MOVADO GROUP INC, 10-K filed on 4/16/2025
Annual Report
v3.25.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2025
Apr. 11, 2025
Jul. 31, 2024
Document Type 10-K    
Amendment Flag false    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Document Period End Date Jan. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Registrant Name MOVADO GROUP, INC.    
Entity Central Index Key 0000072573    
Current Fiscal Year End Date --01-31    
Entity Well-known Seasoned Issuer No    
Entity Current Reporting Status Yes    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] true    
Entity File Number 1-16497    
Entity Tax Identification Number 13-2595932    
Entity Address, Address Line One 650 From Road    
Entity Address, Address Line Two Ste. 375    
Entity Address, City or Town Paramus    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 07652-3556    
City Area Code 201    
Local Phone Number 267-8000    
Document Annual Report true    
Document Transition Report false    
Entity Incorporation, State or Country Code NY    
Entity Interactive Data Current Yes    
Entity Voluntary Filers No    
Entity Public Float     $ 402
Title of 12(b) Security Common stock, par value $0.01 per share    
Trading Symbol MOV    
Security Exchange Name NYSE    
Documents Incorporated by Reference

Portions of the definitive proxy statement relating to registrant’s 2025 annual meeting of shareholders (the “Proxy Statement”) are incorporated by reference in Part III hereof.

   
Auditor Name PricewaterhouseCoopers LLP    
Auditor Location New York, New York    
Auditor Firm ID 238    
Auditor Opinion

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Movado Group, Inc. and its subsidiaries (the “Company”) as of January 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of changes in equity and of cash flows for each of the three years in the period ended January 31, 2025, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended January 31, 2025 appearing on page S-1 (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of January 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of January 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO because a material weakness in internal control over financial reporting existed as of that date as the Company’s risk assessment process did not properly assess the risks associated with the lack of functional segregation of duties in the Company’s Dubai branch.

