Movado Group Inc. Q1 2024 Update

TL;DR

Movado Group Q1 2025 filing shows assets & liabilities, including pension plans and derivatives. Check financials.

AI Summary

Movado Group Inc. reported its first quarter results for the period ending April 30, 2024. The company's financial statements indicate various assets and liabilities, including defined benefit plan assets and derivative financial instruments. Specific financial figures and comparative data from previous periods are detailed within the filing.

Why It Matters

This filing provides insight into Movado Group's financial health and operational status for the first quarter of fiscal year 2025, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures without immediate, significant negative or positive indicators.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-01-31 — Previous Fiscal Year End (Provides a point of comparison for financial performance.)
• 2023-01-31 — Prior Year Period End (Used for year-over-year financial comparisons.)

Key Players & Entities

• MOVADO GROUP INC (company) — Filer
• 20240430 (date) — Period of Report
• 20240530 (date) — Filing Date
• NORTH AMERICAN WATCH CORP (company) — Former Company Name
• 001-16497 (dollar_amount) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MOV New York Stock Exchan

Filing Documents

• mov-20240430.htm (10-Q) — 1778KB
• mov-ex31_1.htm (EX-31.1) — 15KB
• mov-ex31_2.htm (EX-31.2) — 17KB
• mov-ex32_1.htm (EX-32.1) — 6KB
• mov-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-066282.txt ( ) — 9806KB
• mov-20240430.xsd (EX-101.SCH) — 1455KB
• mov-20240430_htm.xml (XML) — 2244KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 26 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 5. Other Information 28 Item 6. Exhibits 29 Signature 30

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MOVADO GROUP, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited) April 30, January 31, April 30, 2024 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 225,372 $ 262,059 $ 198,257 Trade receivables, net 101,722 104,472 94,037 Inventories 159,618 148,031 195,235 Other current assets 22,258 17,962 25,804 Income taxes receivable 8,336 11,354 12,057 Total current assets 517,306 543,878 525,390 Property, plant and equipment, net 19,037 19,436 19,075 Operating lease right-of-use assets 89,155 82,661 76,194 Deferred and non-current income taxes 43,280 43,016 45,049 Other intangibles, net 6,935 7,493 8,996 Other non-current assets 75,702 72,598 66,792 Total assets $ 751,415 $ 769,082 $ 741,496 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 32,999 $ 32,775 $ 24,443 Accrued liabilities 41,976 38,695 48,858 Accrued payroll and benefits 7,340 7,591 7,597 Current operating lease liabilities 18,192 15,696 17,558 Income taxes payable 6,459 18,318 17,557 Total current liabilities 106,966 113,075 116,013 Deferred and non-current income taxes payable 8,143 8,234 14,540 Non-current operating lease liabilities 79,749 76,396 66,743 Other non-current liabilities 52,877 52,420 49,287 Total liabilities 247,735 250,125 246,583 Commitments and contingencies (Note 8) 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 , 29,004,001 and 28,824,156 shares issued and outstanding, respectively 291 290 288 Class A Common Stock, $ 0.01 par value, 30,000,000 shares authorized; 6,483,116 , 6,483,116 and 6,524,805 shares issued and outstanding, resp

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – BASIS OF PRESENTATION The accompanying interim unaudited Consolidated Financial Statements have been prepared by Movado Group, Inc. (the "Company"), in a manner consistent with that used in the preparation of the annual audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2024 (the "2024 Annual Report on Form 10-K"). The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position and results of operations for the periods presented. The Consolidated Balance Sheet data at January 31, 2024 is derived from the audited annual financial statements, which are included in the Company's 2024 Annual Report on Form 10-K and should be read in connection with these interim unaudited financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" which requires expanded disclosures about an entity's reportable segments, including more enhanced information about a reportable segment's

View Full Filing

View this 10-Q filing on SEC EDGAR