

 

$17,389

 

$(2,173)

 

$15,216

 

$12,145

 

$(2,308)

 

$9,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,226

 

—

 

22,226

 

22,231

 

—

 

22,231

 

22,209

 

—

 

22,209

 

22,218

 

—

 

22,218

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.41

 

$0.03

 

$0.44

 

$0.36

 

$(0.07)

 

$0.29

 

$0.78

 

$(0.09)

 

$0.69

 

$0.55

 

$(0.11)

 

$0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,672

 

—

 

22,672

 

22,616

 

—

 

22,616

 

22,677

 

—

 

22,677

 

22,708

 

—

 

22,708

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.40

 

$0.03

 

$0.43

 

$0.36

 

$(0.07)

 

$0.29

 

$0.77

 

$(0.10)

 

$0.67

 

$0.53

 

$(0.10)

 

$0.43

 

 

 

For the Six Months Ended July 31, 2023

 

For the Nine Months Ended October 31, 2023

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$305,295

 

$(731)

 

$304,564

 

$492,981

 

$(4,345)

 

$488,636

Cost of sales

 

134,006

 

295

 

134,301

 

219,364

 

(793)

 

218,571

Gross profit

 

171,289

 

(1,026)

 

170,263

 

273,617

 

(3,552)

 

270,065

Selling, general and administrative

 

150,742

 

—

 

150,742

 

232,378

 

—

 

232,378

Operating income

 

20,547

 

(1,026)

 

19,521

 

41,239

 

(3,552)

 

37,687

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

2,562

 

—

 

2,562

 

4,194

 

—

 

4,194

Interest expense

 

(226)

 

—

 

(226)

 

(361)

 

—

 

(361)

Income/(loss) before income taxes

 

22,883

 

(1,026)

 

21,857

 

45,072

 

(3,552)

 

41,520

Provision/(benefit) for income taxes

 

5,419

 

(141)

 

5,278

 

9,938

 

(494)

 

9,444

Net income/(loss)

 

17,464

 

(885)

 

16,579

 

35,134

 

(3,058)

 

32,076

Less: Net income/(loss) attributable to noncontrolling interest

 

287

 

—

 

287

 

568

 

—

 

568

Net income/(loss) attributable to Movado Group, Inc.

 

$17,177

 

$(885)

 

$16,292

 

$34,566

 

$(3,058)

 

$31,508

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,229

 

—

 

22,229

 

22,222

 

—

 

22,222

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.77

 

$(0.04)

 

$0.73

 

$1.56

 

$(0.14)

 

$1.42

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,642

 

—

 

22,642

 

22,641

 

—

 

22,641

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.76

 

$(0.04)

 

$0.72

 

$1.53

 

$(0.14)

 

$1.39

 

 

April 30, 2024

 

July 31, 2024

 

October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$225,372

 

—

 

$225,372

 

$198,251

 

—

 

$198,251

 

$181,548

 

—

 

$181,548

Trade receivables, net

 

101,722

 

(20,706)

 

81,016

 

109,784

 

(23,075)

 

86,709

 

139,163

 

(25,310)

 

113,853

Inventories

 

159,618

 

5,552

 

165,170

 

176,396

 

6,764

 

183,160

 

168,929

 

7,208

 

176,137

Other current assets

 

22,258

 

—

 

22,258

 

26,421

 

—

 

26,421

 

22,625

 

—

 

22,625

Income taxes receivable

 

8,336

 

(266)

 

8,070

 

13,088

 

(397)

 

12,691

 

7,922

 

(622)

 

7,300

Total current assets

 

517,306

 

(15,420)

 

501,886

 

523,940

 

(16,708)

 

507,232

 

520,187

 

(18,724)

 

501,463

Property, plant and equipment, net

 

19,037

 

—

 

19,037

 

20,315

 

—

 

20,315

 

20,480

 

—

 

20,480

Operating lease right-of-use assets

 

89,155

 

—

 

89,155

 

85,350

 

—

 

85,350

 

88,892

 

—

 

88,892

Deferred and non-current income taxes

 

43,280

 

—

 

43,280

 

42,685

 

—

 

42,685

 

43,767

 

—

 

43,767

Other intangibles, net

 

6,935

 

—

 

6,935

 

6,645

 

—

 

6,645

 