    
Common Stock Class Undefined      
Entity Common Stock, Shares Outstanding   15,778,552  
Class A Common Stock      
Entity Common Stock, Shares Outstanding   6,458,376  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Jan. 31, 2022
Current assets:                    
Cash and cash equivalents $ 208,501 $ 181,548 $ 198,251 $ 225,372 $ 262,059 $ 200,965 $ 218,909 $ 198,257 $ 251,584  
Trade receivables, net 93,382 113,853 86,709 81,016 86,044 120,962 84,874 85,460    
Inventories 156,738 176,137 183,160 165,170 153,890 176,641 185,035 198,208    
Other current assets 21,786 22,625 26,421 22,258 17,962 18,856 25,206 25,804    
Income taxes receivable 9,534 7,300 12,691 8,070 11,339 11,103 12,940 11,998    
Total current assets 489,941 501,463 507,232 501,886 531,294 528,527 526,964 519,727    
Property, plant and equipment, net 19,920 20,480 20,315 19,037 19,436 19,458 19,740 19,075    
Operating lease right-of-use assets 86,009 88,892 85,350 89,155 82,661 84,212 71,358 76,194    
Deferred and non-current income taxes 41,330 43,767 42,685 43,280 43,016 44,814 45,004 45,049    
Other intangibles, net 5,537 6,192 6,645 6,935 7,493 7,688 8,432 8,996    
Other non-current assets 86,494 86,358 80,253 75,702 72,598 68,780 70,791 66,792    
Total assets 729,231 747,152 742,480 735,995 756,498 753,479 742,289 735,833    
Current liabilities:                    
Accounts payable 34,312 29,429 36,769 32,999 32,775 22,998 28,435 24,443    
Accrued liabilities 42,610 50,495 44,574 41,726 38,695 57,165 47,135 48,858    
Accrued payroll and benefits 7,840 9,916 8,153 6,190 7,591 10,317 10,976 7,597    
Current operating lease liabilities 19,263 18,851 18,352 18,192 15,696 15,885 17,069 17,558    
Income taxes payable 8,935 6,985 6,542 4,263 16,642 18,706 17,097 16,810    
Total current liabilities 112,960 115,676 114,390 103,370 111,399 125,071 120,712 115,266    
Deferred and non-current income taxes payable 1,008 1,188 1,028 8,143 8,234 7,966 8,321 14,540    
Non-current operating lease liabilities 75,508 79,410 76,314 79,749 76,396 76,929 63,565 66,743    
Other non-current liabilities 56,176 57,028 56,336 52,877 52,420 49,195 52,220 49,287    
Total liabilities 245,652 253,302 248,068 244,139 248,449 259,161 244,818 245,836    
Commitments and contingencies (Note 11)  
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued 0 0 0 0 0 0 0 0    
Capital in excess of par value 243,355 243,311 242,039 240,923 239,062 236,438 234,443 232,419    
Retained earnings 446,704 446,401 449,346 453,651 459,409 457,319 449,852 451,063    
Accumulated other comprehensive income 79,981 90,262 87,802 82,081 92,335 81,727 91,810 85,177 81,295  
Treasury Stock (289,067) (289,067) (287,499) (287,414) (285,270) (283,998) (282,101) (281,957)    
Total Movado Group, Inc. shareholders' equity 481,329 491,263 492,044 489,596 505,890 491,839 494,357 487,055    
Noncontrolling interest 2,250 2,587 2,368 2,260 2,159 2,479 3,114 2,942    
Total equity 483,579 493,850 494,412 491,856 508,049 494,318 497,471 489,997 $ 505,002 $ 473,378
Total liabilities and equity 729,231 747,152 742,480 735,995 756,498 753,479 742,289 735,833    
Common Stock Class Undefined                    
Equity:                    
Common Stock 292 292 292 291 290 289 289 288    
Class A Common Stock                    
Equity:                    
Common Stock $ 64 $ 64 $ 64 $ 64 $ 64 $ 64 $ 64 $ 65    
v3.25.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Preferred Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Preferred Stock, shares authorized 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Preferred Stock, shares issued 0 0 0 0 0 0 0 0 0
Treasury Stock, Shares 13,490,483 13,490,483 13,408,334 13,404,954 13,328,095 13,282,860 13,213,877 13,208,339 13,194,339
Common Stock Class Undefined                  
Common Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common Stock, shares authorized 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Common Stock, shares issued 29,178,287 29,174,709 29,169,952 29,131,595 29,004,001 28,879,497 28,876,211 28,824,156 28,806,511
Common Stock, shares outstanding 29,178,287 29,174,709 29,169,952 29,131,595 29,004,001 28,879,497 28,876,211 28,824,156 28,806,511
Class A Common Stock                  
Common Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common Stock, shares authorized 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000
Common Stock, shares issued 6,458,376 6,458,376 6,458,376 6,483,116 6,483,116 6,483,116 6,483,116 6,524,805 6,524,805
Common Stock, shares outstanding 6,458,376 6,458,376 6,458,376 6,483,116 6,483,116 6,483,116 6,483,116 6,524,805 6,524,805
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Income Statement [Abstract]                              
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 $ 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Cost of sales   83,894 71,748 61,459 81,659 84,270 70,490 63,811 133,207 134,301 217,101 218,571 300,238 [2],[3] 300,230 [2] 315,081 [2]
Gross profit 98,338 96,630 85,252 72,920 94,094 99,802 87,530 82,733 158,172 170,263 254,802 270,065 353,140 [2],[3] 364,159 [2] 429,128 [2]
Selling, general and administrative   90,597 82,610 70,802 83,311 81,636 79,638 71,104 153,412 150,742 244,009 232,378 333,125 [2],[3] 315,689 [2] 313,541 [2]
Operating income 9,222 6,033 2,642 2,118 10,783 18,166 7,892 11,629 4,760 19,521 10,793 37,687 20,015 [2],[3] 48,470 [2] 115,587 [2]
Non-operating income/(expense):                              
Other income, net   1,522 1,877 2,172 1,800 1,632 1,537 1,025 4,049 2,562 5,571 4,194 7,125 [2],[3] 5,994 [2] 2,069 [2]
Interest expense   (144) (110) (118) (136) (135) (113) (113) (228) (226) (372) (361) (489) [2],[3] (497) [2] (518) [2]
Income before income taxes   7,411 4,409 4,172 12,447 19,663 9,316 12,541 8,581 21,857 15,992 41,520 26,651 [2],[3] 53,967 [2] 117,138 [2]
Provision for income taxes (Note 13)   2,365 843 2,033 2,348 4,166 2,640 2,638 2,876 5,278 5,241 9,444 7,442 11,792 24,260
Net income 8,458 5,046 3,566 2,139 10,099 15,497 6,676 9,903 5,705 16,579 10,751 32,076 19,209 42,175 92,878
Less: Net income attributable to noncontrolling interest   219 97 124 262 281 138 149 221 287 440 568 845 830 2,495
Net income attributable to Movado Group, Inc. $ 8,053 $ 4,827 $ 3,469 $ 2,015 $ 9,837 $ 15,216 $ 6,538 $ 9,754 $ 5,484 $ 16,292 $ 10,311 $ 31,508 $ 18,364 $ 41,345 $ 90,383
Basic income per share:                              
Weighted basic average shares outstanding   22,283 22,303 22,253 22,218 22,209 22,231 22,226 22,278 22,229 22,280 22,222 22,268 22,221 22,504
Net income per share attributable to Movado Group, Inc. $ 0.36 $ 0.22 $ 0.16 $ 0.09 $ 0.44 $ 0.69 $ 0.29 $ 0.44 $ 0.25 $ 0.73 $ 0.46 $ 1.42 $ 0.82 $ 1.86 $ 4.02
Diluted income per share:                              
Weighted diluted average shares outstanding   22,559 22,658 22,673 22,708 22,677 22,616 22,672 22,665 22,642 22,627 22,641 22,603 22,641 22,955
Net income per share attributable to Movado Group, Inc. $ 0.36 $ 0.21 $ 0.15 $ 0.09 $ 0.43 $ 0.67 $ 0.29 $ 0.43 $ 0.24 $ 0.72 $ 0.46 $ 1.39 $ 0.81 $ 1.83 $ 3.94
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income/(loss) $ 19,209 $ 42,175 $ 92,878
Other comprehensive income/(loss):      
Net unrealized gain/(loss) on investments, net of tax provision/(benefit) of $15, ($4) and $4, respectively 46 (13) 10
Amortization of prior service cost, net of tax provision of $19, $16 and $14, respectively 49 60 56
Net actuarial (loss)/gain arising during the period, net of tax (benefit)/provision of ($29), ($15) and ($536), respectively (85) (56) (1,981)
Foreign currency translation adjustments (12,321) 10,835 (1,720)
Accumulated other comprehensive income/(loss) before reclassification, net of tax provision/(benefit) of $1, $42 and $342, respectively 3 214 1,730
Amounts reclassified from accumulated other comprehensive (loss)/income, net of tax (benefit)/provision of ($9), $0 and ($414), respectively (46) 0 (2,095)
Total other comprehensive (loss)/income, net of taxes (12,354) 11,040 (4,000)
Comprehensive income/(loss) attributable to noncontrolling interests:      
Net income/(loss) 845 830 2,495
Foreign currency translation adjustments (150) (178) (115)
Total comprehensive income/(loss) attributable to noncontrolling interests 695 652 2,380
Total comprehensive income/(loss) attributable to Movado Group, Inc. $ 6,160 $ 52,563 $ 86,498
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net unrealized gain/(loss) on investments, net of tax provision/(benefit) $ 15 $ (4) $ 4
Amortization of prior service cost, tax provision 19 16 14
Net actuarial (loss)/gain created in current year, tax (benefit) (29) (15) (536)
Accumulated other comprehensive income/(loss) before reclassification, net of tax provision/(benefit) 1 42 342
Amounts reclassified from accumulated other comprehensive (loss)/income, net of tax (benefit)/provision $ (9) $ 0 $ (414)
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:                  
Net income/(loss) $ 2,139 $ 9,903 $ 5,705 $ 16,579 $ 10,751 $ 32,076 $ 19,209 $ 42,175 $ 92,878
Adjustments to reconcile net income to net cash provided by operating activities:                  
Non-cash corporate initiatives               0 0
Depreciation and amortization 2,288 2,557 4,582 5,039 6,960 7,278 9,312 [1],[2] 9,644 [1] 10,809 [1]
Transactional (gains)/losses (1,434) (114) (75) 849 594 204 (388) 722 (18)
Provision for inventories and accounts receivable 1,210 904 2,292 1,916 4,489 3,803 4,588 5,418 4,091
Deferred income taxes (457) (1,029) (553) (1,564) (1,582) (2,032) 827 319 (712)
Stock-based compensation 1,838 1,597 2,855 3,579 4,094 5,529 4,108 7,442 5,726
Other 82 559 171 647 265 754 413 1,020 453
Changes in assets and liabilities:                  
Trade receivables 3,384 (1,224) (2,261) (96) (30,220) (37,682) (11,550) (899) 4,244
Inventories (15,687) (7,240) (32,298) 7,230 (26,031) 9,965 (11,725) 35,675 (31,821)
Other current assets (5,090) (1,985) (8,375) (700) (4,675) 4,107 (4,589) 5,962 (6,427)
Accounts payable 1,082 (7,949) 3,493 (2,995) (3,709) (7,492) 1,842 1,541 (13,740)
Accrued liabilities 2,817 3,739 6,108 2,206 11,224 12,336 3,102 (6,011) (1,127)
Accrued payroll and benefits (1,257) (9,844) 618 (6,529) 2,369 (7,039) 475 (9,922) (7,705)
Income taxes receivable 4,714 (1,159) 4,508 (5,985) 8,982 (4,515) 9,532 (3,744) 6,850
Income taxes payable (13,785) (10,986) (22,962) (12,245) (20,954) (10,487) (21,971) (13,832) (4,779)
Other non-current assets 95 635 276 1,003 (3,141) 1,293 (4,278) 1,877 (4,561)
Other non-current liabilities (13) 139 6 292 (43) (730) (411) (609) 180
Net cash (used in)/provided by operating activities (18,074) (21,497) (35,910) 9,226 (40,627) 7,368 (1,504) 76,778 54,341
Cash flows from investing activities:                  
Capital expenditures             (7,966) (8,223) (7,085)
Long-term investments             (5,667) (3,107) (3,263)
Trademarks and other intangibles             (109) (144) (202)
Net cash used in investing activities             (13,742) (11,474) (10,550)
Cash flows from financing activities:                  
Dividends paid             (31,069) (53,146) (31,363)
Stock repurchases             (2,628) (3,116) (31,413)
Purchase of incremental ownership of joint venture             0 0 (1,886)
Distribution of noncontrolling interest earnings             (604) (1,431) (1,056)
Stock awards and options exercised and other changes             (1,101) 97 489
Debt issuance cost             0 0 (85)
Net cash used in financing activities             (35,402) (57,596) (65,314)
Effect of exchange rate changes on cash, cash equivalents and restricted cash             (2,952) 2,927 (4,014)
Net (decrease)/increase in cash, cash equivalents and restricted cash             (53,600) 10,635 (25,537)
Cash, cash equivalents and restricted cash at beginning of year 262,814 252,179 262,814 252,179 262,814 252,179 262,814 252,179 277,716
Cash, cash equivalents and restricted cash at end of year             209,214 262,814 252,179
Reconciliation of cash, cash equivalents and restricted cash:                  
Cash and cash equivalents $ 225,372 $ 198,257 $ 198,251 $ 218,909 $ 181,548 $ 200,965 208,501 262,059 251,584
Restricted cash included in other non-current assets             713 755 595
Cash, cash equivalents, and restricted cash             $ 209,214 $ 262,814 $ 252,179
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock Class Undefined
Class A Common Stock
Common Stock
Common Stock Class Undefined
Common Stock
Class A Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock
Noncontrolling Interests
Redeemable Noncontrolling Interests
Beginning Balance at Jan. 31, 2022 $ 473,378     $ 286 $ 65 $ 222,615 $ 412,190 $ 85,295 $ (249,040) $ 1,967 $ 2,311
Beginning Balance , Shares at Jan. 31, 2022       28,633,000 [1] 6,525,000 [2]            
Net income/(loss) attributable to Movado Group, Inc. 92,425           90,383     2,042 453
Dividends (31,363)           (31,363)        
Distribution of noncontrolling interest earnings (1,056)                 (1,056)  
Stock awards and options exercised 489     $ 2   1,610     (1,123)    
Stock awards and options exercised,Shares [1]       172,000              
Stock repurchases (31,413)               (31,413)    
Supplemental executive retirement plan 123         123          
Supplemental executive retirement plan, Shares [1]       2,000              
Stock-based compensation expense 5,726         5,726          
Net unrealized gain on investments, net of tax provision (benefit) 10             10      
Net change in effective portion of hedging contracts, net of tax provision (benefit) (365)             (365)      
Amortization of prior service cost, net of tax provision 56             56      
Net actuarial (loss)/gain arising during period, net of tax (benefit)/provision (1,981)             (1,981)      
Joint venture incremental share purchase 778         708   70     (2,664)
Foreign currency translation adjustment [3] (1,805)             (1,790)   (15) $ (100)
Ending Balance at Jan. 31, 2023 505,002     $ 288 $ 65 230,782 471,210 81,295 (281,576) 2,938  
Ending Balance ,Shares at Jan. 31, 2023   28,806,511 6,524,805 28,807,000 [1] 6,525,000 [2]            
Net income/(loss) attributable to Movado Group, Inc.             9,754        
Ending Balance at Apr. 30, 2023 489,997           451,063        
Ending Balance ,Shares at Apr. 30, 2023   28,824,156 6,524,805                
Ending Balance at Apr. 30, 2023 0                    
Beginning Balance at Jan. 31, 2023 505,002     $ 288 $ 65 230,782 471,210 81,295 (281,576) 2,938  
Beginning Balance , Shares at Jan. 31, 2023   28,806,511 6,524,805 28,807,000 [1] 6,525,000 [2]            
Net income/(loss) attributable to Movado Group, Inc.             16,292        
Ending Balance at Jul. 31, 2023 497,471           449,852        
Ending Balance ,Shares at Jul. 31, 2023   28,876,211 6,483,116                
Ending Balance at Jul. 31, 2023 0                    
Beginning Balance at Jan. 31, 2023 505,002     $ 288 $ 65 230,782 471,210 81,295 (281,576) 2,938  
Beginning Balance , Shares at Jan. 31, 2023   28,806,511 6,524,805 28,807,000 [1] 6,525,000 [2]            
Net income/(loss) attributable to Movado Group, Inc.             31,508        
Ending Balance at Oct. 31, 2023 494,318           457,319        
Ending Balance ,Shares at Oct. 31, 2023   28,879,497 6,483,116                
Ending Balance at Oct. 31, 2023 0                    
Beginning Balance at Jan. 31, 2023 505,002     $ 288 $ 65 230,782 471,210 81,295 (281,576) 2,938  
Beginning Balance , Shares at Jan. 31, 2023   28,806,511 6,524,805 28,807,000 [1] 6,525,000 [2]            
Net income/(loss) attributable to Movado Group, Inc. 42,175           41,345     830  
Dividends (53,146)           (53,146)        
Distribution of noncontrolling interest earnings (1,431)                 (1,431)  
Stock awards and options exercised 96     $ 1   673     (578)    
Stock awards and options exercised,Shares [1]       153,000              
Stock repurchases (3,116)               (3,116)    
Conversion of Class A Common Stock to Common Stock ,Share       42,000 [1] (42,000) [2]            
Conversion of Class A Common Stock to Common Stock       $ 1 $ (1)            
Supplemental executive retirement plan 165         165          
Supplemental executive retirement plan, Shares [1]       2,000              
Stock-based compensation expense 7,442         7,442          
Net unrealized gain on investments, net of tax provision (benefit) (13)             (13)      
Net change in effective portion of hedging contracts, net of tax provision (benefit) 214             214      
Amortization of prior service cost, net of tax provision 60             60      
Net actuarial (loss)/gain arising during period, net of tax (benefit)/provision (56)             (56)      
Foreign currency translation adjustment [3] 10,657             10,835   (178)  
Ending Balance at Jan. 31, 2024 508,049     $ 290 $ 64 239,062 459,409 92,335 (285,270) 2,159  
Ending Balance ,Shares at Jan. 31, 2024   29,004,001 6,483,116 29,004,000 [1] 6,483,000 [2]            
Ending Balance at Jan. 31, 2024 0                    
Beginning Balance at Apr. 30, 2023 489,997           451,063        
Beginning Balance , Shares at Apr. 30, 2023   28,824,156 6,524,805                
Beginning Balance at Apr. 30, 2023 0                    
Net income/(loss) attributable to Movado Group, Inc.             6,538        
Ending Balance at Jul. 31, 2023 497,471           449,852        
Ending Balance ,Shares at Jul. 31, 2023   28,876,211 6,483,116                
Ending Balance at Jul. 31, 2023 0                    
Net income/(loss) attributable to Movado Group, Inc.             15,216        
Ending Balance at Oct. 31, 2023 494,318           457,319        
Ending Balance ,Shares at Oct. 31, 2023   28,879,497 6,483,116                
Ending Balance at Oct. 31, 2023 0                    
Beginning Balance at Jan. 31, 2024 508,049     $ 290 $ 64 239,062 459,409 92,335 (285,270) 2,159  
Beginning Balance , Shares at Jan. 31, 2024   29,004,001 6,483,116 29,004,000 [1] 6,483,000 [2]            
Beginning Balance at Jan. 31, 2024 0                    
Net income/(loss) attributable to Movado Group, Inc.             2,015     124  
Foreign currency translation adjustment               (10,331)   (23)  
Ending Balance at Apr. 30, 2024 491,856           453,651 82,081   2,260  
Ending Balance ,Shares at Apr. 30, 2024   29,131,595 6,483,116                
Ending Balance at Apr. 30, 2024 0                    
Beginning Balance at Jan. 31, 2024 508,049     $ 290 $ 64 239,062 459,409 92,335 (285,270) 2,159  
Beginning Balance , Shares at Jan. 31, 2024   29,004,001 6,483,116 29,004,000 [1] 6,483,000 [2]            
Beginning Balance at Jan. 31, 2024 0                    
Net income/(loss) attributable to Movado Group, Inc.             5,484     221  
Foreign currency translation adjustment               (4,549)   (12)  
Ending Balance at Jul. 31, 2024 494,412           449,346 87,802   2,368  
Ending Balance ,Shares at Jul. 31, 2024   29,169,952 6,458,376                
Ending Balance at Jul. 31, 2024 0                    
Beginning Balance at Jan. 31, 2024 508,049     $ 290 $ 64 239,062 459,409 92,335 (285,270) 2,159  
Beginning Balance , Shares at Jan. 31, 2024   29,004,001 6,483,116 29,004,000 [1] 6,483,000 [2]            
Beginning Balance at Jan. 31, 2024 0                    
Net income/(loss) attributable to Movado Group, Inc.             10,311     440  
Foreign currency translation adjustment               (2,308)   (12)  
Ending Balance at Oct. 31, 2024 493,850           446,401 90,262   2,587  
Ending Balance ,Shares at Oct. 31, 2024   29,174,709 6,458,376                
Ending Balance at Oct. 31, 2024 0                    
Beginning Balance at Jan. 31, 2024 508,049     $ 290 $ 64 239,062 459,409 92,335 (285,270) 2,159  
Beginning Balance , Shares at Jan. 31, 2024   29,004,001 6,483,116 29,004,000 [1] 6,483,000 [2]            
Beginning Balance at Jan. 31, 2024 0                    
Net income/(loss) attributable to Movado Group, Inc. 19,209           18,364     845  
Dividends (31,069)           (31,069)        
Distribution of noncontrolling interest earnings (604)                 (604)  
Stock awards and options exercised (1,101)     $ 2   66     (1,169)    
Stock awards and options exercised,Shares [1]       145,000              
Stock repurchases (2,628)               (2,628)    
Conversion of Class A Common Stock to Common Stock ,Share       25,000 [1] (25,000) [2]            
Supplemental executive retirement plan 119         119          
Supplemental executive retirement plan, Shares [1]       4,000              
Stock-based compensation expense 4,108         4,108          
Net unrealized gain on investments, net of tax provision (benefit) 46             46      
Net change in effective portion of hedging contracts, net of tax provision (benefit) (43)             (43)      
Amortization of prior service cost, net of tax provision 49             49      
Net actuarial (loss)/gain arising during period, net of tax (benefit)/provision (85)             (85)      
Foreign currency translation adjustment [3] (12,471)             (12,321)   (150)  
Ending Balance at Jan. 31, 2025 483,579     $ 292 $ 64 $ 243,355 446,704 79,981 $ (289,067) 2,250  
Ending Balance ,Shares at Jan. 31, 2025   29,178,287 6,458,376 29,178,000 [1] 6,458,000 [2]            
Beginning Balance at Apr. 30, 2024 491,856           453,651 82,081   2,260  
Beginning Balance , Shares at Apr. 30, 2024   29,131,595 6,483,116                
Beginning Balance at Apr. 30, 2024 0                    
Net income/(loss) attributable to Movado Group, Inc.             3,469     97  
Foreign currency translation adjustment               5,782   11  
Ending Balance at Jul. 31, 2024 494,412           449,346 87,802   2,368  
Ending Balance ,Shares at Jul. 31, 2024   29,169,952 6,458,376                
Ending Balance at Jul. 31, 2024 0                    
Net income/(loss) attributable to Movado Group, Inc.             4,827     219  
Foreign currency translation adjustment               2,241   0  
Ending Balance at Oct. 31, 2024 493,850           $ 446,401 $ 90,262   $ 2,587  
Ending Balance ,Shares at Oct. 31, 2024   29,174,709 6,458,376                
Ending Balance at Oct. 31, 2024 $ 0                    
[1] Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.
[2] Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation as amended. The class A common stock is not publicly traded and consequently, there is currently no established public trading market for these shares.
[3] The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (PARENTHETICAL) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Dividends per share $ 1.4 $ 2.4 $ 1.4
Net unrealized gain on investments, net of tax provision (benefit) $ 15 $ (4) $ 4
Net change in effective portion of hedging contracts, tax provision (benefit) (8) 42 (72)
Amortization of prior service cost, tax provision 19 16 14
Net actuarial gain/(loss) arising during period, net of tax provision/(benefit) (29) (15) (536)
Stock-based compensation expense $ 4,108 $ 7,442 $ 5,726
Common Stock Class Undefined      
Common Stock, Voting Rights Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.    
Class A Common Stock      
Common Stock, Voting Rights Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders.    
Common stock, Conversion basis Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation as amended. The class A common stock is not publicly traded and consequently, there is currently no established public trading market for these shares.    
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Pay vs Performance Disclosure                              
Net Income (Loss) $ 8,053 $ 4,827 $ 3,469 $ 2,015 $ 9,837 $ 15,216 $ 6,538 $ 9,754 $ 5,484 $ 16,292 $ 10,311 $ 31,508 $ 18,364 $ 41,345 $ 90,383
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Jan. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Risk Management and Strategy

The Company recognizes the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, and violation of data privacy laws.

Identifying and assessing cybersecurity risk is integrated into the Company’s overall risk management processes. Cybersecurity risks are identified and addressed through internal information technology security, governance, risk and compliance reviews, as well as periodic third-party assessments. To defend, detect and respond to cybersecurity incidents, the Company maintains technical and organizational safeguards, including employee training, incident response capability reviews and exercises, cybersecurity insurance and disaster recovery plans. The Company also performs penetration testing to test security controls and monitors emerging laws and regulations related to data protection and information security. In addition, the Company performs third-party risk management

(including gathering information via questionnaires and/or service organization controls (SOC) reports) to identify and mitigate risks from third parties such as vendors, suppliers and major customers that process the Company’s employee, business or customer data.

The Company’s cybersecurity incident response and breach management processes are intended to detect and analyze security incidents; to contain, eradicate and recover from such incidents; and to conduct a post-incident analysis to determine whether any changes to processes or security measures are merited. Such incident responses are overseen by a Breach Response Team consisting of leaders from the Company’s Information Technology, Legal, Finance, Risk Management and Human Resources departments, with the assistance of external technical, legal and law enforcement support, as and when appropriate. Security events and data incidents are evaluated, ranked by severity and prioritized for response and remediation. Incidents are evaluated to determine materiality and operational, business and privacy impact, as well as the potential need for timely public disclosure.

From time to time the Breach Response Team conducts tabletop exercises to simulate responses to cybersecurity incidents, including the analysis of risks and the development of detection, mitigation and remediation strategies. The Breach Response Team also uses these exercises as an opportunity to discuss other topics related to cybersecurity, including notable developments in this area.

