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Quarterly Financial Data (Unaudited)
 12 Months Ended
Jan. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

NOTE 14 - QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents unaudited selected interim operating results of the Company for fiscal 2015 and 2014 (in thousands, except per share amounts):

 

 

Quarter

 

 

1st

 

  

2nd

 

  

3rd

 

  

4th

 

Fiscal 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

120,921

 

 

$

143,591

 

 

$

188,557

 

 

$

133,911

 

Gross profit

$

65,151

 

 

$

77,606

 

 

$

99,842

 

 

$

67,383

 

Income before income taxes

$

10,862

 

 

$

17,079

 

 

$

33,306

 

 

$

9,917

 

Net income

$

7,429

 

 

$

12,170

 

 

$

22,417

 

 

$

9,884

 

Net income attributed to Movado Group, Inc.

$

7,365

 

 

$

12,151

 

 

$

22,209

 

 

$

10,051

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributed to Movado Group, Inc.

$

0.29

 

 

$

0.48

 

 

$

0.88

 

 

$

0.40

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributed to Movado Group, Inc.

$

0.29

 

 

$

0.47

 

 

$

0.87

 

 

$

0.40

 

 

Fiscal 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales (1)

$

110,010

 

 

$

138,301

 

 

$

189,685

 

 

$

132,259

 

Gross profit (2)

$

59,919

 

 

$

74,818

 

 

$

101,270

 

 

$

69,254

 

Income before income taxes (2)(3)(4)

$

11,489

 

 

$

16,941

 

 

$

33,984

 

 

$

6,504

 

Net income (2)(3)(4)(5)

$

8,179

 

 

$

12,654

 

 

$

23,414

 

 

$

7,297

 

Net income attributed to Movado Group, Inc. (1)(2)(3)(4)(5)

$

8,210

 

 

$

12,454

 

 

$

23,019

 

 

$

7,193

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributed to Movado Group, Inc.

$

0.32

 

 

$

0.49

 

 

$

0.90

 

 

$

0.28

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributed to Movado Group, Inc.

$

0.32

 

 

$

0.48

 

 

$

0.89

 

 

$

0.28

 

As each quarter is calculated as a discrete period, the sum of the four quarters may not equal the calculated full year amount. This is in accordance with prescribed reporting requirements.

(1)

Net sales in the fourth quarter of fiscal 2014 includes a pre-tax charge of $7.8 million for anticipated returns in fiscal 2015, as a result of the Company’s decision to reduce the presence of ESQ Movado while expanding the Movado brand offering in certain retail doors.

    

(2)

Gross profit in the fourth quarter of fiscal 2014 includes a $2.5 million pre-tax duty refund received relating to payments      made by the Company in calendar years 2008 through 2011 for drawback claims filed with U.S. Customs and Border Protection and a $7.5 million pre-tax charge related to the anticipated ESQ Movado product returns and the write down of ESQ Movado excess inventory.  This charge resulted from the Company’s strategic decision to reduce the presence of ESQ Movado watches while expanding the Movado brand offering in certain retail doors.

(3)

Income before income taxes in the fourth quarter of fiscal 2014 includes a $2.0 million donation to the Movado Group Foundation recorded in SG&A expenses and a $0.8 million pre-tax charge to SG&A expenses, related to the write down of excess displays and point of sale materials, as a result of the Company’s decision to reduce the presence of ESQ Movado while expanding the Movado brand offering in certain retail doors.

    

(4)

Income before income taxes in the first quarter of fiscal 2014 consists of a pre-tax gain of $1.5 million recorded in other income, related to the sale of a building.

(5)

Net income in the second quarter of 2014 includes a benefit of $1.0 million related to U.S. and foreign tax settlements and the release of uncertain tax positions.