6,192

 

—

 

6,192

Other non-current assets

 

75,702

 

—

 

75,702

 

80,253

 

—

 

80,253

 

86,358

 

—

 

86,358

Total assets

 

$751,415

 

$(15,420)

 

$735,995

 

$759,188

 

$(16,708)

 

$742,480

 

$765,876

 

$(18,724)

 

$747,152

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$32,999

 

—

 

$32,999

 

$36,769

 

—

 

$36,769

 

$29,429

 

—

 

$29,429

Accrued liabilities

 

41,976

 

(250)

 

41,726

 

45,074

 

(500)

 

44,574

 

51,245

 

(750)

 

50,495

Accrued payroll and benefits

 

7,340

 

(1,150)

 

6,190

 

9,778

 

(1,625)

 

8,153

 

12,541

 

(2,625)

 

9,916

Current operating lease liabilities

 

18,192

 

—

 

18,192

 

18,352

 

—

 

18,352

 

18,851

 

—

 

18,851

Income taxes payable

 

6,459

 

(2,196)

 

4,263

 

8,962

 

(2,420)

 

6,542

 

9,760

 

(2,775)

 

6,985

Total current liabilities

 

106,966

 

(3,596)

 

103,370

 

118,935

 

(4,545)

 

114,390

 

121,826

 

(6,150)

 

115,676

Deferred and non-current income taxes payable

 

8,143

 

—

 

8,143

 

1,028

 

—

 

1,028

 

1,188

 

—

 

1,188

Non-current operating lease liabilities

 

79,749

 

—

 

79,749

 

76,314

 

—

 

76,314

 

79,410

 

—

 

79,410

Other non-current liabilities

 

52,877

 

—

 

52,877

 

56,336

 

—

 

56,336

 

57,028

 

—

 

57,028

Total liabilities

 

247,735

 

(3,596)

 

244,139

 

252,613

 

(4,545)

 

248,068

 

259,452

 

(6,150)

 

253,302

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

Common Stock, $0.01 par value, 100,000,000 shares authorized; 29,131,595, 29,169,952 and 29,174,709 shares issued and outstanding, respectively

 

291

 

—

 

291

 

292

 

—

 

292

 

292

 

—

 

292

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,483,116, 6,458,376 and 6,458,376 shares issued and outstanding, respectively

 

64

 

—

 

64

 

64

 

—

 

64

 

64

 

—

 

64

Capital in excess of par value

 

240,923

 

—

 

240,923

 

242,039

 

—

 

242,039

 

243,311

 

—

 

243,311

Retained earnings

 

465,435

 

(11,784)

 

453,651

 

461,382

 

(12,036)

 

449,346

 

458,660

 

(12,259)

 

446,401

Accumulated other comprehensive income

 

82,073

 

8

 

82,081

 

87,838

 

(36)

 

87,802

 

90,323

 

(61)

 

90,262

Treasury Stock, 13,404,954, 13,408,334 and 13,490,483 shares, respectively, at cost

 

(287,414)

 

—

 

(287,414)

 

(287,499)

 

—

 

(287,499)

 

(289,067)

 

—

 

(289,067)

Total Movado Group, Inc. shareholders' equity

 

501,372

 

(11,776)

 

489,596

 

504,116

 

(12,072)

 

492,044

 

503,583

 

(12,320)

 

491,263

Noncontrolling interest

 

2,308

 

(48)

 

2,260

 

2,459

 

(91)

 

2,368

 

2,841

 

(254)

 

2,587

Total equity

 

503,680

 

(11,824)

 

491,856

 

506,575

 

(12,163)

 

494,412

 

506,424

 

(12,574)

 

493,850

Total liabilities and equity

 

$751,415

 

$(15,420)

 

$735,995

 

$759,188

 

$(16,708)

 

$742,480

 

$765,876

 

$(18,724)

 

$747,152

 

 

April 30, 2023

 

July 31, 2023

 

October 31, 2023

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$198,257

 

—

 

$198,257

 

$218,909

 

—

 

$218,909

 

$200,965

 

—

 

$200,965

Trade receivables, net

 

94,037

 

(8,577)

 

85,460

 

95,821

 

(10,947)

 

84,874

 

135,523

 

(14,561)

 

120,962

Inventories

 

195,235

 

2,973

 