In the last three fiscal years, the Company has not experienced any material cybersecurity incidents or incurred any material expenses related to cybersecurity incidents. For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition, see Item 1A. Risk Factors – “The Company depends on its information systems to run its business and any significant breach of or disruption to those systems could materially disrupt the Company’s business” and “If the Company were to experience a significant privacy breach, it could be subject to costly government enforcement actions and private litigation and suffer significant negative publicity which could materially and adversely affect the Company’s results of operations,” which are incorporated by reference into this Item 1C.

Governance

The Audit Committee of the Board of Directors has assumed responsibility for the oversight of management’s strategies and processes for addressing risks from cybersecurity threats. The Audit Committee or the full Board receives quarterly updates regarding cybersecurity and data privacy matters from senior management, including leaders from the Information Technology and Legal teams. This generally includes briefings regarding existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any), a cybersecurity maturity scorecard, status of key information security initiatives, and significant developments in data privacy regulations.

The Company’s cybersecurity risk management and strategy processes are overseen by leaders from the Information Technology team (specifically, the Company’s chief technology officer, its chief information officer, and its senior manager for cybersecurity) who collectively have over 75 years of prior work experience in various information technology roles, including security, auditing, compliance, systems and programming, and whose credentials have included Certified in the Governance of Enterprise IT (CGEIT), Certified in Risk and Information Systems Control (CRISC) and Certified Information Systems Security Professional certifications. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of, cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of the Company's incident response plan. Potentially significant cybersecurity incidents are reported to the Breach Response Team. If the Breach Response Team deems the incident material, it will promptly notify the Audit Committee or the full Board of Directors. The Audit Committee or Board receives updates regarding other incidents during management’s regular quarterly cybersecurity updates. In addition, the Company's Internal Audit function, whose leader possesses a Certified Information System Auditor (CISA) certification, reviews certain cybersecurity controls in connection with its information technology audit procedures.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Identifying and assessing cybersecurity risk is integrated into the Company’s overall risk management processes.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

The Audit Committee of the Board of Directors has assumed responsibility for the oversight of management’s strategies and processes for addressing risks from cybersecurity threats. The Audit Committee or the full Board receives quarterly updates regarding cybersecurity and data privacy matters from senior management, including leaders from the Information Technology and Legal teams. This generally includes briefings regarding existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any), a cybersecurity maturity scorecard, status of key information security initiatives, and significant developments in data privacy regulations.

The Company’s cybersecurity risk management and strategy processes are overseen by leaders from the Information Technology team (specifically, the Company’s chief technology officer, its chief information officer, and its senior manager for cybersecurity) who collectively have over 75 years of prior work experience in various information technology roles, including security, auditing, compliance, systems and programming, and whose credentials have included Certified in the Governance of Enterprise IT (CGEIT), Certified in Risk and Information Systems Control (CRISC) and Certified Information Systems Security Professional certifications. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of, cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of the Company's incident response plan. Potentially significant cybersecurity incidents are reported to the Breach Response Team. If the Breach Response Team deems the incident material, it will promptly notify the Audit Committee or the full Board of Directors. The Audit Committee or Board receives updates regarding other incidents during management’s regular quarterly cybersecurity updates. In addition, the Company's Internal Audit function, whose leader possesses a Certified Information System Auditor (CISA) certification, reviews certain cybersecurity controls in connection with its information technology audit procedures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board of Directors has assumed responsibility for the oversight of management’s strategies and processes for addressing risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee or the full Board receives quarterly updates regarding cybersecurity and data privacy matters from senior management, including leaders from the Information Technology and Legal teams. This generally includes briefings regarding existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any), a cybersecurity maturity scorecard, status of key information security initiatives, and significant developments in data privacy regulations.
Cybersecurity Risk Role of Management [Text Block] The Company’s cybersecurity risk management and strategy processes are overseen by leaders from the Information Technology team (specifically, the Company’s chief technology officer, its chief information officer, and its senior manager for cybersecurity) who collectively have over 75 years of prior work experience in various information technology roles, including security, auditing, compliance, systems and programming, and whose credentials have included Certified in the Governance of Enterprise IT (CGEIT), Certified in Risk and Information Systems Control (CRISC) and Certified Information Systems Security Professional certifications. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of, cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of the Company's incident response plan. Potentially significant cybersecurity incidents are reported to the Breach Response Team. If the Breach Response Team deems the incident material, it will promptly notify the Audit Committee or the full Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company’s cybersecurity risk management and strategy processes are overseen by leaders from the Information Technology team (specifically, the Company’s chief technology officer, its chief information officer, and its senior manager for cybersecurity) who collectively have over 75 years of prior work experience in various information technology roles, including security, auditing, compliance, systems and programming, and whose credentials have included Certified in the Governance of Enterprise IT (CGEIT),
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Information Technology team (specifically, the Company’s chief technology officer, its chief information officer, and its senior manager for cybersecurity) who collectively have over 75 years of prior work experience in various information technology roles, including security, auditing, compliance, systems and programming, and whose credentials have included Certified in the Governance of Enterprise IT (CGEIT), Certified in Risk and Information Systems Control (CRISC) and Certified Information Systems Security Professional certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] cybersecurity incidents are reported to the Breach Response Team. If the Breach Response Team deems the incident material, it will promptly notify the Audit Committee or the full Board of Directors. The Audit Committee or Board receives updates regarding other incidents during management’s regular quarterly cybersecurity updates. In addition, the Company's Internal Audit function, whose leader possesses a Certified Information System Auditor (CISA) certification, reviews certain cybersecurity controls in connection with its information technology audit procedures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Significant Accounting Policies
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Organization and Business

Movado Group, Inc. (together with its subsidiaries, the “Company”) designs, sources, markets and distributes quality watches with prominent brands across most price categories of the watch industry. In fiscal 2025, the Company marketed the following distinct brands of watches: Movado, Concord, EBEL, Olivia Burton, MVMT, Coach, Tommy Hilfiger, Hugo Boss, Lacoste and Calvin Klein. The Company also designs, sources, markets and distributes jewelry and other accessories under certain of its brands.

Movado (with the exception of certain Movado collections), EBEL and Concord watches, as well as a limited number of Calvin Klein watch styles, are manufactured in Switzerland by independent third-party assemblers using Swiss movements and other parts sourced by the Company’s Swiss operations. All of the Company’s products are manufactured using components obtained from third party suppliers. Certain Movado collections of watches are manufactured by independent contractors in Asia using Swiss movements. Coach, Hugo Boss, Lacoste, Olivia Burton, MVMT, Tommy Hilfiger and most Calvin Klein watches are manufactured by independent contractors in Asia. The Company’s jewelry and other accessories are manufactured by independent contractors in Asia and, to a lesser extent, the United States.

In addition to its sales to trade customers and independent distributors, the Company sells directly to consumers via its e-commerce platforms and also operates 52 retail outlet locations throughout the United States and four in Canada, through which it sells current and discontinued models and factory seconds of all of the Company’s watch brands.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated. To the extent a subsidiary is not wholly-owned, any related noncontrolling interests are included as a separate component of Shareholders’ Equity.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates and assumptions are based on management’s best estimates and judgment. On an on-going basis, the Company evaluates its estimates and judgment. These estimates include accounting for sales discounts, returns, markdowns, allowance for expected credit losses, allowances and incentives, warranties, income taxes, depreciation, amortization, inventory write-downs, stock-based compensation, pensions, contingencies and impairments of long-lived assets. Actual results could differ from those estimates.

Translation of Foreign Currency Financial Statements and Foreign Currency Transactions

The financial statements of the Company’s international subsidiaries have been translated into United States dollars by translating balance sheet accounts at year-end exchange rates and the weighted average exchange rate for each period for revenues, expenses, gains, losses and cash flows. Foreign currency transaction gains and losses are charged or credited to earnings as incurred. Foreign currency translation gains and losses are reflected in the equity section of the Company’s Consolidated Balance Sheets in accumulated other comprehensive income.

Cash and Cash Equivalents and Restricted Cash

Cash equivalents include all highly liquid investments with original maturities at date of purchase of three months or less.

Restricted cash is comprised of cash or cash equivalents which has been placed into an account that is restricted for a specific use and from which the Company cannot withdraw the cash on demand.

Trade Receivables

Trade receivables as shown on the Consolidated Balance Sheets are net of various allowances. The Company utilizes a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss rate for its trade accounts receivables. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable.

Included in Trade receivables are amounts due from trade customers including department stores, jewelry store chains, independent jewelers, third-party e-commerce retailers and payment processors used by the Company's owned e-commerce websites. All of the Company’s watch brands are also marketed outside the U.S. through a network of independent distributors. Accounts receivable are stated net of reserves for expected credit losses, returns and allowances of $26.1 million and $23.0 million at January 31, 2025 and 2024, respectively. Accounts receivable are also stated net of co-operative advertising allowances of $4.2 million and $5.5 million at January 31, 2025 and 2024, respectively. Co-operative advertising allowances are credits taken by the customer at a future date on previously executed co-operative advertising.

The Company’s concentrations of credit risk arise primarily from accounts receivable related to trade customers during the peak selling seasons. The Company has significant accounts receivable balances due from major national chain and department stores and third-party e-commerce retailers. The Company’s results of operations could be materially adversely affected in the event any of these customers or a group of these customers defaulted on all or a significant portion of their obligations to the Company. As of January 31, 2025, except for those accounts provided for in the allowance for expected credit losses, the Company knew of no situations with any of the Company’s major customers which would indicate any such customer’s inability to make its required payments.

No single customer accounted for more than 10% of net sales during any of the years in the three-year period ended January 31, 2025. No single customer accounted for more than 10% of the Company’s account receivable balance at January 31, 2025 or 2024.

Inventories

The Company values its inventory at the lower of cost or net realizable value. Cost is determined using the average cost method. The Company performs reviews of its on-hand inventory to determine amounts, if any, of inventory that is deemed discontinued, excess, or unsaleable. Inventory classified as discontinued, together with the related component parts that can be assembled into saleable finished goods, is sold primarily through the Company’s retail outlet locations. The Company retains adequate levels of component parts to facilitate both the manufacturing of its watches as well as the after-sales service of its watches for an extended period of time after the discontinuance of the manufacturing of such watches. The adjustment to reduce the value of component parts below their cost to their net realizable value is based on the timing of when a component part is no longer associated with a watch that is being manufactured as well as the significant assumption related to the anticipated utilization of component parts for after-sales service.

Property, Plant and Equipment

Property, plant and equipment, including computer software, are stated at cost less accumulated depreciation. The Company capitalizes certain computer software costs after technological feasibility has been established. Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets. The cost of property, plant and equipment and related depreciation and amortization are removed from the accounts upon the disposition or retirement of such assets and the resulting gain or loss is reflected in operating income.

Intangibles

Intangible assets consist primarily of trade names, customer relationships and trademarks. In accordance with applicable guidance, the Company estimates and records the fair value of purchased intangible assets at the time of their acquisition. The fair values of these intangible assets are estimated at the time of acquisition based on independent third-party appraisals. Finite-lived intangible assets are amortized over their respective estimated useful lives, which range from three to ten years, and are evaluated for impairment whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. The Company determined that there was no impairment in fiscal 2025, fiscal 2024 or in fiscal 2023.

Noncontrolling Interest

Noncontrolling interest is recognized as equity in the Company’s Consolidated Balance Sheets and represents ownership interests in the Company’s subsidiaries held by third parties.

Long-Lived Assets

The Company periodically reviews the estimated useful lives of its depreciable assets based on factors including historical experience, the expected beneficial service period of the asset, the quality and durability of the asset and the Company’s maintenance policy including periodic upgrades. Changes in useful lives are made on a prospective basis unless factors indicate the carrying amounts of the assets may not be recoverable and an impairment is necessary.

The Company performs an impairment review of its long-lived assets once events or changes in circumstances indicate, in management’s judgment, that the carrying value of such assets may not be recoverable. When such a determination has been made, management compares the carrying value of the asset groups with their estimated future undiscounted cash flows. If it is determined that an impairment has occurred, the fair value of the asset group is determined and compared to its carrying value. The excess of the carrying value over the fair value, if any, is recognized as a loss during that period. The impairment is calculated as the difference between asset carrying values and their estimated fair values. No impairment charge was recorded in fiscal 2025, fiscal 2024 or in fiscal 2023.

Investments Without Readily Determinable Fair Values

From time to time the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. The Company has evaluated and will regularly evaluate the carrying value of its investments. The carrying value of the investments are recorded in Other non-current assets in the Consolidated Balance Sheets at January 31, 2025 and 2024.

Derivative Financial Instruments

The Company accounts for its derivative financial instruments in accordance with the accounting guidance which requires that an entity recognize all derivatives as either assets or liabilities in the Consolidated Balance Sheets and measure those instruments at fair value. A significant portion of the Company’s purchases are denominated in Swiss Francs and, to a lesser extent, the Japanese Yen. The Company also sells to third-party customers in a variety of foreign currencies, most notably the Euro, Swiss Franc and the British Pound. The Company reduces its exposure to the Swiss Franc, Euro, British Pound, Chinese Yuan and Japanese Yen exchange rate risks through a hedging program. Under the hedging program, the Company manages most of its foreign currency exposures on a consolidated basis, which allows it to net certain exposures and take advantage of natural offsets. In the event these exposures do not offset, from time to time the Company uses various derivative financial instruments to further reduce the net exposures to currency fluctuations, predominately forward and option contracts. Certain of these contracts meet the requirements of qualified hedges. In these circumstances, the Company designates and documents these derivative instruments as a cash flow hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transactions. Changes in the fair value of hedges designated and documented as a cash flow hedge and which are highly effective, are recorded in other comprehensive income until the underlying transaction affects earnings, and then are later reclassified into earnings in the same account as the hedged transaction. The earnings impact is mostly offset by the effects of currency movements on the underlying hedged transactions. The Company formally assesses, both at the inception and at each fiscal quarter thereafter, the effectiveness of the derivative instrument hedging the underlying forecasted cash flow transaction. The Company does not exclude any designated cash flow hedges from its effective testing. Hedge accounting is discontinued if it is determined that the derivative is not highly effective.

From time to time the Company uses forward exchange contracts, which do not meet the requirements of qualified hedges, to offset its exposure to certain foreign currency receivables and liabilities. These forward contracts are not designated as qualified hedges and, therefore, changes in the fair value of these derivatives are recognized in earnings in the period they arise, thereby offsetting the current earnings effect resulting from the revaluation of the related foreign currency receivables and liabilities.

