Movado Group Inc. Files Q3 2024 10-Q

TL;DR

**MOVADO GROUP INC (MOV) Q3 24 10-Q FILED. FINANCIALS DETAILED.**

AI Summary

Movado Group Inc. filed its 10-Q for the period ending October 31, 2024. The filing details financial performance and positions, including assets and liabilities. Specific figures for items like Selling, General, and Administrative Expense and Other Comprehensive Income are referenced, alongside details on fair value measurements and retirement plan liabilities.

Why It Matters

This filing provides investors with a detailed look at Movado Group's financial health and operational performance during the third quarter, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news.

Key Numbers

• 0131 — Fiscal Year End (Indicates the end of Movado's annual financial reporting cycle.)
• Q3 — Quarter (Specifies the reporting period as the third quarter.)

Key Players & Entities

• MOVADO GROUP INC (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of the reporting period
• 2024-12-05 (date) — Filing date
• 0000072573 (company) — Central Index Key for Movado Group Inc.
• Paramus, NJ (location) — Business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• mov-20241031.htm (10-Q) — 2524KB
• mov-ex10_1.htm (EX-10.1) — 47KB
• mov-ex10_2.htm (EX-10.2) — 86KB
• mov-ex10_3.htm (EX-10.3) — 111KB
• mov-ex10_4.htm (EX-10.4) — 88KB
• mov-ex10_5.htm (EX-10.5) — 31KB
• mov-ex31_1.htm (EX-31.1) — 16KB
• mov-ex31_2.htm (EX-31.2) — 17KB
• mov-ex32_1.htm (EX-32.1) — 7KB
• mov-ex32_2.htm (EX-32.2) — 7KB
• img29649812_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-133544.txt ( ) — 12875KB
• mov-20241031.xsd (EX-101.SCH) — 1360KB
• mov-20241031_htm.xml (XML) — 3243KB

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) October 31, January 31, October 31, 2024 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 181,548 $ 262,059 $ 200,965 Trade receivables, net 139,163 104,472 135,523 Inventories 168,929 148,031 171,966 Other current assets 22,625 17,962 18,856 Income taxes receivable 7,922 11,354 11,135 Total current assets 520,187 543,878 538,445 Property, plant and equipment, net 20,480 19,436 19,458 Operating lease right-of-use assets 88,892 82,661 84,212 Deferred and non-current income taxes 43,767 43,016 44,814 Other intangibles, net 6,192 7,493 7,688 Other non-current assets 86,358 72,598 68,780 Total assets $ 765,876 $ 769,082 $ 763,397 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 29,429 $ 32,775 $ 22,998 Accrued liabilities 51,245 38,695 57,165 Accrued payroll and benefits 12,541 7,591 10,317 Current operating lease liabilities 18,851 15,696 15,885 Income taxes payable 9,760 18,318 20,024 Total current liabilities 121,826 113,075 126,389 Deferred and non-current income taxes payable 1,188 8,234 7,966 Non-current operating lease liabilities 79,410 76,396 76,929 Other non-current liabilities 57,028 52,420 49,195 Total liabilities 259,452 250,125 260,479 Commitments and contingencies (Note 9) 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; 29,174,709 , 29,004,001 and 28,879,497 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

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