198,208

 

181,448

 

3,587

 

185,035

 

171,966

 

4,675

 

176,641

Other current assets

 

25,804

 

—

 

25,804

 

25,206

 

—

 

25,206

 

18,856

 

—

 

18,856

Income taxes receivable

 

12,057

 

(59)

 

11,998

 

12,988

 

(48)

 

12,940

 

11,135

 

(32)

 

11,103

Total current assets

 

525,390

 

(5,663)

 

519,727

 

534,372

 

(7,408)

 

526,964

 

538,445

 

(9,918)

 

528,527

Property, plant and equipment, net

 

19,075

 

—

 

19,075

 

19,740

 

—

 

19,740

 

19,458

 

—

 

19,458

Operating lease right-of-use assets

 

76,194

 

—

 

76,194

 

71,358

 

—

 

71,358

 

84,212

 

—

 

84,212

Deferred and non-current income taxes

 

45,049

 

—

 

45,049

 

45,004

 

—

 

45,004

 

44,814

 

—

 

44,814

Other intangibles, net

 

8,996

 

—

 

8,996

 

8,432

 

—

 

8,432

 

7,688

 

—

 

7,688

Other non-current assets

 

66,792

 

—

 

66,792

 

70,791

 

—

 

70,791

 

68,780

 

—

 

68,780

Total assets

 

$741,496

 

$(5,663)

 

$735,833

 

$749,697

 

$(7,408)

 

$742,289

 

$763,397

 

$(9,918)

 

$753,479

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$24,443

 

—

 

$24,443

 

$28,435

 

—

 

$28,435

 

$22,998

 

—

 

$22,998

Accrued liabilities

 

48,858

 

—

 

48,858

 

47,135

 

—

 

47,135

 

57,165

 

—

 

57,165

Accrued payroll and benefits

 

7,597

 

—

 

7,597

 

10,976

 

—

 

10,976

 

10,317

 

—

 

10,317

Current operating lease liabilities

 

17,558

 

—

 

17,558

 

17,069

 

—

 

17,069

 

15,885

 

—

 

15,885

Income taxes payable

 

17,557

 

(747)

 

16,810

 

18,078

 

(981)

 

17,097

 

20,024

 

(1,318)

 

18,706

Total current liabilities

 

116,013

 

(747)

 

115,266

 

121,693

 

(981)

 

120,712

 

126,389

 

(1,318)

 

125,071

Deferred and non-current income taxes payable

 

14,540

 

—

 

14,540

 

8,321

 

—

 

8,321

 

7,966

 

—

 

7,966

Non-current operating lease liabilities

 

66,743

 

—

 

66,743

 

63,565

 

—

 

63,565

 

76,929

 

—

 

76,929

Other non-current liabilities

 

49,287

 

—

 

49,287

 

52,220

 

—

 

52,220

 

49,195

 

—

 

49,195

Total liabilities

 

246,583

 

(747)

 

245,836

 

245,799

 

(981)

 

244,818

 

260,479

 

(1,318)

 

259,161

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

Common Stock, $0.01 par value, 100,000,000 shares authorized; 28,824,156, 28,876,211 and 28,879,497 shares issued and outstanding, respectively

 

288

 

—

 

288

 

289

 

—

 

289

 

289

 

—

 

289

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,524,805, 6,483,116 and 6,483,116 shares issued and outstanding, respectively

 

65

 

—

 

65

 

64

 

—

 

64

 

64

 

—

 

64

Capital in excess of par value

 

232,419

 

—

 

232,419

 

234,443

 

—

 

234,443

 

236,438

 

—

 

236,438

Retained earnings

 

455,979

 

(4,916)

 

451,063

 

456,279

 

(6,427)

 

449,852

 

465,919

 

(8,600)

 

457,319

Accumulated other comprehensive income

 

85,177

 

—

 

85,177

 

91,810

 

—

 

91,810

 

81,727

 

—

 

81,727

Treasury Stock, 13,208,339, 13,213,877 and 13,282,860 shares, respectively, at cost

 

(281,957)

 

—

 

(281,957)

 

(282,101)

 

—

 

(282,101)

 

(283,998)

 

—

 

(283,998)

Total Movado Group, Inc. shareholders' equity

 

491,971

 

(4,916)

 

487,055

 

500,784

 