All of the Company’s derivative instruments have fair values which can be determined directly or indirectly based on available market data. The Company does not enter into any derivative instruments for trading purposes.

Revenue Recognition

Wholesale revenue is recognized and recorded when a contract is in place, obligations under the terms of a contract with the customer are satisfied and control is transferred to the customer. Such revenue is measured as the ultimate amount of consideration the Company expects to receive in exchange for transferring goods including variable consideration. The Company has determined that transfer of control passes to the wholesale customer upon shipment or upon receipt depending on the agreement with the customer and shipping terms. Control passes to outlet store customers at the time of sale and to substantially all e-commerce customers upon shipment. Factors considered in the transfer of control include the right to payment, transfer of legal title, physical possession and customer acceptance of the goods and whether significant risks and rewards for the goods belong with the customer. The Company records estimates of variable

consideration, which includes sales returns, markdowns, volume-based programs and sales and cash discount allowances as a reduction of revenue in the same period that the sales are recorded. These estimates are based upon the expected value method considering all reasonably available information including historical analysis, customer agreements and/or currently known factors that arise in the normal course of business. Returns, discounts and allowances have historically been within the Company’s expectations and the provisions established. The future provisional rates may differ from those experienced in the past. Taxes imposed by governmental authorities on the Company's revenue-producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.

Cost of Sales

Cost of sales of the Company’s products consist primarily of costs for raw materials, component costs, royalties, depreciation, amortization, assembly costs, shipping to customers, design costs and unit overhead costs associated with the Company’s supply chain operations predominately in Switzerland and Asia. The Company’s supply chain operations consist of logistics management of assembly operations and product sourcing predominately in Switzerland and Asia and minor assembly in Switzerland. The Swiss watch movements used in the manufacture of Movado, EBEL and Concord watches, as well as certain Calvin Klein watch styles, are purchased from three suppliers, one of which is a wholly-owned subsidiary of a competitor of the Company, and only one of which supplies mechanical movements. The elimination or disruption of any of these manufacturers could disrupt the Company's Swiss watch operations. This is particularly true for mechanical movements given the single source of supply, although mechanical movements are only used in a relatively small number of the Company's watch styles.

Selling, General and Administrative (“SG&A”) Expenses

The Company’s SG&A expenses consist primarily of marketing, selling, distribution, general and administrative expenses.

Marketing expenditures are based principally on overall strategic considerations relative to maintaining or increasing market share in markets that management considers to be crucial to the Company’s continued success as well as on general economic conditions in the various markets around the world in which the Company sells its products. Marketing expenses include salaries, various forms of media advertising, digital advertising (including social media), customer acquisition costs and co-operative advertising with customers and distributors and other point of sale marketing and promotional spending.

Selling expenses consist primarily of salaries, sales commissions, salesforce travel and related expenses, credit card fees, depreciation and amortization and operating costs incurred in connection with the Company’s retail business. Sales commissions vary with overall sales levels. Retail selling expenses consist primarily of payroll and related expenses and store occupancy costs.

Distribution expenses consist of costs of running distribution centers and customer service, and include primarily salaries, rental and other occupancy costs, security, depreciation and amortization of furniture and leasehold improvements and shipping supplies.

General and administrative expenses consist primarily of salaries and other employee compensation including performance-based compensation, employee benefit plan costs, office rent, management information systems costs, professional fees, bad debts, depreciation and amortization of furniture, computer software, leasehold improvements, amortization of finite-lived intangible assets, patent and trademark expenses and various other general corporate expenses.

Warranty Costs

All watches sold by the Company come with limited warranties covering the movement against defects in material and workmanship for periods generally ranging from two to three years from the date of purchase. When changes in warranty costs are experienced, the Company will adjust the warranty liability as required. The Company records an estimate for future warranty costs based on historical repair costs. Warranty costs have historically been within the Company’s expectations and the provisions established. If such costs were to substantially exceed estimates, they could have an adverse effect on the Company's operating results.

The warranty liability, included in accrued liabilities in the Consolidated Balance Sheets, and activity for the fiscal years ended January 31, 2025, 2024 and 2023 was as follows (in thousands):

 

2025

 

2024

 

2023

 

Balance, beginning of year

 

$

1,910

 

$

1,882

 

$

2,114

 

Provision charged to operations

 

1,440

 

 

1,864

 

 

1,794

 

Settlements made

 

(1,491

)

 

(1,836

)

 

(2,026

)

Balance, end of year

$

1,859

 

$

1,910

 

$

1,882

 

 

Pre-opening Costs

Marketing and administrative costs associated with the opening of retail stores are expensed in the period incurred.

Marketing

The Company expenses the production costs of an advertising campaign at the commencement date of the advertising campaign. Included in marketing expenses are costs associated with co-operative advertising, media advertising, digital advertising, customer acquisition costs, production costs, costs of point of sale materials and displays and internal payroll related costs. These costs are recorded as SG&A expenses. The Company participates in co-operative advertising programs on a voluntary basis and receives a “separately identifiable benefit in exchange for the consideration.” Since the amount of consideration paid to the retailer does not exceed the fair value of the benefit received by the Company, these costs are recorded as SG&A expenses as opposed to being recorded as a reduction of revenue. Marketing expense for fiscal 2025, 2024 and 2023 was $146.5 million, $129.1 million and $126.2 million, respectively.

Included in other non-current assets in the Consolidated Balance Sheets are the costs of certain prepaid advertising, including principally product displays and point of sale materials. Prepaid advertising accounted for $6.5 million and $4.2 million in other non-current assets at January 31, 2025 and 2024, respectively.

Shipping and Handling Costs

Amounts charged to customers for shipping and handling were $1.6 million, $1.8 million and $1.7 million for fiscal years 2025, 2024 and 2023, respectively. The costs related to shipping and handling were $12.3 million, $12.0 million and $14.6 million for fiscal years 2025, 2024 and 2023, respectively. The amounts charged and incurred by the Company related to shipping and handling are included in net sales and cost of sales in the Consolidated Statements of Operations, respectively.

 

Income Taxes

The Company, under ASC Topic 740, follows the asset and liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and tax rates in each jurisdiction where the Company operates and applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more-likely-than-not basis. The Company calculates estimated income taxes in each of the jurisdictions in which it operates. This process involves estimating actual current tax expense along with assessing temporary differences resulting from differing treatment of items for both book and tax purposes.

The Company follows guidance for accounting for uncertainty in income taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes a recognition threshold and measurement standard for an income tax position taken or expected to be taken in a tax return. This guidance also provides instructions for de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transitions. Interest and penalties, if any, related to unrecognized tax benefits are recorded as income tax expense in the Consolidated Statement of Operations and as deferred tax liabilities in the Consolidated Balance Sheet.

Earnings Per Share

The Company presents net income attributable to Movado Group, Inc. after adjusting for noncontrolling interests, as applicable, per share on a basic and diluted basis. Basic earnings per share is computed using weighted average shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for dilutive common stock equivalents.

 

The number of shares used in calculating basic and diluted earnings per share is as follows (in thousands):

 

 

 

Fiscal Years Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

22,268

 

 

 

22,221

 

 

 

22,504

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Stock awards and options to purchase shares of common stock

 

 

335

 

 

 

420

 

 

 

451

 

Diluted

 

 

22,603

 

 

 

22,641

 

 

 

22,955

 

 

For the fiscal years ended January 31, 2025, 2024 and 2023, approximately 681,000, 682,000 and 296,000 respectively, of potentially dilutive common stock equivalents were excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

Stock-Based Compensation

The Company utilizes the Black-Scholes option-pricing model which requires that certain assumptions be made to calculate the fair value of each option at the grant date. The expected life of stock option grants is determined using historical data and represents the time period during which the stock option is expected to be outstanding until it is exercised. The risk-free interest rate is based on the U.S. treasury note interest rate in effect on the date of grant for the expected life of the stock option. The expected stock price volatility is derived from historical volatility and calculated based on the estimated term structure of the stock option grant. The expected dividend yield is calculated using the Company’s expected average of annualized dividend yields and applied over the expected term of the option. Management monitors stock option exercises and employee termination patterns to estimate forfeitures rates within the valuation model. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes.

In addition to stock options, the Company may also grant stock awards to employees and directors. The stock awards are generally in the form of time-vesting restricted stock unit awards (pursuant to which unrestricted shares of Common Stock are issued to the grantee when the award vests) or performance-based awards (under which vesting occurs only if one or more predetermined financial goals are achieved within the relevant performance period); both are subject to the participant’s continued employment (or board service) with the Company through such vesting date. Stock awards generally are cliff-vested after three years from the date of grant (one year in the case of directors’ awards). The fair value of stock awards is generally equal to the closing price of the Company’s publicly-traded common stock on the grant date.

Compensation expense for all awards is accrued based on the estimated number of instruments for which the requisite service is expected to be rendered as well as awards expected to be paid in cash. This estimate is reflected in the period the stock option and stock awards are either granted or canceled. Expense related to stock options and stock awards compensation is recognized on a straight-line basis over the vesting term and, as applicable, only if the performance condition is probable of being achieved.

 

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) attributable to the Movado Group, Inc. and other gains and losses that are not included in net income (loss), but are recorded directly in the Consolidated Statements of Shareholders’ Equity, such as the unrealized gains and losses on the translation of the assets and liabilities of the Company’s foreign operations and net unrealized gains and losses, net of tax, on derivatives designated as cash flow hedges, the Company's defined benefit plan and available for sale securities.

v3.25.1
Restatement of Previously Issued Consolidated Financial Statements
 12 Months Ended
Jan. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Consolidated Financial Statements

NOTE 1A – RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

 

In late January 2025, the Company became aware of allegations of misconduct within the Dubai branch (the “Dubai Branch”) of the Company’s Swiss subsidiary, MGI Luxury Group Sárl, related to sales to certain customers in the Middle East, India & Asia Pacific region (the “Affected Region”). Promptly thereafter, the Company retained outside counsel to conduct an investigation into these allegations. Based on that investigation, the Company has determined that the former managing director of the Dubai Branch, who oversaw the Affected Region, as well as certain employees under his direction, took actions that resulted in an overstatement of sales, premature recognition of sales, and underreporting of credit notes (e.g., sales discounts) owed to customers in the Affected Region. These actions included the use of a third-party warehouse unknown to the Company’s management to facilitate the premature recognition of sales, and the falsification of documents to circumvent internal controls. The conduct occurred over a period of approximately five years (beginning with the Company’s fiscal year ended January 31, 2021). The investigation has not identified any impact to reported

sales to customers in other regions, nor has the investigation identified any knowledge of, or participation in, the misconduct by Company employees (whether members of management or otherwise) outside of the Affected Region. The Company has terminated the now former managing director of the Dubai Branch.

 

The Company has concluded that its historical consolidated financial statements for the fiscal years ended January 31, 2024 and 2023, and the interim periods within fiscal years 2025 and 2024 (the “Affected Periods”), require restatement to properly record the extent and timing of sales earned and credits issued during the relevant time period. Additionally, the restated interim periods of fiscal 2025 reflect a reduction in operating expenses as a result of the reversal of certain accruals due to the lower adjusted operating results. As a result, the Company is including restated Consolidated Financial Statements for the Affected Periods within the footnotes to these financial statements. The misstatements did not impact the Company’s cash flows or compliance with the debt covenants in the Company’s credit agreement.

The Company has restated herein its audited Consolidated Financial Statements at January 31, 2024 and for the years ended January 31, 2024 and January 31, 2023.

 

The Company has also restated impacted amounts within the accompanying footnotes to the Consolidated Financial Statements.

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

 

 

January 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

262,059

 

 

 

—

 

 

$

262,059

 

Trade receivables, net

 

 

104,472

 

 

 

(18,428

)

 

 

86,044

 

Inventories

 

 

148,031

 

 

 

5,859

 

 

 

153,890

 

Other current assets

 

 

17,962

 

 

 

—

 

 

 

17,962

 

Income taxes receivable

 

 

11,354

 

 

 

(15

)

 

 

11,339

 

Total current assets

 

 

543,878

 

 

 

(12,584

)

 

 

531,294

 

Property, plant and equipment, net

 

 

19,436

 

 

 

—

 

 

 

19,436

 

Operating lease right-of-use assets

 

 

82,661

 

 

 

—

 

 

 

82,661

 

Deferred and non-current income taxes

 

 

43,016

 

 

 

—

 

 

 

43,016

 

Other intangibles, net

 

 

7,493

 

 

 

—

 

 

 

7,493

 

Other non-current assets

 

 

72,598

 

 

 

—

 

 

 

72,598

 

Total assets

 

$

769,082

 

 

$

(12,584

)

 

$

756,498

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

32,775

 

 

 

—

 

 

$

32,775

 

Accrued liabilities

 

 

38,695

 

 

 

—

 

 

 

38,695

 

Accrued payroll and benefits

 

 

7,591

 

 

 

—

 

 

 

7,591

 

Current operating lease liabilities

 

 

15,696

 

 

 

—

 

 

 

15,696

 

Income taxes payable

 

 

18,318

 

 

 

(1,676

)

 

 

16,642

 

Total current liabilities

 

 

113,075

 

 

 

(1,676

)

 

 

111,399

 

Deferred and non-current income taxes payable

 

 

8,234

 

 

 

—

 

 

 

8,234

 

Non-current operating lease liabilities

 

 

76,396

 

 

 

—

 

 

 

76,396

 

Other non-current liabilities

 

 

52,420

 

 

 

—

 

 

 

52,420

 

Total liabilities

 

 

250,125

 

 

 

(1,676

)

 

 

248,449

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

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; 29,004,001 and 28,806,511 shares issued and outstanding, respectively

 

 

290

 

 

 

—

 

 

 

290

 

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,483,116 and 6,524,805 shares issued and outstanding, respectively

 

 

64

 

 

 

—

 

 

 

64

 

Capital in excess of par value

 

 

239,062

 

 

 

—

 

 

 

239,062

 

Retained earnings

 

 

470,317

 

 

 

(10,908

)

 

 

459,409

 

Accumulated other comprehensive income

 

 

92,335

 

 

 

—

 

 

 

92,335

 

Treasury Stock, 13,328,095 and 13,194,339, shares, respectively, at cost

 

 

(285,270

)

 

 

—

 

 

 

(285,270

)

Total Movado Group, Inc. shareholders' equity

 

 

516,798

 

 

 

(10,908

)

 

 

505,890

 

Noncontrolling interest

 

 

2,159

 

 

 

—

 

