$MOVAA

MOVADO GROUP INC

CIK:0000072573|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jul. 31, 2026

Jul. 31, 2025

Jul. 31, 2026

Jul. 31, 2025

Income Statement [Abstract]

Net sales

$ 169,752

$ 161,829

$ 312,154

$ 293,598

Cost of sales

68,927

74,264

129,736

134,683

Gross profit

100,825

^[1]

87,565

^[1]

182,418

^[2]

158,915

^[2]

Selling, general and administrative

85,947

83,558

160,525

154,617

Operating income

14,878

^[3],[4]

4,007

^[3],[4]

21,893

^[5],[6]

4,298

^[5],[6]

Non-operating income/(expense):

Other income, net

1,255

1,202

3,216

2,962

Interest expense

(108)

(110)

(210)

(221)

Income before income taxes

16,025

5,099

24,899

7,039

Provision for income taxes (Note 10)

3,535

1,961

5,483

2,621

Net income

12,490

3,138

19,416

4,418

Less: Net income attributable to noncontrolling interests

191

152

187

Net income attributable to Movado Group, Inc.

$ 12,299

$ 2,986

$ 19,229

$ 4,406

Basic income per share:

Weighted basic average shares outstanding

22,347

22,286

22,271

22,276

Net income per share attributable to Movado Group, Inc.

$ 0.55

$ 0.13

$ 0.86

$ 0.2

Diluted income per share:

Weighted diluted average shares outstanding

23,085

22,571

22,924

22,479

Net income per share attributable to Movado Group, Inc.

$ 0.53

$ 0.13

$ 0.84

$ 0.2

[1]	The Gross profit in the Watch and Accessory Brands segment for the three months ended July 31, 2026 included $3.2 million of IEEPA duty refunds received.
[2]	The Gross profit in the Watch and Accessory Brands segment for the six months ended July 31, 2026 included $3.2 million of IEEPA duty refunds received.
[3]	The operating income/(loss) in the Watch and Accessory Brands Segment included $13.9 million and $10.7 million of unallocated corporate expenses for the three months ended July 31, 2026 and 2025, respectively, and $14.6 million and $14.6 million of certain intercompany profits related to the Company's supply chain operations for the three months ended July 31, 2026 and 2025, respectively.
[4]	The operating income/(loss) in the Watch and Accessory Brands segment for the three months ended July 31, 2026 and 2025, included a pre-tax charge of $0.2 million and $2.1 million, respectively, related to the investigation of misconduct within the Dubai branch of the Company's Swiss subsidiary. The operating income/(loss) in the Watch and Accessory Brands segment for the three months ended July 31, 2025, included a pre-tax charge of $0.9 million related to the Company's cost-savings initiative.
[5]	The operating income/(loss) in the Watch and Accessory Brands Segment included $25.4 million and $18.7 million of unallocated corporate expenses for the six months ended July 31, 2026 and 2025, respectively, and $27.5 million and $28.6 million of certain intercompany profits related to the Company's supply chain operations for the six months ended July 31, 2026 and 2025, respectively.
[6]	The operating income/(loss) in the Watch and Accessory Brands segment for the six months ended July 31, 2026 and 2025, included a pre-tax charge of $0.7 million and $2.1 million, respectively, related to the investigation of misconduct within the Dubai branch of the Company's Swiss subsidiary. The operating income/(loss) in the Watch and Accessory Brands segment for the six months ended July 31, 2025, included a pre-tax charge of $1.5 million related to the Company's cost-savings initiative.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flows from operating activities:
Net income	$ 19,416	$ 4,418
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	4,540	4,657
Transactional (gains)/losses	(200)	1,400
Provision for inventories and accounts receivable	1,903	2,548
Deferred income taxes	373	(1,209)
Stock-based compensation	2,516	2,234
Other	158	652
Changes in assets and liabilities:
Trade receivables	6,809	4,838
Inventories	(42,219)	(44,369)
Other current assets	1,668	(239)
Accounts payable	15,143	(705)
Accrued liabilities	2,732	15,954
Accrued payroll and benefits	(4,899)	3,199
Income taxes receivable	702	1,137
Income taxes payable	(1,653)	(6,177)
Other non-current assets	(296)	580
Other non-current liabilities	(154)	66
Net cash provided by/(used in) operating activities	6,539	(11,016)
Cash flows from investing activities:
Capital expenditures	(2,347)	(2,826)
Long-term investments	(1,140)	(1,887)
Trademarks and other intangibles	(68)	(41)
Net cash used in investing activities	(3,555)	(4,754)
Cash flows from financing activities:
Dividends paid	(16,642)	(15,557)
Stock repurchases	(1,541)	(1,594)
Stock awards and options exercised and other changes	116	(467)
Debt issuance costs	(340)	0
Net cash used in financing activities	(18,407)	(17,618)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3,542)	5,467
Net decrease in cash, cash equivalents and restricted cash	(18,965)	(27,921)
Cash, cash equivalents, and restricted cash at beginning of year	231,382	209,214
Cash, cash equivalents, and restricted cash at end of period	212,417	181,293
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	211,612	180,493
Restricted cash included in other non-current assets	805	800
Cash, cash equivalents, and restricted cash at end of period	$ 212,417	$ 181,293

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026	Jul. 31, 2025
Current assets:
Cash and cash equivalents	$ 211,612	$ 230,541	$ 180,493
Trade receivables, net	94,341	102,037	94,397
Inventories	196,463	158,331	211,504
Other current assets	19,600	22,208	22,949
Income taxes receivable	5,159	4,118	6,848
Total current assets	527,175	517,235	516,191
Property, plant and equipment, net	15,743	17,105	19,196
Operating lease right-of-use assets	58,569	67,873	77,130
Deferred and non-current income taxes	45,426	45,917	43,129
Other intangibles, net	3,146	4,162	4,930
Other non-current assets	93,285	90,329	88,143
Total assets	743,344	742,621	748,719
Current liabilities:
Accounts payable	35,591	21,138	35,347
Accrued liabilities	53,097	49,748	63,766
Accrued payroll and benefits	12,837	17,896	11,426
Current operating lease liabilities	18,427	20,603	19,871
Income taxes payable	3,746	3,663	1,014
Total current liabilities	123,698	113,048	131,424
Deferred and non-current income taxes payable	1,132	1,030	933
Non-current operating lease liabilities	49,682	58,063	67,908
Other non-current liabilities	61,615	60,220	56,219
Total liabilities	236,127	232,361	256,484
Commitments and contingencies (Note 9)
Equity:
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued	0	0	0
Capital in excess of par value	254,186	249,108	245,632
Retained earnings	444,791	442,204	435,553
Accumulated other comprehensive income	103,654	110,614	99,499
Treasury Stock, 13,868,124, 13,725,962 and 13,617,567 shares, respectively, at cost	(297,376)	(293,441)	(291,128)
Total Movado Group, Inc. shareholders' equity	505,616	508,842	489,913
Noncontrolling interest	1,601	1,418	2,322
Total equity	507,217	510,260	492,235
Total liabilities and equity	743,344	742,621	748,719
Common Stock Class Undefined
Equity:
Common Stock	298	293	293
Class A Common Stock
Equity:
Common Stock	$ 63	$ 64	$ 64