(6,427)

 

494,357

 

500,439

 

(8,600)

 

491,839

Noncontrolling interest

 

2,942

 

—

 

2,942

 

3,114

 

—

 

3,114

 

2,479

 

—

 

2,479

Total equity

 

494,913

 

(4,916)

 

489,997

 

503,898

 

(6,427)

 

497,471

 

502,918

 

(8,600)

 

494,318

Total liabilities and equity

 

$741,496

 

$(5,663)

 

$735,833

 

$749,697

 

$(7,408)

 

$742,289

 

$763,397

 

$(9,918)

 

$753,479

 

 

Three Months Ended April 30, 2024

 

 

Six Months Ended July 31, 2024

 

 

Nine Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

3,063

 

 

$

(924

)

 

$

2,139

 

 

$

6,924

 

 

$

(1,219

)

 

$

5,705

 

 

$

12,357

 

 

$

(1,606

)

 

$

10,751

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,288

 

 

 

—

 

 

 

2,288

 

 

 

4,582

 

 

 

—

 

 

 

4,582

 

 

 

6,960

 

 

 

—

 

 

 

6,960

 

Transactional losses (gains)/losses

 

 

(1,434

)

 

 

—

 

 

 

(1,434

)

 

 

(75

)

 

 

—

 

 

 

(75

)

 

 

594

 

 

 

—

 

 

 

594

 

Provision for inventories and accounts receivable

 

 

1,210

 

 

 

—

 

 

 

1,210

 

 

 

2,292

 

 

 

—

 

 

 

2,292

 

 

 

4,489

 

 

 

—

 

 

 

4,489

 

Deferred income taxes

 

 

(457

)

 

 

—

 

 

 

(457

)

 

 

(553

)

 

 

—

 

 

 

(553

)

 

 

(1,582

)

 

 

—

 

 

 

(1,582

)

Stock-based compensation

 

 

1,838

 

 

 

—

 

 

 

1,838

 

 

 

2,855

 

 

 

—

 

 

 

2,855

 

 

 

4,094

 

 

 

—

 

 

 

4,094

 

Other

 

 

82

 

 

 

—

 

 

 

82

 

 

 

171

 

 

 

—

 

 

 

171

 

 

 

265

 

 

 

—

 

 

 

265

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

1,094

 

 

 

2,290

 

 

 

3,384

 

 

 

(6,864

)

 

 

4,603

 

 

 

(2,261

)

 

 

(37,026

)

 

 

6,806

 

 

 

(30,220

)

Inventories

 

 

(15,990

)

 

 

303

 

 

 

(15,687

)

 

 

(31,401

)

 

 

(897

)

 

 

(32,298

)

 

 

(24,697

)

 

 

(1,334

)

 

 

(26,031

)

Other current assets

 

 

(5,090

)

 

 

—

 

 

 

(5,090

)

 

 

(8,375

)

 

 

—

 

 

 

(8,375

)

 

 

(4,675

)

 

 

—

 

 

 

(4,675

)

Accounts payable

 

 

1,082

 

 

 

—

 

 

 

1,082

 

 

 

3,493

 

 

 

—

 

 

 

3,493

 

 

 

(3,709

)

 

 

—

 

 

 

(3,709

)

Accrued liabilities

 

 

3,067

 

 

 

(250

)

 

 

2,817

 

 

 

6,608

 

 

 

(500

)

 

 

6,108

 

 

 

11,974

 

 

 

(750

)

 

 

11,224

 

Accrued payroll and benefits

 

 

(107

)

 

 

(1,150

)

 

 

(1,257

)

 

 

2,243

 

 

 

(1,625

)

 

 

618

 

 

 

4,994

 

 

 

(2,625

)

 

 

2,369

 

Income taxes receivable

 

 

4,462

 

 

 

252

 

 

 

4,714

 

 

 

4,126

 

 

 

382

 

 

 

4,508

 

 

 

8,374

 

 

 

608

 

 

 

8,982

 

Income taxes payable

 

 

(13,264

)

 

 

(521

)

 

 

(13,785

)

 

 

(22,218

)

 

 

(744

)

 

 

(22,962

)

 

 

(19,855

)

 

 

(1,099

)

 

 

(20,954

)

Other non-current assets

 

 

95

 

 

 

—

 

 

 