 

 

2,159

 

Total equity

 

 

518,957

 

 

 

(10,908

)

 

 

508,049

 

Total liabilities and equity

 

$

769,082

 

 

$

(12,584

)

 

$

756,498

 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

 

 

 

Fiscal Year Ended January 31, 2024

 

 

Fiscal Year Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net sales

 

$

672,601

 

 

$

(8,212

)

 

$

664,389

 

 

$

751,898

 

 

$

(7,689

)

 

$

744,209

 

Cost of sales

 

 

302,207

 

 

 

(1,977

)

 

 

300,230

 

 

 

318,003

 

 

 

(2,922

)

 

 

315,081

 

Gross profit

 

 

370,394

 

 

 

(6,235

)

 

 

364,159

 

 

 

433,895

 

 

 

(4,767

)

 

 

429,128

 

Selling, general and administrative

 

 

315,689

 

 

 

—

 

 

 

315,689

 

 

 

313,541

 

 

 

—

 

 

 

313,541

 

Operating income

 

 

54,705

 

 

 

(6,235

)

 

 

48,470

 

 

 

120,354

 

 

 

(4,767

)

 

 

115,587

 

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

5,994

 

 

 

—

 

 

 

5,994

 

 

 

2,069

 

 

 

—

 

 

 

2,069

 

Interest expense

 

 

(497

)

 

 

—

 

 

 

(497

)

 

 

(518

)

 

 

—

 

 

 

(518

)

Income/(loss) before income taxes

 

 

60,202

 

 

 

(6,235

)

 

 

53,967

 

 

 

121,905

 

 

 

(4,767

)

 

 

117,138

 

Provision/(benefit) for income taxes

 

 

12,661

 

 

 

(869

)

 

 

11,792

 

 

 

24,882

 

 

 

(622

)

 

 

24,260

 

Net income/(loss)

 

 

47,541

 

 

 

(5,366

)

 

 

42,175

 

 

 

97,023

 

 

 

(4,145

)

 

 

92,878

 

Less: Net income attributable to noncontrolling interest

 

 

830

 

 

 

—

 

 

 

830

 

 

 

2,495

 

 

 

—

 

 

 

2,495

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

46,711

 

 

$

(5,366

)

 

$

41,345

 

 

$

94,528

 

 

$

(4,145

)

 

$

90,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

 

22,221

 

 

 

—

 

 

 

22,221

 

 

 

22,504

 

 

 

—

 

 

 

22,504

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

2.10

 

 

$

(0.24

)

 

$

1.86

 

 

$

4.20

 

 

$

(0.18

)

 

$

4.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

 

22,641

 

 

 

—

 

 

 

22,641

 

 

 

22,955

 

 

 

—

 

 

 

22,955

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

2.06

 

 

$

(0.23

)

 

$

1.83

 

 

$

4.12

 

 

$

(0.18

)

 

$

3.94

 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Fiscal Year Ended January 31, 2024

 

 

Fiscal Year Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

47,541

 

 

$

(5,366

)

 

$

42,175

 

 

$

97,023

 

 

$

(4,145

)

 

$

92,878

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash corporate initiatives

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Depreciation and amortization

 

 

9,644

 

 

 

—

 

 

 

9,644

 

 

 

10,809

 

 

 

—

 

 

 

10,809

 

Transactional losses/(gains)

 

 

722

 

 

 

—

 

 

 

722

 

 

 

(18

)

 

 

—

 

 

 

(18

)

Provision for inventories and accounts receivable

 

 

5,418

 

 

 

—

 

 

 

5,418

 

 

 

4,091

 

 

 

—

 

 

 

4,091

 

Deferred income taxes

 

 

319

 

 

 

—

 

 

 

319

 

 

 

(712

)

 

 

—

 

 

 

(712

)

Stock-based compensation

 

 

7,442

 

 

 

—

 

 

 

7,442

 

 

 

5,726

 

 

 

—

 

 

 

5,726

 

Other

 

 

1,020

 

 

 

—

 

 

 

1,020

 

 

 

453

 

 

 

—

 

 

 

453

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

(9,111

)

 

 

8,212

 

 

 

(899

)

 

 

(3,445

)

 

 

7,689

 

 

 

4,244

 

Inventories

 

 

37,652

 

 

 

(1,977

)

 

 

35,675

 

 

 

(28,899

)

 

 

(2,922

)

 

 

(31,821

)

Other current assets

 

 

5,962

 

 

 

—

 

 

 

5,962

 

 

 

(6,427

)

 

 

—

 

 

 

(6,427

)

Accounts payable

 

 

1,541

 

 

 

—

 

 

 

1,541

 

 

 

(13,740

)

 

 

—

 

 

 

(13,740

)

Accrued liabilities

 

 

(6,011

)

 

 

—

 

 

 

(6,011

)

 

 

(1,127

)

 

 

—

 

 

 

(1,127

)

Accrued payroll and benefits

 

 

(9,922

)

 

 

—

 

 

 

(9,922

)

 

 

(7,705

)

 

 

—

 

 

 

(7,705

)

Income taxes receivable

 

 

(3,706

)

 

 

(38

)

 

 

(3,744

)

 

 

6,797

 

 

 

53

 

 

 

6,850

 

Income taxes payable

 

 

(13,001

)

 

 

(831

)

 

 

(13,832

)

 

 

(4,104

)

 

 

(675

)

 

 

(4,779

)

Other non-current assets

 

 

1,877

 

 

 

—

 

 

 

1,877

 

 

 

(4,561

)

 

 

—

 

 

 

(4,561

)

Other non-current liabilities

 

 

(609

)

 

 

—

 

 

 

(609

)

 

 

180

 

 

 

—

 

 

 

180

 

Net cash provided by operating activities

 

 

76,778

 

 

 

—

 

 

 

76,778

 

 

 

54,341

 

 

 

—

 

 

 

54,341

 

The restatement had no impact on investing and financing activities or cash balances.

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended January 31, 2024 and 2023.

 

 

 

For the Twelve Months Ended January 31, 2024

 

 

For the Twelve Months Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

47,541

 

 

$

(5,366

)

 

$

42,175

 

 

$

97,023

 

 

$

(4,145

)

 

$

92,878

 

Total comprehensive income attributable to Movado Group, Inc.

 

$

57,929

 

 

$

(5,366

)

 

$

52,563

 

 

$

90,643

 

 

$

(4,145

)

 

$

86,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal years ended January 31, 2024 and 2023.

 

 

 

For the Twelve Months Ended January 31, 2024

 

 

For the Twelve Months Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

413,587

 

 

$

(1,397

)

 

$

412,190

 

Net income/(loss) attributable to Movado Group, Inc.

 

 

46,711

 

 

 

(5,366

)

 

 

41,345

 

 

 

94,528

 

 

 

(4,145

)

 

 

90,383

 

Retained earnings ending balance

 

 

470,317

 

 

 

(10,908

)

 

 

459,409

 

 

 

476,752

 

 

 

(5,542

)

 

 

471,210

 

Total equity balance

 

$

518,957

 

 

$

(10,908

)

 

$

508,049

 

 

$

510,544

 

 

$

(5,542

)

 

$

505,002

 
v3.25.1
Recent Accounting Pronouncements
 12 Months Ended
Jan. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

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 expenses, interim segment profit or loss, and how an entity's chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The Company adopted ASU 2023-07 effective for the fiscal year ended January 31, 2025, and on a retrospective basis for all periods presented.

 

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be adopted on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its Consolidated Financial Statements and related disclosures.

 

In November 2024, the FASB issued ASU 2024-03 "Disaggregation of Income Statement Expenses" which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the timing and impact of adoption in its Consolidated Financial Statements and related disclosures.

v3.25.1
Cost-Savings Initiative
 12 Months Ended
Jan. 31, 2025
Restructuring and Related Activities [Abstract]  
Cost-Savings Initiative

NOTE 3 - COST SAVINGS INITIATIVE

During fiscal year 2025, in light of the ongoing challenging consumer-spending environment, the Company committed to a cost-savings initiative to reduce operating expenses through headcount reductions, bringing them more in line with sales.

During fiscal year 2025, the Company recorded $4.6 million in accruals for severance and employee-related charges and early lease termination charges which are included in Selling, general and administrative in the Consolidated Statements of operations for the year ended January 31, 2025. The amounts are included in the Watch and Accessory segment with $1.9 million in the United States locations and $2.7 million in the International locations.

Of the total amount recorded, $1.3 million was paid related to severance and employee-related charges during fiscal year 2025, and the remaining $2.8 million is included in Accrued payroll and benefits and $0.5 million is included in Accrued liabilities in the Consolidated Balance Sheet at January 31, 2025. The Company expects the remaining severance and employee-related expenses and the early lease termination expenses to be paid during fiscal year 2026.
v3.25.1
Joint Ventures
 12 Months Ended
Jan. 31, 2025
Joint Venture [Abstract]  
Joint Ventures

NOTE 4 – JOINT VENTURES

Spain

From December 2018 through January 31, 2023, the Company owned 51% of the entity that distributes its products in Spain pursuant to a joint venture with a third party. The results of the joint venture have been included in the Consolidated Financial Statements since the date of acquisition. Effective January 31, 2023, the Company acquired the remaining 49% interest by exercising a call option under the joint venture agreement. The Company paid a purchase price of $1.9 million for the remaining 49% interest.

India

In order to more cost effectively market and distribute the Company’s products to customers in India, on October 4, 2021, the Company entered into a joint venture agreement with Bizotico, an Indian company that historically distributed certain of the Company’s products in that country. The agreement governs the establishment of a joint venture, MGI Distribution Private Limited (“MGI India”), and sets out the terms governing the Company’s and Bizotico’s relationship as shareholders of MGI India, and terms on which the joint venture will be managed.

On January 24, 2022, the Company contributed approximately 89 million Indian rupees (equivalent to approximately $1.2 million US dollars) to the joint venture and became an 80% shareholder and the minority shareholder Bizotico contributed approximately 22 million Indian rupees (equivalent to approximately $0.3 million US dollars). The Company controls all of the significant participating rights of the joint venture. As the Company controls all of the significant participating rights of the joint venture and is the majority interest holder in MGI India, the assets, liabilities and results of operations of the joint venture are consolidated and included in the Company’s Consolidated Financial Statements since the date of establishment within the Watch and Accessory Brands segment. Bizotico’s interest is reflected in Net income attributable to noncontrolling interest in the Consolidated Statements of Operations and Noncontrolling interest in the Consolidated Balance Sheets.

v3.25.1
Intangible Assets
 12 Months Ended
Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 5 – INTANGIBLE ASSETS

As previously disclosed, the Company performs its annual impairment assessment of intangible assets at the beginning of the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.

 

The changes in the carrying amount of other intangible assets during the fiscal years ended January 31, 2025, 2024 and 2023 are as follows (in thousands):

 

 

 

Trade names

 

 

Customer
relationships

 

 

Other (1)

 

 

Total

 

Weighted Average Amortization Period (in years)

 

10

 

 

10

 

 

10

 

 

 

 

Balance at January 31, 2022

 

$

9,100

 

 

$

3,349

 

 

$

1,058

 

 

$

13,507

 

Additions

 

 

—

 

 

 

—

 

 

 

202

 

 

 

202

 

Amortization

 

 

(1,487

)

 

 

(1,503

)

 

 

(250

)

 

 

(3,240

)

Foreign exchange impact

 

 

(710

)

 

 

(118

)

 

 

1

 

 

 

(827

)

Balance at January 31, 2023

 

 

6,903

 

 

 

1,728

 

 

 

1,011

 

 

 

9,642

 

Additions

 

 

—

 

 

 

—

 

 

 

144

 

 

 

144

 

Amortization

 

 

(1,504

)

 

 

(729

)

 

 

(248

)

 

 

(2,481

)

Foreign exchange impact

 

 

140

 

 

 

(4

)

 

 

52

 

 

 

188

 

Balance at January 31, 2024

 

 

5,539

 

 

 

995

 

 

 

959

 

 

 

7,493

 

Additions

 

 

—

 

 

 

—

 

 

 

109

 

 

 

109

 

Amortization

 

 

(1,535

)

 

 

(158

)

 

 

(238

)

 

 

(1,931

)

Foreign exchange impact

 

 

(63

)

 

 

(26

)

 

 

(45

)

 

 

(134

)

Balance at January 31, 2025

 

$

3,941

 

 

$

811

 

 

$

785

 

 

$

5,537

 

 

(1)
Other includes fees paid related to trademarks.

 

The estimated future amortization expense during each of the next five fiscal years is as follows:

 

For the fiscal year ending January 31,

 

(in thousands)

 

2026

 

$

1,872

 

2027

 

 

1,856

 

2028

 

 

1,116

 

2029

 

 

427

 

2030

 

 

84

 

Thereafter

 

 

182

 

Total estimated future amortization expense

 

$

5,537

 
v3.25.1
Inventories
 12 Months Ended
Jan. 31, 2025
Inventory Disclosure [Abstract]  
Inventories

NOTE 6 – INVENTORIES

Inventories consisted of the following (in thousands):

 

 

 

As of January 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

(As Restated)

 

Finished goods

 

$

129,204

 

 

$

123,768

 

Component parts

 

 

23,905

 

 

 

26,386

 

Work-in-process

 

 

3,629

 

 

 

3,736

 

 

 

$

156,738

 

 

$

153,890

 

 

 
v3.25.1
Property, Plant and Equipment
 12 Months Ended
Jan. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT

A summary of the components of property, plant and equipment and their estimated useful lives is as follows (in thousands):

 

 

 

As of January 31,

 

 

 

 

 

2025

 

 

2024

 

 

Estimated Useful Lives

Land and buildings

 

$

1,323

 

 

$

1,399

 

 

40 years for buildings

Furniture and equipment

 

 

46,039

 

 

 

54,169

 

 

4 to 10 years

Computer software

 

 

34,972

 

 

 

33,576

 

 

5 to 10 years

Leasehold improvements

 

 

35,982

 

 

 

35,131

 

 

Lesser of lease term or useful life

Design fees and tooling costs

 

 

1,782

 

 

 

1,550

 

 

3 years

 

 

 

120,098

 

 

 

125,825

 

 

 

Less: Accumulated depreciation and
   amortization

 

 

(100,178

)

 

 

(106,389

)

 

 

Property, plant and equipment, net

 

$

19,920

 

 

$

19,436

 

 

 

 

Depreciation and amortization expense from operations related to property, plant and equipment for fiscal 2025, 2024 and 2023 was $7.2 million, $7.0 million and $7.4 million, respectively, which includes computer software amortization expense for fiscal 2025, 2024 and 2023 of $2.0 million, $2.0 million and $1.5 million, respectively.

v3.25.1
Debt and Lines of Credit
 12 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Debt and Lines of Credit

NOTE 8 – DEBT AND LINES OF CREDIT

 

The Company and its U.S. and Swiss subsidiaries (collectively, the "Borrowers") are parties to an Amended and Restated Credit Agreement originally dated October 12, 2018 (as subsequently amended, the “Credit Agreement”) with the lenders party thereto and Bank of America, N.A. as administrative agent (in such capacity, the “Agent”). The Credit Agreement provides for a $100.0 million senior secured revolving credit facility (the “Facility”) and has a maturity date of October 28, 2026. The Facility includes a $15.0 million letter of credit subfacility, a $25.0 million swingline subfacility and a $75.0 million sublimit for borrowings by the Swiss Borrower, with provisions for uncommitted increases to the Facility of up to $50.0 million in the aggregate subject to customary terms and conditions. The Credit Agreement contains affirmative and negative covenants binding on the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to, restrictions and limitations on the incurrence of debt and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates (in each case, subject to various exceptions).

