Restatement Of Previously Issued Consolidated Financial Statements (Tables)

12 Months Ended

Jan. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Restatement Of Previously Issued Consolidated Financial Statements

The Company has restated herein its audited Consolidated Financial Statements at January 31, 2024 and for the years ended January 31, 2024 and January 31, 2023.

The Company has also restated impacted amounts within the accompanying footnotes to the Consolidated Financial Statements.

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	January 31, 2024
	As Previously Reported			Adjustment			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	262,059			—		$	262,059
Trade receivables, net		104,472			(18,428	)		86,044
Inventories		148,031			5,859			153,890
Other current assets		17,962			—			17,962
Income taxes receivable		11,354			(15	)		11,339
Total current assets		543,878			(12,584	)		531,294
Property, plant and equipment, net		19,436			—			19,436
Operating lease right-of-use assets		82,661			—			82,661
Deferred and non-current income taxes		43,016			—			43,016
Other intangibles, net		7,493			—			7,493
Other non-current assets		72,598			—			72,598
Total assets	$	769,082		$	(12,584	)	$	756,498
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	32,775			—		$	32,775
Accrued liabilities		38,695			—			38,695
Accrued payroll and benefits		7,591			—			7,591
Current operating lease liabilities		15,696			—			15,696
Income taxes payable		18,318			(1,676	)		16,642
Total current liabilities		113,075			(1,676	)		111,399
Deferred and non-current income taxes payable		8,234			—			8,234
Non-current operating lease liabilities		76,396			—			76,396
Other non-current liabilities		52,420			—			52,420
Total liabilities		250,125			(1,676	)		248,449
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; 29,004,001 and 28,806,511 shares issued and outstanding, respectively		290			—			290
Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,483,116 and 6,524,805 shares issued and outstanding, respectively		64			—			64
Capital in excess of par value		239,062			—			239,062
Retained earnings		470,317			(10,908	)		459,409
Accumulated other comprehensive income		92,335			—			92,335
Treasury Stock, 13,328,095 and 13,194,339, shares, respectively, at cost		(285,270	)		—			(285,270	)
Total Movado Group, Inc. shareholders' equity		516,798			(10,908	)		505,890
Noncontrolling interest		2,159			—			2,159
Total equity		518,957			(10,908	)		508,049
Total liabilities and equity	$	769,082		$	(12,584	)	$	756,498

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

	Fiscal Year Ended January 31, 2024									Fiscal Year Ended January 31, 2023
	As Previously Reported			Adjustment			As Restated			As Previously Reported			Adjustment			As Restated
Net sales	$	672,601		$	(8,212	)	$	664,389		$	751,898		$	(7,689	)	$	744,209
Cost of sales		302,207			(1,977	)		300,230			318,003			(2,922	)		315,081
Gross profit		370,394			(6,235	)		364,159			433,895			(4,767	)		429,128
Selling, general and administrative		315,689			—			315,689			313,541			—			313,541
Operating income		54,705			(6,235	)		48,470			120,354			(4,767	)		115,587
Non-operating income/(expense):
Other income, net		5,994			—			5,994			2,069			—			2,069
Interest expense		(497	)		—			(497	)		(518	)		—			(518	)
Income/(loss) before income taxes		60,202			(6,235	)		53,967			121,905			(4,767	)		117,138
Provision/(benefit) for income taxes		12,661			(869	)		11,792			24,882			(622	)		24,260
Net income/(loss)		47,541			(5,366	)		42,175			97,023			(4,145	)		92,878
Less: Net income attributable to noncontrolling interest		830			—			830			2,495			—			2,495
Net income/(loss) attributable to Movado Group, Inc.	$	46,711		$	(5,366	)	$	41,345		$	94,528		$	(4,145	)	$	90,383
Basic income/(loss) per share:
Weighted basic average shares outstanding		22,221			—			22,221			22,504			—			22,504
Net income/(loss) per share attributable to Movado Group, Inc.	$	2.10		$	(0.24	)	$	1.86		$	4.20		$	(0.18	)	$	4.02
Diluted income/(loss) per share:
Weighted diluted average shares outstanding		22,641			—			22,641			22,955			—			22,955
Net income/(loss) per share attributable to Movado Group, Inc.	$	2.06		$	(0.23	)	$	1.83		$	4.12		$	(0.18	)	$	3.94

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Fiscal Year Ended January 31, 2024									Fiscal Year Ended January 31, 2023
	As Previously Reported			Adjustment			As Restated			As Previously Reported			Adjustment			As Restated
Cash flows from operating activities:
Net income/(loss)	$	47,541		$	(5,366	)	$	42,175		$	97,023		$	(4,145	)	$	92,878
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Non-cash corporate initiatives		—			—			—			—			—			—
Depreciation and amortization		9,644			—			9,644			10,809			—			10,809
Transactional losses/(gains)		722			—			722			(18	)		—			(18	)
Provision for inventories and accounts receivable		5,418			—			5,418			4,091			—			4,091
Deferred income taxes		319			—			319			(712	)		—			(712	)
Stock-based compensation		7,442			—			7,442			5,726			—			5,726
Other		1,020			—			1,020			453			—			453
Changes in assets and liabilities:
Trade receivables		(9,111	)		8,212			(899	)		(3,445	)		7,689			4,244
Inventories		37,652			(1,977	)		35,675			(28,899	)		(2,922	)		(31,821	)
Other current assets		5,962			—			5,962			(6,427	)		—			(6,427	)
Accounts payable		1,541			—			1,541			(13,740	)		—			(13,740	)
Accrued liabilities		(6,011	)		—			(6,011	)		(1,127	)		—			(1,127	)
Accrued payroll and benefits		(9,922	)		—			(9,922	)		(7,705	)		—			(7,705	)
Income taxes receivable		(3,706	)		(38	)		(3,744	)		6,797			53			6,850
Income taxes payable		(13,001	)		(831	)		(13,832	)		(4,104	)		(675	)		(4,779	)
Other non-current assets		1,877			—			1,877			(4,561	)		—			(4,561	)
Other non-current liabilities		(609	)		—			(609	)		180			—			180
Net cash provided by operating activities		76,778			—			76,778			54,341			—			54,341

The restatement had no impact on investing and financing activities or cash balances.

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended January 31, 2024 and 2023.

	For the Twelve Months Ended January 31, 2024							For the Twelve Months Ended January 31, 2023
	As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Net income/(loss)	$	47,541	$	(5,366	)	$	42,175	$	97,023	$	(4,145	)	$	92,878
Total comprehensive income attributable to Movado Group, Inc.	$	57,929	$	(5,366	)	$	52,563	$	90,643	$	(4,145	)	$	86,498

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal years ended January 31, 2024 and 2023.

	For the Twelve Months Ended January 31, 2024							For the Twelve Months Ended January 31, 2023
	As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Retained earnings beginning balance	$	476,752	$	(5,542	)	$	471,210	$	413,587	$	(1,397	)	$	412,190
Net income/(loss) attributable to Movado Group, Inc.		46,711		(5,366	)		41,345		94,528		(4,145	)		90,383
Retained earnings ending balance		470,317		(10,908	)		459,409		476,752		(5,542	)		471,210
Total equity balance	$	518,957	$	(10,908	)	$	508,049	$	510,544	$	(5,542	)	$	505,002