95

 

 

 

276

 

 

 

—

 

 

 

276

 

 

 

(3,141

)

 

 

—

 

 

 

(3,141

)

Other non-current liabilities

 

 

(13

)

 

 

—

 

 

 

(13

)

 

 

6

 

 

 

—

 

 

 

6

 

 

 

(43

)

 

 

—

 

 

 

(43

)

Net cash used in operating activities

 

 

(18,074

)

 

 

—

 

 

 

(18,074

)

 

 

(35,910

)

 

 

—

 

 

 

(35,910

)

 

 

(40,627

)

 

 

—

 

 

 

(40,627

)

 

 

Three Months Ended April 30, 2023

 

 

Six Months Ended July 31, 2023

 

 

Nine Months Ended October 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

9,277

 

 

$

626

 

 

$

9,903

 

 

$

17,464

 

 

$

(885

)

 

$

16,579

 

 

$

35,134

 

 

$

(3,058

)

 

$

32,076

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,557

 

 

 

—

 

 

 

2,557

 

 

 

5,039

 

 

 

—

 

 

 

5,039

 

 

 

7,278

 

 

 

—

 

 

 

7,278

 

Transactional losses (gains)/losses

 

 

(114

)

 

 

—

 

 

 

(114

)

 

 

849

 

 

 

—

 

 

 

849

 

 

 

204

 

 

 

—

 

 

 

204

 

Provision for inventories and accounts receivable

 

 

904

 

 

 

—

 

 

 

904

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

3,803

 

 

 

—

 

 

 

3,803

 

Deferred income taxes

 

 

(1,029

)

 

 

—

 

 

 

(1,029

)

 

 

(1,564

)

 

 

—

 

 

 

(1,564

)

 

 

(2,032

)

 

 

—

 

 

 

(2,032

)

Stock-based compensation

 

 

1,597

 

 

 

—

 

 

 

1,597

 

 

 

3,579

 

 

 

—

 

 

 

3,579

 

 

 

5,529

 

 

 

—

 

 

 

5,529

 

Other

 

 

559

 

 

 

—

 

 

 

559

 

 

 

647

 

 

 

—

 

 

 

647

 

 

 

754

 

 

 

—

 

 

 

754

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

415

 

 

 

(1,639

)

 

 

(1,224

)

 

 

(827

)

 

 

731

 

 

 

(96

)

 

 

(42,027

)

 

 

4,345

 

 

 

(37,682

)

Inventories

 

 

(8,149

)

 

 

909

 

 

 

(7,240

)

 

 

6,935

 

 

 

295

 

 

 

7,230

 

 

 

10,758

 

 

 

(793

)

 

 

9,965

 

Other current assets

 

 

(1,985

)

 

 

—

 

 

 

(1,985

)

 

 

(700

)

 

 

—

 

 

 

(700

)

 

 

4,107

 

 

 

—

 

 

 

4,107

 

Accounts payable

 

 

(7,949

)

 

 

—

 

 

 

(7,949

)

 

 

(2,995

)

 

 

—

 

 

 

(2,995

)

 

 

(7,492

)

 

 

—

 

 

 

(7,492

)

Accrued liabilities

 

 

3,739

 

 

 

—

 

 

 

3,739

 

 

 

2,206

 

 

 

—

 

 

 

2,206

 

 

 

12,336

 

 

 

—

 

 

 

12,336

 

Accrued payroll and benefits

 

 

(9,844

)

 

 

—

 

 

 

(9,844

)

 

 

(6,529

)

 

 

—

 

 

 

(6,529

)

 

 

(7,039

)

 

 

—

 

 

 

(7,039

)

Income taxes receivable

 

 

(1,166

)

 

 

7

 

 

 

(1,159

)

 

 

(5,981

)

 

 

(4

)

 

 

(5,985

)

 

 

(4,494

)

 

 

(21

)

 

 

(4,515

)

Income taxes payable

 

 

(11,083

)

 

 

97

 

 

 

(10,986

)

 

 

(12,108

)

 

 

(137

)

 

 

(12,245

)

 

 

(10,014

)

 

 

(473

)

 

 

(10,487

)

Other non-current assets

 

 

635

 

 

 

—

 

 

 

635

 

 

 

1,003

 

 

 

—

 

 

 

1,003

 

 

 

1,293

 

 

 

—

 

 

 

1,293

 

Other non-current liabilities

 

 

139

 

 

 

—

 

 

 

139

 

 

 

292

 

 

 

—

 

 

 

292

 

 

 

(730

)

 

 

—

 

 

 

(730

)

Net cash (used in)/provided by operating activities

 

 

(21,497

)

 

 

—

 

 

 

(21,497

)

 

 

9,226

 

 

 

—

 

 

 

9,226

 

 

 

7,368

 

 

 

—

 

 

 

7,368

 

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal year ended January 31, 2025.