The borrowings under the Facility are joint and several obligations of the Borrowers and are also cross-guaranteed by each Borrower, except that the Swiss Borrower is not liable for, nor does it guarantee, the obligations of the U.S. Borrowers. In addition, the Borrowers’ obligations under the Facility are secured by first priority liens, subject to permitted liens, on substantially all of the U.S. Borrowers’ assets other than certain excluded assets. The Swiss Borrower does not provide collateral to secure the obligations under the Facility.

As of both January 31, 2025, and January 31, 2024, there were no amounts of loans outstanding under the Facility. Availability under the Facility was reduced by the aggregate number of letters of credit outstanding, issued in connection with retail and operating facility leases to various landlords and for Canadian payroll to the Royal Bank of Canada, totaling approximately $0.3 million at both January 31, 2025, and January 31, 2024. At January 31, 2025, the letters of credit have expiration dates through June 2, 2025. As of both January 31, 2025, and January 31, 2024, availability under the Facility was $99.7 million.

The Company had weighted average borrowings under the Facility of zero during both fiscal 2025 and fiscal 2024, respectively.

Borrowings under the Credit Agreement bear interest at rates generally based on either the Term Secured Overnight Financing Rate ("SOFR") as administered by the Federal Reserve Bank of New York or a specified base rate, as selected periodically by the Company. The SOFR-based loans bear interest at SOFR plus a spread ranging from 1.00% to 1.75% per annum and the base rate loans bear interest at the base rate plus a spread ranging from 0% to 0.75% per annum, with the spread in each case being based on the Company’s consolidated leverage ratio (as defined in the Credit Agreement). As of both January 31, 2025, and 2024, the Company’s spreads were 1.00% over SOFR and 0% over the base rate.

The Company's Swiss subsidiary maintains unsecured lines of credit with a Swiss bank that are subject to repayment upon demand. As of January 31, 2025, and 2024, these lines of credit totaled 6.5 million Swiss Francs for both periods, with a dollar equivalent of $7.1 million and $7.5 million, respectively. As of January 31, 2025, and 2024, there were no borrowings against these lines. As of January 31, 2025, and 2024, two European banks had guaranteed obligations to third parties on behalf of two of the Company’s foreign subsidiaries in the dollar equivalent of $1.3 million and $1.4 million, respectively, in various foreign currencies, of which $0.7 million and $0.8 million, respectively, was a restricted deposit as it relates to lease agreements.

Cash paid for interest, including unused commitment fees, was $0.3 million during fiscal 2025, 2024 and 2023, and amortization of debt fees was $0.2 million during fiscal 2025, 2024 and 2023.
v3.25.1
Derivative Financial Instruments
 12 Months Ended
Jan. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

NOTE 9 – DERIVATIVE FINANCIAL INSTRUMENTS

The Company addresses certain financial exposures that include the use of derivative financial instruments. The Company enters into foreign currency forward contracts to reduce the effects of fluctuating foreign currency exchange rates. As of January 31, 2025, the Company did not have any net forward contracts in its hedging portfolio that qualified as cash flow hedging instruments. The net gain or loss on the derivatives is reported as a component of accumulated other comprehensive income/(loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings using the same revenue or expense category that the hedged item impacted. The Company also enters into foreign currency forward contracts not designated as qualified hedges in accordance with ASC 815, Derivatives and Hedging. As of January 31, 2025, the Company’s net forward contracts hedging portfolio not designated as qualified hedges consisted of 28.0 million Swiss Francs equivalent, 32.5 million U.S. dollars equivalent, 25.3 million Euros equivalent and 1.5 million British Pounds equivalent with various expiry dates ranging through July 17, 2025. Changes in the fair value of these derivatives are recognized in earnings in the period they arise. Net gains or losses related to these forward contracts are included in cost of sales, selling and general and administrative expenses in the Consolidated Statements of Operations. The cash flows related to these foreign currency contracts are classified in operating activities.

The following table presents the fair values of the Company's derivative financial instruments included in the Consolidated Balance Sheets as of January 31, 2025 and 2024 (in thousands):

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

Other Current
Assets

 

$

—

 

 

$

26

 

 

Accrued
Liabilities

 

$

—

 

 

$

11

 

Total Derivative Instruments

 

 

 

$

—

 

 

$

26

 

 

 

 

$

—

 

 

$

11

 

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

Other Current
Assets

 

$

13

 

 

$

528

 

 

Accrued
Liabilities

 

$

1,111

 

 

$

—

 

Total Derivative Instruments

 

 

 

$

13

 

 

$

528

 

 

 

 

$

1,111

 

 

$

—

 

 

As of January 31, 2025 and 2024, the balance of net deferred gains on derivative financial instruments designated as cash flow hedges included in accumulated other comprehensive income/(loss) were $0 and $43,000, respectively. For the fiscal years ended January 31, 2025 and 2024, the Company reclassified $46,000 and an immaterial amount, respectively, from accumulated other comprehensive income to Net sales in the Consolidated Statements of Operations. No ineffectiveness has been recorded in fiscal year 2025.

 

See Note 10 - Fair Value Measurements for further information about how fair value of derivative assets and liabilities are determined.
v3.25.1
Fair Value Measurements
 12 Months Ended
Jan. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value Measurements

NOTE 10 - FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows:

•
Level 1 - Quoted prices in active markets for identical assets or liabilities.
•
Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
•
Level 3 - Unobservable inputs based on the Company’s assumptions.

The guidance requires the use of observable market data if such data is available without undue cost and effort.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of January 31, 2025 and 2024 (in thousands):

 

 

 

 

 

Fair Value at January 31, 2025

 

 

 

Balance Sheet Location

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

306

 

 

$

—

 

 

$

—

 

 

$

306

 

Short-term investment

 

Other current assets

 

 

143

 

 

 

—

 

 

 

—

 

 

 

143

 

SERP assets - employer

 

Other non-current assets

 

 

605

 

 

 

—

 

 

 

—

 

 

 

605

 

SERP assets - employee

 

Other non-current assets

 

 

53,442

 

 

 

—

 

 

 

—

 

 

 

53,442

 

Defined benefit plan assets (1)

 

Other non-current liabilities

 

 

—

 

 

 

—

 

 

 

34,313

 

 

 

34,313

 

Hedge derivatives

 

Other current assets

 

 

—

 

 

 

13

 

 

 

—

 

 

 

13

 

Total

 

 

 

$

54,496

 

 

$

13

 

 

$

34,313

 

 

$

88,822

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

53,442

 

 

$

—

 

 

$

—

 

 

$

53,442

 

Hedge derivatives

 

Accrued liabilities

 

 

—

 

 

 

1,111

 

 

 

—

 

 

 

1,111

 

Total

 

 

 

$

53,442

 

 

$

1,111

 

 

$

—

 

 

$

54,553

 

 

 

 

 

 

Fair Value at January 31, 2024

 

 

 

Balance Sheet Location

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

246

 

 

$

—

 

 

$

—

 

 

$

246

 

Short-term investment

 

Other current assets

 

 

155

 

 

 

—

 

 

 

—

 

 

 

155

 

SERP assets - employer

 

Other non-current assets

 

 

510

 

 

 

—

 

 

 

—

 

 

 

510

 

SERP assets - employee

 

Other non-current assets

 

 

48,800

 

 

 

—

 

 

 

—

 

 

 

48,800

 

Defined benefit plan assets (1)

 

Other non-current liabilities

 

 

—

 

 

 

—

 

 

 

33,731

 

 

 

33,731

 

Hedge derivatives

 

Other current assets

 

 

—

 

 

 

554

 

 

 

—

 

 

 

554

 

Total

 

 

 

$

49,711

 

 

$

554

 

 

$

33,731

 

 

$

83,996

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

48,800

 

 

$

—

 

 

$

—

 

 

$

48,800

 

Hedge derivatives

 

Accrued liabilities

 

 

—

 

 

 

11

 

 

 

—

 

 

$

11

 

Total

 

 

 

$

48,800

 

 

$

11

 

 

$

—

 

 

$

48,811

 

 

(1)
See Note 18 for a discussion of the fair value of the assets held in the Company’s defined benefit plan in Switzerland.

 

The fair values of the Company’s available-for-sale securities are based on quoted market prices. The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of one percent calculated annually. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives consist of cash flow hedging instruments and forward contracts (see Note 9 for further discussion) and are entered into by the Company principally to reduce its exposure to Swiss Franc and Euro exchange rate risks. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates.

 

The Company sponsors a defined pension plan in Switzerland. The plan covers certain international employees and is based on years of service and compensation on a career-average pay basis. The assets within the plan are classified as a Level 3 asset within the fair value hierarchy and consist of an investment in pooled assets and include separate employee accounts that are invested in equity securities, debt securities and real estate. The values of the separate accounts invested are based on values provided by the administrator of the funds that cannot be readily derived from or corroborated by observable market data. The value of the assets is part of the defined benefit plan and included in other non-current liabilities in the Consolidated Balance Sheets at January 31, 2025 and January 31, 2024, respectively.

 

There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.

 

Investments Without Readily Determinable Fair Values

 

From time to time, the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. Through fiscal 2024, the Company invested approximately $8.4 million and during fiscal 2025 the Company invested an additional $5.7 million in venture capital funds (see Note 11 - Commitments and Contingencies for discussion of commitments made related to venture capital funds). The Company has evaluated and will regularly evaluate the carrying value of its investments. One consumer products company in which the Company made an equity investment in fiscal year 2022 sold its business and assets in the first quarter of fiscal 2024 in a transaction that yielded little return for equity holders. As a result, the Company fully impaired its $0.5 million investment in this entity in fiscal 2024 and is recorded in Other income, net in the Consolidated Statements of Operations. The carrying value of the remaining investments are recorded in Other non-current assets in the Consolidated Balance Sheets at January 31, 2025 and January 31, 2024.
v3.25.1
Commitments and Contingencies
 12 Months Ended
Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Licensing Agreements:

The Company has minimum commitments related to the Company’s license agreements and endorsement agreements with brand ambassadors, and also includes service agreements. The Company sources, distributes, advertises and sells watches and jewelry pursuant to its exclusive license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of revenues, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms, and some have renewal options, provided that minimum sales levels are achieved. Additionally, the license agreements require the Company to pay minimum annual advertising amounts. As of January 31, 2025, the total amount of the Company’s minimum commitments related to its license agreements and endorsement agreements, which includes service agreements, was $289.4 million, payable in the next seven years.

Purchase Obligations:

The Company had outstanding purchase obligations of $86.6 million with suppliers at the end of fiscal 2025 primarily for raw materials, finished watches and packaging in the normal course of business. These purchase obligation amounts do not represent total anticipated purchases but represent only amounts to be paid for items required to be purchased under agreements that are enforceable, legally binding and specify minimum quantity, price and term.

Tax:

The Company had previously recorded an obligation of $28.2 million due to the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, and imposed a one-time mandatory deemed repatriation tax on cumulative undistributed foreign earnings which have not been previously taxed. The obligation is payable in installments over eight years, with the first payment having been made in the second quarter of fiscal 2019. At January 31, 2025, the Company had an outstanding obligation of $7.1 million.

The Company believes that income tax reserves are adequate; however, amounts asserted by taxing authorities could be greater or less than amounts accrued and reflected in the Consolidated Balance Sheet. Accordingly, the Company could record adjustments to the amounts for federal, state, and foreign liabilities in the future as the Company revises estimates or settles or otherwise resolves the underlying matters. In the ordinary course of business, the Company may take new positions that could increase or decrease unrecognized tax benefits in future periods. See Note 13 – Income Taxes for more information.

Investments:

From time to time, the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. During fiscal 2022, the Company committed to invest up to $21.5 million in such investments. Through fiscal 2024 the Company invested approximately $8.4 million and during fiscal 2025 the Company invested an additional $5.7 million and may be called upon to satisfy capital calls in respect of the remaining $7.5 million in such commitments at any time during a period generally ending ten years after the first capital call in respect of a given commitment.

Litigation:

The Company is involved in legal proceedings and claims from time to time, in the ordinary course of its business. Legal reserves are recorded in accordance with the accounting guidance for contingencies. Contingencies are inherently unpredictable and it is possible that results of operations, balance sheets or cash flows could be materially and adversely affected in any particular period by unfavorable developments in, or resolution or disposition of, such matters. For those legal proceedings and claims for which the Company believes that it is probable that a reasonably estimable loss may result, the Company records a reserve for the potential loss. For proceedings and claims where the Company believes it is reasonably possible that a loss may result that is materially in excess of amounts accrued for the matter, the Company either discloses an estimate of such possible loss or range of loss or includes a statement that such an estimate cannot be made.

 

In December 2016, U.S. Customs and Border Protection (“U.S. Customs”) issued an audit report concerning the methodology used by the Company to allocate the cost of certain watch styles imported into the U.S. among the component parts of those watches for tariff purposes. The report disputed the reasonableness of the Company’s historical allocation formulas and proposed an alternative methodology that would imply $5.1 million in underpaid duties for all imports that entered the United States during the audit period which extended from August 1, 2011, through July 15, 2016, plus possible penalties and interest. Although the Company believes that U.S. Customs’ alternative duty methodology and estimate were not consistent with the Company’s facts and circumstances and consistently disputed U.S. Customs’ position, the Company previously established reserves for a portion of the alleged underpayment indicated in the audit report. Between February 2017 and January 2021, the Company made numerous submissions to U.S. Customs containing supplemental analyses and information in response to U.S. Customs’ information requests. On May 1, 2023, the statute of limitations lapsed with respect to all entries encompassed by the audit period. As a result, during the second quarter of fiscal 2024, the Company released the reserves that it had established in respect of those entries.

