Movado Group Inc. Q2 2024 Filing: Financials and Assets Detailed

TL;DR

**MOVADO GROUP INC (MOV) Q2 FILING: ASSETS AND FINANCIALS DETAILED FOR JULY 31, 2024.**

AI Summary

Movado Group Inc. reported its second-quarter results for the period ending July 31, 2024. The company's filing details its financial performance, including assets and liabilities related to its watch and accessory brands, and after-sales service operations. Specific financial instruments and fair value measurements are also disclosed, with references to Level 2 and Level 3 inputs for fair value assessments.

Why It Matters

This filing provides investors with a detailed look at Movado Group's financial health and asset valuation as of July 31, 2024, crucial for understanding the company's stability and investment potential.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures without immediate red flags.

Key Numbers

• 2024-07-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is provided.)
• 2024-09-05 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• MOVADO GROUP INC (company) — Filer of the 10-Q report
• 20240731 (date) — End of the reporting period
• 20240905 (date) — Date the filing was made
• PARAMUS, NJ (location) — Company's business and mailing address
• NORTH AMERICAN WATCH CORP (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• mov-20240731.htm (10-Q) — 2280KB
• mov-ex10_1.htm (EX-10.1) — 52KB
• mov-ex31_1.htm (EX-31.1) — 15KB
• mov-ex31_2.htm (EX-31.2) — 16KB
• mov-ex32_1.htm (EX-32.1) — 6KB
• mov-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-103761.txt ( ) — 11562KB
• mov-20240731.xsd (EX-101.SCH) — 1326KB
• mov-20240731_htm.xml (XML) — 2938KB

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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 32 Item 6. Exhibits 33 Signature 34

– 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) July 31, January 31, July 31, 2024 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 198,251 $ 262,059 $ 218,909 Trade receivables, net 109,784 104,472 95,821 Inventories 176,396 148,031 181,448 Other current assets 26,421 17,962 25,206 Income taxes receivable 13,088 11,354 12,988 Total current assets 523,940 543,878 534,372 Property, plant and equipment, net 20,315 19,436 19,740 Operating lease right-of-use assets 85,350 82,661 71,358 Deferred and non-current income taxes 42,685 43,016 45,004 Other intangibles, net 6,645 7,493 8,432 Other non-current assets 80,253 72,598 70,791 Total assets $ 759,188 $ 769,082 $ 749,697 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 36,769 $ 32,775 $ 28,435 Accrued liabilities 45,074 38,695 47,135 Accrued payroll and benefits 9,778 7,591 10,976 Current operating lease liabilities 18,352 15,696 17,069 Income taxes payable 8,962 18,318 18,078 Total current liabilities 118,935 113,075 121,693 Deferred and non-current income taxes payable 1,028 8,234 8,321 Non-current operating lease liabilities 76,314 76,396 63,565 Other non-current liabilities 56,336 52,420 52,220 Total liabilities 252,613 250,125 245,799 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; 29,169,952 , 29,004,001 and 28,876,211 shares issued and outstanding, respectively 292 290 289 Class A Common Stock, $ 0.01 par value, 30,000,000 shares authorized; 6,458,376 , 6,483,116 and 6,483,116 shares issued and outstanding 64

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

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View this 10-Q filing on SEC EDGAR