 

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

3,063

 

 

$

(924

)

 

$

2,139

 

 

$

3,861

 

 

$

(295

)

 

$

3,566

 

 

$

5,433

 

 

$

(387

)

 

$

5,046

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(10,339

)

 

$

8

 

 

$

(10,331

)

 

$

5,826

 

 

$

(44

)

 

$

5,782

 

 

$

2,266

 

 

$

(25

)

 

$

2,241

 

Total other comprehensive (loss)/income

 

$

(10,262

)

 

$

8

 

 

$

(10,254

)

 

$

5,765

 

 

$

(44

)

 

$

5,721

 

 

$

2,485

 

 

$

(25

)

 

$

2,460

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

172

 

 

$

(48

)

 

$

124

 

 

$

140

 

 

$

(43

)

 

$

97

 

 

$

383

 

 

$

(164

)

 

$

219

 

Foreign currency translation adjustments

 

$

(23

)

 

$

-

 

 

$

(23

)

 

$

11

 

 

$

-

 

 

$

11

 

 

$

(1

)

 

$

1

 

 

$

-

 

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

149

 

 

$

(48

)

 

$

101

 

 

$

151

 

 

$

(43

)

 

$

108

 

 

$

382

 

 

$

(163

)

 

$

219

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

(7,348

)

 

$

(868

)

 

$

(8,216

)

 

$

9,475

 

 

$

(296

)

 

$

9,179

 

 

$

7,536

 

 

$

(249

)

 

$

7,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2024

 

 

For the Nine Months Ended October 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

6,924

 

 

$

(1,219

)

 

$

5,705

 

 

$

12,357

 

 

$

(1,606

)

 

$

10,751

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(4,513

)

 

$

(36

)

 

$

(4,549

)

 

$

(2,247

)

 

$

(61

)

 

$

(2,308

)

 

 

 

 

 

 

 

 

 

Total other comprehensive (loss)/income

 

$

(4,497

)

 

$

(36

)

 

$

(4,533

)

 

$

(2,012

)

 

$

(61

)

 

$

(2,073

)

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

312

 

 

$

(91

)

 

$

221

 

 

$

695

 

 

$

(255

)

 

$

440

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(12

)

 

$

—

 

 

$

(12

)

 

$

(13

)

 

$

1

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

300

 

 

$

(91

)

 

$

209

 

 

$

682

 

 

$

(254

)

 

$

428

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

2,127

 

 

$

(1,164

)

 

$

963

 

 

$

9,663

 

 

$

(1,413

)

 

$

8,250

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal year ended January 31, 2024.

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

For the Three Months Ended January 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

9,277

 

 

$

626

 

 

$

9,903

 

 

$

8,187

 

 

$

(1,511

)

 

$

6,676

 

 

$

17,670

 

 

$

(2,173

)

 

$

15,497

 

 

$

12,407

 

 

$

(2,308

)

 

$

10,099

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

13,155

 

 

$

626

 

 

$

13,781

 

 

$

14,648

 

 

$

(1,511

)

 

$

13,137

 

 

$

7,442

 

 

$

(2,173

)

 

$

5,269

 

 

$

22,684

 

 

$

(2,308

)

 

$

20,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2023

 

 

For the Nine Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

17,464

 

 

$

(885

)

 

$

16,579

 

 

$

35,134

 

 

$

(3,058

)

 

$

32,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to Movado Group, Inc

 

$

27,803

 

 

$

(885

)

 

$

26,918

 

 

$

35,245

 

 

$

(3,058

)

 

$

32,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal year ended January 31, 2025.