In addition to the above matters, as of January 31, 2025, the Company is party to legal proceedings and contingencies, the resolution of which is not expected to materially affect its financial condition, future results of operations beyond the amounts accrued, or cash flows.
v3.25.1
Leases
 12 Months Ended
Jan. 31, 2025
Leases [Abstract]  
Leases

NOTE 12 – LEASES

 

The Company leases certain real estate properties, vehicles and equipment in various countries around the world. Leased properties are typically used for retail space, office, warehouse and distribution.

 

The Company evaluates contractual arrangements at inception to determine if individual agreements are a lease or contain an identifiable lease component. When evaluating contracts to determine appropriate classification and recognition, significant judgment may be necessary to determine, among other criteria, if an embedded leasing arrangement exists, the length of the term, classification as either an operating or financing lease and whether renewal or termination options are reasonably certain to be exercised. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate, adjusted for the lease term and lease country, unless the implicit rate is readily determinable. Lease assets also include any up front lease payments made and are reduced by lease incentives. The Company’s leases are classified as operating leases with remaining terms of 1 to 11 years, some of which include an option to extend or renew. If the exercise of an option to extend or renew is determined to be reasonably certain, the associated right-of-use asset and liability reflects the extended period of payments.

 

Lease expense for operating leases consist of both fixed and variable components. Expenses related to fixed lease payments are recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain non-lease components such as maintenance and other services provided by the lessor and other charges included in the lease. The variable portion of lease payments is not included in the Company’s lease liabilities. Short-term leases are leases having a term of 12 months or less at inception. The Company does not record a related lease asset or liability for short-term leases. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

 

The components of lease expense were as follows (in thousands):

 

Lease Expense

 

Consolidated Statements of
Operation Location

 

For the Year Ended January 31, 2025

 

 

For the Year Ended January 31, 2024

 

 

For the Year Ended January 31, 2023

 

Operating lease expense

SG&A

 

$

21,919

 

 

$

20,404

 

 

$

19,810

 

Short-term lease cost

 

SG&A

 

 

698

 

 

 

746

 

 

 

550

 

Variable lease cost

 

SG&A

 

 

9,319

 

 

 

10,536

 

 

 

10,653

 

Total operating lease expense

 

 

 

$

31,936

 

 

$

31,686

 

 

$

31,013

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

SG&A

 

$

-

 

 

$

-

 

 

$

46

 

Interest on lease liabilities

Interest expense

 

$

-

 

 

$

-

 

 

$

-

 

 

The following table discloses supplemental balance sheet information for the Company’s leases (in thousands):

 

Leases

 

Consolidated Balance Sheets Location

 

January 31, 2025

 

 

January 31, 2024

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Operating lease right-of-use assets

 

$

86,009

 

 

$

82,661

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating

 

Current operating lease liabilities

 

$

19,263

 

 

$

15,696

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating

 

Non-current operating lease liabilities

 

$

75,508

 

 

$

76,396

 

 

The following table discloses the weighted average remaining lease term and weighted average discount rate for the Company's leases:

 

Lease Term and Discount Rate

 

January 31, 2025

 

 

January 31, 2024

 

 

January 31, 2023

 

Weighted-average remaining lease term - in years

 

 

 

 

 

 

 

 

 

Operating leases

 

 

5.8

 

 

 

6.7

 

 

 

6.0

 

Finance leases

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

Operating leases

 

 

4.13

%

 

 

3.86

%

 

 

3.48

%

Finance leases

 

N/A

 

 

N/A

 

 

N/A

 

Future minimum lease payments by year as of January 31, 2025 is as follows (in thousands):

 

Fiscal Year

 

Operating Leases

 

2026

 

$

22,717

 

2027

 

 

22,862

 

2028

 

 

16,430

 

2029

 

 

12,357

 

2030

 

 

10,268

 

Thereafter

 

 

22,653

 

Total lease payments

 

$

107,287

 

Less: Interest

 

 

(12,516

)

Total lease obligations

 

$

94,771

 

 

Supplemental cash flow information related to leases was as follows (in thousands):

 

 

Year Ended January 31, 2025

 

 

Year Ended January 31, 2024

 

 

Year Ended January 31, 2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

21,679

 

 

$

20,103

 

 

$

19,485

 

Operating cash flows from finance leases

 

 

—

 

 

 

—

 

 

 

—

 

Financing cash flows from finance leases

 

 

—

 

 

 

—

 

 

 

49

 

Leased assets obtained in exchange for new operating lease liabilities

 

 

21,463

 

 

 

17,341

 

 

 

29,006

 

 

As of January 31, 2025, the Company did not have any material operating or finance leases that have been signed but not commenced.
v3.25.1
Income Taxes
 12 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 - INCOME TAXES

Income/(loss) before provision/(benefit) for income taxes for the fiscal year ended January 31, 2025, 2024 and 2023 on a legal entity basis consists of the following (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

U.S. (loss)/ income before taxes

 

$

(4,974

)

 

$

(3,126

)

 

$

25,214

 

Non-U.S. income before taxes

 

 

31,625

 

 

 

57,093

 

 

 

91,924

 

Income before income taxes

 

$

26,651

 

 

$

53,967

 

 

$

117,138

 

 

Cash paid for income taxes during fiscal 2025, 2024 and 2023 was $28.4 million, $28.7 million and $29.0 million respectively.

The provision/(benefit) for income taxes for the fiscal years ended January 31, 2025, 2024 and 2023 consists of the following components (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

997

 

 

$

165

 

 

$

5,492

 

U.S. State and Local

 

 

165

 

 

 

201

 

 

 

2,055

 

Non-U.S.

 

 

5,453

 

 

 

11,107

 

 

 

17,425

 

 

 

 

6,615

 

 

 

11,473

 

 

 

24,972

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

285

 

 

 

(58

)

 

 

203

 

U.S. State and Local

 

 

171

 

 

 

1,024

 

 

 

60

 

Non-U.S.

 

 

371

 

 

 

(647

)

 

 

(975

)

 

 

 

827

 

 

 

319

 

 

 

(712

)

Provision for income taxes

 

$

7,442

 

 

$

11,792

 

 

$

24,260

 

 

Significant components of the Company’s deferred income tax assets and liabilities for the fiscal years ended January 31, 2025 and 2024 are as follows (in thousands):

 

 

 

2025 Deferred Taxes

 

 

2024 Deferred Taxes

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

 

 

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Net operating loss carryforwards

 

$

5,351

 

 

$

—

 

 

$

5,761

 

 

$

—

 

Inventory

 

 

1,280

 

 

 

—

 

 

 

1,899

 

 

 

—

 

Unprocessed returns

 

 

1,292

 

 

 

—

 

 

 

998

 

 

 

—

 

Receivables allowances

 

 

656

 

 

 

—

 

 

 

569

 

 

 

—

 

Deferred compensation

 

 

17,418

 

 

 

—

 

 

 

16,853

 

 

 

—

 

Depreciation/amortization

 

 

14,039

 

 

 

—

 

 

 

14,583

 

 

 

—

 

Other provisions/accruals

 

 

1,252

 

 

 

—

 

 

 

1,500

 

 

 

—

 

Deferred occupancy costs

 

 

19,968

 

 

 

17,678

 

 

 

21,092

 

 

 

18,879

 

Miscellaneous

 

 

1,204

 

 

 

—

 

 

 

1,506

 

 

 

—

 

 

 

 

62,460

 

 

 

17,678

 

 

 

64,761

 

 

 

18,879

 

Valuation allowance

 

 

(3,679

)

 

 

—

 

 

 

(3,298

)

 

 

—

 

Total deferred tax assets and liabilities

 

$

58,781

 

 

$

17,678

 

 

$

61,463

 

 

$

18,879

 

 

As of January 31, 2025, the Company had U.S. state and foreign net operating loss carryforwards of $0.7 million and $4.6 million, respectively, with expiration dates ranging from 1-10 years and, with respect to some foreign jurisdictions, an indefinite carryforward period. Of the foreign net operating losses, $1.8 million is related to the United Kingdom, $1.6 million is related to China and the remaining is related to other foreign countries.

A valuation allowance is required to be established unless management determines it is more likely than not that the Company will ultimately utilize the tax benefit associated with a deferred tax asset. The Company has foreign valuation allowances of $3.7 million, which are primarily related to net operating loss carryforwards.

Management will continue to evaluate the appropriate level of valuation allowance on all deferred tax assets considering such factors as prior earnings history, expected future earnings, carryback and carryforward periods and tax and business strategies that could potentially enhance the likelihood of realization of the deferred tax assets.

The Company elected to account for the tax on Global Intangible Low-Taxed Income ("GILTI") as a period cost and therefore has not recorded deferred taxes related to GILTI.

The provision/(benefit) for income taxes for the fiscal years ended January 31, 2025, 2024 and 2023 differs from the U.S. federal statutory rate due to the following (in thousands):

 

 

 

Fiscal Year Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Provision for income taxes at the U.S. statutory rate

 

$

5,591

 

 

$

11,333

 

 

$

24,599

 

Lower effective non-U.S. income tax rate

 

 

(1,755

)

 

 

(1,984

)

 

 

(2,455

)

State and local taxes, net of federal benefit

 

 

265

 

 

 

974

 

 

 

1,743

 

Valuation allowance

 

 

955

 

 

 

277

 

 

 

(1,671

)

Compensation and benefits

 

 

668

 

 

 

(48

)

 

 

545

 

Cross-border tax effects

 

 

1,762

 

 

 

1,032

 

 

 

122

 

Other, net

 

 

(44

)

 

 

208

 

 

 

1,377

 

Total provision for income taxes

 

$

7,442

 

 

$

11,792

 

 

$

24,260

 

 

The effective tax rate for fiscal 2025 was 27.9% and differed from the U.S. statutory tax rate of 21.0% primarily due to the tax consequences of a foreign currency gain related to an extraordinary intercompany dividend and an increase in valuation allowances against certain foreign losses, partially offset by foreign profits being taxed in lower taxing jurisdictions. The effective tax rate for fiscal 2024 was 21.8% and differed from the U.S. statutory tax rate of 21.0% primarily due to foreign profits being taxed in lower taxing jurisdictions, partially offset by cross-border tax effects and U.S. state and local taxes, net of the federal benefit.

In August 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into law by President Biden. Among other things, the IR Act implemented a 1% excise tax on the fair market stock repurchases by covered corporations, a 15% minimum tax based on adjusted financial statement income of certain large corporations, and several tax incentives to promote clean energy. Although the Company is continuing to evaluate the IR Act and its potential impact on future periods, to date, the IR Act has not had a material impact on its Consolidated Financial Statements.

The Organization for Economic Cooperation and Development (“OECD”) has issued Pillar Two model rules implementing a new global minimum tax of 15%, which was intended to be effective on January 1, 2024 While several countries have adopted and enacted changes to their legislation in response to Pillar Two, in January 2025, the President of the United States issued an executive order announcing the United States’ opposition to aspects of these rules. The Company's revenue currently does not meet the minimum requirements that were set by OECD inclusive framework and rules. Although the Company will continue to evaluate and monitor the enactments of Pillar Two, to the extent that Pillar Two becomes applicable, the Company does not expect a material impact on its Consolidated Financial Statements.

The Company conducts business globally and, as a result, is subject to income taxes in the U.S. federal, state, local and foreign jurisdictions. In the normal course of business, the Company is subject to examinations by taxing authorities in many countries, such as Germany, Hong Kong, Switzerland and the United States. The Company is no longer subject to income tax examination for years ended prior to January 31, 2021, with few exceptions.

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (exclusive of interest) for the fiscal years ended January 31, 2025, 2024 and 2023 are as follows (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Beginning balance

 

$

547

 

 

$

569

 

 

$

876

 

Tax positions taken in the current year

 

 

—

 

 

 

—

 

 

 

—

 

Tax positions taken in prior years

 

 

—

 

 

 

—

 

 

 

205

 

Lapse of statute of limitations

 

 

10

 

 

 

3

 

 

 

(168

)

Settlements

 

 

(1

)

 

 

(25

)

 

 

(331

)

Non-U.S. currency exchange fluctuations

 

 

(5

)

 

 

—

 

 

 

(13

)

Ending balance

 

$

551

 

 

$

547

 

 

$

569

 

 

Included in the balances at January 31, 2025, January 31, 2024 and January 31, 2023 are $0.5 million for each period of unrecognized tax benefits which would impact the Company’s effective tax rate, if recognized. As of January 31, 2025, January 31, 2024, and January 31, 2023, the Company had $0.3 million, $0.2 million and $0.2 million, respectively, of accrued interest (net of tax benefit) and penalties related to unrecognized tax benefits. Interest (net of tax benefit) and penalties accrued in fiscal years 2025, 2024 and 2023 were immaterial. The Company does not anticipate any significant increases or decreases to unrecognized tax benefits during the next twelve months.

 

At January 31, 2025, the Company had no deferred tax liability for substantially all of the undistributed foreign earnings of approximately $234.2 million because the Company intends to permanently reinvest such earnings in its foreign operations. It is not practicable to estimate the tax liability related to a future distribution of these permanently reinvested foreign earnings.

v3.25.1
Treasury Stock
 12 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Treasury Stock

NOTE 14 – TREASURY STOCK

On November 23, 2021, the Board approved a share repurchase program under which the Company was authorized to purchase up to $50.0 million of its outstanding common stock through November 23, 2024, depending on market conditions, share price and other factors. On December 5, 2024, the Board approved a new share repurchase program under which the Company is authorized to purchase up to $50.0 million of its outstanding common stock through December 5, 2027, depending on market conditions, share price and other factors. These repurchases may be made through open market purchases, repurchase plans, block trades or otherwise.