 

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

$

465,435

 

 

$

(11,784

)

 

$

453,651

 

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

2,891

 

 

$

(876

)

 

$

2,015

 

 

$

3,721

 

 

$

(252

)

 

$

3,469

 

 

$

5,050

 

 

$

(223

)

 

$

4,827

 

Retained earnings ending balance

 

$

465,435

 

 

$

(11,784

)

 

$

453,651

 

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

 

$

458,660

 

 

$

(12,259

)

 

$

446,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income beginning balance

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

$

82,073

 

 

$

8

 

 

$

82,081

 

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

Foreign currency translation adjustment

 

$

(10,339

)

 

$

8

 

 

$

(10,331

)

 

$

5,826

 

 

$

(44

)

 

$

5,782

 

 

$

2,266

 

 

$

(25

)

 

$

2,241

 

Accumulated other comprehensive income ending balance

 

$

82,073

 

 

$

8

 

 

$

82,081

 

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

 

$

90,323

 

 

$

(61

)

 

$

90,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest beginning balance

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

$

2,308

 

 

$

(48

)

 

$

2,260

 

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

Net income attributable to Movado Group, Inc.

 

$

172

 

 

$

(48

)

 

$

124

 

 

$

140

 

 

$

(43

)

 

$

97

 

 

$

383

 

 

$

(164

)

 

$

219

 

Foreign currency translation adjustment

 

$

(23

)

 

$

-

 

 

$

(23

)

 

$

11

 

 

$

-

 

 

$

11

 

 

$

(1

)

 

$

1

 

 

$

-

 

Noncontrolling interest ending balance

 

$

2,308

 

 

$

(48

)

 

$

2,260

 

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

 

$

2,841

 

 

$

(254

)

 

$

2,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

503,680

 

 

$

(11,824

)

 

$

491,856

 

 

$

506,575

 

 

$

(12,163

)

 

$

494,412

 

 

$

506,424

 

 

$

(12,574

)

 

$

493,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2024

 

 

For the Nine Months Ended October 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Retained earnings beginning balance

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

6,612

 

 

$

(1,128

)

 

$

5,484

 

 

$

11,662

 

 

$

(1,351

)

 

$

10,311

 

 

 

 

 

 

 

 

 

 

Retained earnings ending balance

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

 

$

458,660

 

 

$

(12,259

)

 

$

446,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income beginning balance

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

$

(4,513

)

 

$

(36

)

 

$

(4,549

)

 

$

(2,247

)

 

$

(61

)

 

$

(2,308

)

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income ending balance

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

 

$

90,323

 

 

$

(61

)

 

$

90,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest beginning balance

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

 

 

 

 

 

 

 

 

Net income attributable to Movado Group, Inc.

 

$

312

 

 

$

(91

)

 

$

221

 

 

$

695

 

 

$

(255

)

 

$

440

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

$

(12

)

 

$

-

 

 

$

(12

)

 

$

(13

)

 

$

1

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

Noncontrolling interest ending balance

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

 

$

2,841

 

 

$

(254

)

 

$

2,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

506,575

 

 

$

(12,163

)

 

$

494,412

 

 

$

506,424

 

 

$

(12,574

)

 

$

493,850

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal year ended January 31, 2024.

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

455,979

 

 

$

(4,916

)

 

$

451,063

 

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

9,128

 

 

$

626

 

 

$

9,754

 

 

$

8,049

 

 

$

(1,511

)

 

$

6,538

 

 

$

17,389

 

 

$

(2,173

)

 

$

15,216

 

Retained earnings ending balance

 

$

455,979

 

 

$

(4,916

)

 

$

451,063

 

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

 

$

465,919

 

 

$

(8,600

)

 

$

457,319

 

Total equity ending balance

 

$

494,913

 

 

$

(4,916

)

 

$

489,997

 

 

$

503,898

 

 

$

(6,427

)

 

$

497,471

 

 

$

502,918

 

 

$

(8,600

)

 

$

494,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2023

 

 

For the Nine Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

17,177

 

 

$

(885

)

 

$

16,292

 

 

$

34,566

 

 

$

(3,058

)

 

$

31,508

 

 

 

 

 

 

 

 

 

 

Retained earnings ending balance

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

 

$

465,919

 

 

$

(8,600

)

 

$

457,319

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

503,898

 

 

$

(6,427

)

 

$

497,471

 

 

$

502,918

 

 

$

(8,600

)

 

$

494,318