During the fiscal year ended January 31, 2025, the Company repurchased a total of 120,000 shares of its common stock under the November 23, 2021 share repurchase program at a total cost of $2.6 million, or an average of $21.90 per share. There were no shares repurchased under the December 5, 2024 share repurchase program during the fiscal year ended January 31, 2025. During the fiscal year ended January 31, 2024, the Company repurchased a total of 111,722 shares of its common stock under the November 23, 2021 share repurchase program at a total cost of $3.1 million, or an average of $27.89 per share. During the fiscal year ended January 31, 2023, the

Company repurchased a total of 898,956 shares of its common stock under the March 25, 2021 share repurchase program and November 23, 2021 share repurchase program at a total cost of $31.4 million, or an average of $34.94 per share.

At January 31, 2025, the November 23, 2021 repurchase plan had expired and $50.0 million remains available for purchase under the Company's December 5, 2024 repurchase program.

There were 42,388, 22,034 and 28,405 shares of common stock repurchased during the fiscal years ended January 31, 2025, 2024 and 2023, respectively, as a result of the surrender of shares in connection with the vesting of restricted stock awards or stock options. At the election of an employee, shares having an aggregate value on the vesting date equal to the employee’s withholding tax obligation may be surrendered to the Company.

v3.25.1
Accumulated Other Comprehensive Income
 12 Months Ended
Jan. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income

NOTE 15 – ACCUMULATED OTHER COMPREHENSIVE INCOME

 

The accumulated balances at January 31, 2025, 2024 and 2023, related to each component of accumulated other comprehensive income are as follows (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

Foreign currency translation adjustments

 

$

81,519

 

 

$

93,840

 

 

$

83,005

 

Available-for-sale securities

 

 

215

 

 

 

169

 

 

 

182

 

Cash flow hedges

 

 

-

 

 

 

43

 

 

 

(171

)

Unrecognized prior service cost related to defined benefit pension plan

 

 

(122

)

 

 

(171

)

 

 

(231

)

Net actuarial loss related to defined benefit pension plan

 

 

(1,631

)

 

 

(1,546

)

 

 

(1,490

)

Total accumulated other comprehensive income

 

$

79,981

 

 

$

92,335

 

 

$

81,295

 

 

Amounts reclassified from accumulated other comprehensive income/(loss) to operating income in the Consolidated Statements of Operations during fiscal 2025, 2024 and 2023 were $46,000, an immaterial amount and $2.1 million, respectively.

v3.25.1
Revenue
 12 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 16 – REVENUE

Disaggregation of Revenue

The following table presents the Company’s net sales disaggregated by customer type. Sales and usage-based taxes are excluded from net sales (in thousands).

 

 

 

Fiscal Year Ended January 31, 2025

 

 

Fiscal Year Ended January 31, 2024

 

 

Fiscal Year Ended January 31, 2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Customer Type

 

 

 

 

 

 

 

 

 

Wholesale

 

$

491,870

 

 

$

496,845

 

 

$

562,865

 

Direct to consumer

 

 

158,153

 

 

 

164,201

 

 

 

177,713

 

After-sales service

 

 

3,355

 

 

 

3,343

 

 

 

3,631

 

Net Sales

 

$

653,378

 

 

$

664,389

 

 

$

744,209

 

 

The Company’s revenue from contracts with customers is recognized at a point in time. The Company’s net sales disaggregated by geography are based on the location of the Company’s customer (see Note 19 Segment and Geographic Information).

Wholesale Revenue

The Company’s wholesale revenue consists primarily of revenues from independent distributors, department stores, chain stores, independent jewelry stores and third-party e-commerce retailers. The Company recognizes and records its revenue when obligations

under the terms of a contract with the customer are satisfied, and control is transferred to the customer. Transfer of control passes to wholesale customers upon shipment or upon receipt depending on the agreement with the customer and shipping terms. Wholesale revenue is measured as the amount of consideration the Company ultimately expects to receive in exchange for transferring goods. Wholesale revenue is included entirely within the Watch and Accessory Brands segment (see Note 19 – Segment and Geographic Information), consistent with how management makes decisions regarding the allocation of resources and performance measurement.

Direct to Consumer Revenue

The Company’s direct to consumer revenue primarily consists of revenues from the Company’s outlet stores, the Company’s owned e-commerce websites and concession stores, and consumer repairs. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied, and control is transferred to the customer. Control passes to outlet store customers at the time of sale and to substantially all e-commerce customers upon shipment. Direct to Consumer revenue is included in either the Watch and Accessory Brands Segment or Company Stores Segment based on how the Company makes decisions about the allocation of resources and performance measurement. Revenue derived from outlet stores and related e-commerce is included within the Company Stores Segment. Other Direct to Consumer revenue (i.e., revenue derived from other Company-owned e-commerce websites, concession stores and consumer repairs) is included within the Watch and Accessory Brands segment. (See Note 19 – Segment and Geographic Information).

After-sales service

All watches sold by the Company come with limited warranties covering the movement against defects in materials and workmanship.

The Company’s after-sales service revenues consists of out of warranty service provided to customers and authorized third party repair centers, and sale of watch parts. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied and control is transferred to the customer. After-sales service revenue is measured as the amount of consideration the Company ultimately expects to receive in exchange for transferring goods. Revenue from after sales service, including consumer repairs, is included entirely within the Watch and Accessory Brands segment, consistent with how management makes decisions about the allocation of resources and performance measurement.
v3.25.1
Stock-Based Compensation
 12 Months Ended
Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 17 – STOCK-BASED COMPENSATION

Under the Company’s Stock Incentive Plan, as amended and restated as of June 22, 2023 (the “Plan”), the Compensation and Human Capital Committee of the Board of Directors, which consists of three of the Company’s non-employee directors, has the authority to grant participants incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights and stock awards, for up to 12,000,000 shares of common stock.

Stock Options:

Stock options granted to participants under the Plan generally become exercisable after three years and remain exercisable until the tenth anniversary of the date of grant. All stock options granted under the Plan have an exercise price equal to or greater than the fair market value of the Company’s common stock on the grant date.

The table below presents the weighted average assumptions used with the Black-Scholes option-pricing model for the calculation of the fair value of stock options granted during the fiscal years ended January 31, 2023. There were no stock options granted during the fiscal years ended January 31, 2025 and January 31, 2024.

 

 

 

Fiscal Year Ended January 31, 2023

 

 

Expected volatility

 

 

51.66

%

 

Expected life in years

 

 

6.0

 

 

Risk-free interest rates

 

 

2.57

%

 

Dividend rate

 

 

3.00

%

 

Weighted average fair value per option at date of grant

 

$

14.81

 

 

 

The fair value of the stock options, less expected forfeitures, is amortized on a straight-line basis over the vesting term. Total compensation expense for stock option grants recognized during the fiscal years ended January 31, 2025, 2024 and 2023 was $0.9 million, $2.1 million and $2.3 million, respectively. As of January 31, 2025, there was $0.1 million of unrecognized compensation cost

related to unvested stock options. These costs are expected to be recognized over a weighted average period of 0.2 years. Total cash consideration received for stock option exercises during the fiscal years ended January 31, 2025, 2024 and 2023 was $0.1 million, $0.7 million and $1.6 million, respectively. The shortfall tax expense on these exercises for fiscal 2025 was approximately $0.3 million.

The following table summarizes the Company’s stock option plan as of January 31, 2025 and changes during each of the fiscal years in the three-year period ended January 31, 2025:

 

 

 

Outstanding
 Options

 

 

Weighted
Average
Exercise
Price per
Option

 

 

Option
Price Per
Share

 

 

Weighted
Average
Remaining
Contractual
Term
(years)

 

 

Aggregate
Intrinsic
Value
$(000)

 

Options outstanding at January 31,
   2022 (242,959 options exercisable)

 

 

982,834

 

 

$

21.69

 

 

 

 

 

 

 

 

 

 

Granted

 

 

170,493

 

 

$

38.04

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(59,858

)

 

$

26.94

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(8,440

)

 

$

38.04

 

 

 

 

 

 

 

 

 

 

Options outstanding at January 31,
   2023 (183,101 options exercisable)

 

 

1,085,029

 

 

$

23.84

 

 

 

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Exercised

 

 

(51,840

)

 

$

13.02

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(19,000

)

 

$

34.13

 

 

 

 

 

 

 

 

 

 

Options outstanding at January 31,
   2024 (662,375 options exercisable)

 

 

1,014,189

 

 

$

24.20

 

 

$12.42-$42.12

 

 

 

6.2

 

 

$

6,049

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(4,000

)

 

$

16.87

 

 

$

16.87

 

 

 

 

 

 

 

Forfeited

 

 

(58,700

)

 

$

42.12

 

 

$

42.12

 

 

 

 

 

 

 

Options outstanding at January 31, 2025

 

 

951,489

 

 

$

23.13

 

 

$12.42-$38.04

 

 

 

5.5

 

 

$

1,775

 

Exercisable at January 31, 2025

 

 

802,850

 

 

$

20.37

 

 

 

 

 

 

5.1

 

 

$

1,775

 

Expected to vest at January 31, 2025

 

 

148,567

 

 

$

38.04

 

 

 

 

 

 

7.2

 

 

$

-

 

The table below presents information related to stock option activity for the years ended January 31, 2025, 2024 and 2023:

 

 

 

Fiscal Year Ended
January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Total fair value of stock options exercised

 

$

22

 

 

$

212

 

 

$

680

 

Total fair value of stock options vested

 

$

2,117

 

 

$

2,756

 

 

$

-

 

 

Non-vested Stock Options

A summary of the Company’s non-vested stock options at January 31, 2025 and changes during fiscal 2025 are presented below:

 

 

 

Shares

 

 

Weight Average
Grant Date Fair
Value

 

 

 

 

 

 

 

 

Non-vested stock options:

 

 

 

 

 

 

Non-vested at January 31, 2024

 

 

351,814

 

 

$

12.27

 

Granted

 

 

-

 

 

$

-

 

Vested

 

 

(203,175

)

 

$

10.42

 

Forfeited

 

 

-

 

 

$

-

 

Non-vested at January 31, 2025

 

 

148,639

 

 

$

14.81

 

 

Stock Awards:

Under the Plan, the Company can also grant stock awards to employees and directors. For fiscal years 2025, 2024 and 2023, compensation expense for stock awards was $3.2 million, $5.3 million and $3.4 million, respectively. As of January 31, 2025, there was $3.8 million of unrecognized compensation cost related to unvested stock awards. These costs are expected to be recognized over a weighted average period of 1.8 years.

Transactions for stock awards under the Plan since fiscal 2022 are summarized as follows:

 

 

 

Number of
Stock Award
Units

 

 

Weighted-
Average Grant
Date Fair Value

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate Intrinsic Value
($(000's)

 

Units outstanding at January 31, 2022

 

 

296,283

 

 

$

26.39

 

 

 

 

 

 

 

Units granted

 

 

128,254

 

 

$

37.89

 

 

 

 

 

 

 

Units vested

 

 

(112,584

)

 

$

31.88

 

 

 

 

 

 

 

Units forfeited

 

 

(17,805

)

 

$

34.12

 

 

 

 

 

 

 

Units outstanding at January 31, 2023

 

 

294,148

 

 

$

28.84

 

 

 

 

 

 

 

Units granted

 

 

300,633

 

 

$

28.60

 

 

 

 

 

 

 

Units vested

 

 

(104,379

)

 

$

22.04

 

 

 

 

 

 

 

Units forfeited

 

 

(4,446

)

 

$

28.78

 

 

 

 

 

 

 

Units outstanding at January 31, 2024

 

 

485,956

 

 

$

30.15

 

 

 

 

 

 

 

Units granted

 

 

311,786

 

 

$

27.78

 

 

 

 

 

 

 

Units vested

 

 

(138,274

)

 

$

28.19

 

 

 

 

 

 

 

Units forfeited

 

 

(2,106

)

 

$

30.70

 

 

 

 

 

 

 

Units outstanding at January 31, 2025

 

 

657,362

 

 

$

29.43

 

 

 

1.4

 

 

$

12,569

 

 

Stock awards granted by the Company can be classified as either time-based stock awards or performance-based stock awards. Time-based stock awards vest over time in the number of shares established at grant date, subject to continued employment. Performance-based stock awards vest over time subject both to continued employment and to the achievement of corporate financial performance goals. Upon the vesting of a stock award, shares are issued from the pool of authorized shares. The number of shares to be issued related to the outstanding performance-based stock awards can vary from 0% to 200% of the target number of underlying stock award units, established at grant date, depending on the particular stock awards and the extent of the achievement of the predetermined financial goals. The total fair value of stock award units that vested during fiscal 2025, 2024 and 2023 was $3.9 million, $2.3 million and $3.6 million, respectively. There were 42,388, 22,034 and 28,405 shares of common stock of the Company tendered by the employee for the payment of the employee’s withholding tax obligation totaling $1.2 million, $0.6 million and $1.1 million during the fiscal years ended January 31, 2025, 2024 and 2023, respectively. Unvested stock award units had a total fair value of $19.3 million, $14.7 million and $8.5 million, for fiscal 2025, 2024 and 2023, respectively. The shortfall tax expense on the vested stock awards for fiscal 2025 was an immaterial amount. The number of shares issued related to the remaining stock awards are established at grant date.
v3.25.1
Pension and Retirement Savings Plan
 12 Months Ended
Jan. 31, 2025
Retirement Benefits [Abstract]  
Pension and Retirement Savings Plan

NOTE 18 – PENSION AND RETIREMENT SAVINGS PLAN

 

Defined Contribution Plans

 

401(k) Savings Plan

 

All employees in the United States are eligible to participate in the Company’s Employee Savings and Investment Plan (“401(k) Plan”), a tax-qualified defined contribution retirement savings plan. Prior to fiscal year 2024, the Company matched 50% of each 1% contributed by the employee up to a maximum of 6% of pay (totaling a Company maximum match of 3%), subject to the contribution limits imposed by the Internal Revenue Code. Effective fiscal year 2024, the Company matches 50% of each 1% contributed by the employee up to a maximum of 8% of pay (totaling a Company maximum match of 4%). Employees vest in the Company match after three years of service. In fiscal 2025, 2024 and 2023, the Company contributed $1.5 million, $1.6 million and $1.2 million, respectively, in cash to the 401(k) Plan.

 

Other Defined Contribution Plans

 

The Company sponsors defined contribution benefit plans for certain of its employees located outside of the United States. Company contributions and expenses of administering the plans were $1.0 million, $1.2 million and $1.2 million in fiscal 2025, 2024 and 2023, respectively.

The Company maintains a defined contribution deferred compensation plan (also known as a supplemental employee retirement plan or SERP). The SERP provides eligible executives with supplemental retirement benefits in addition to amounts received under the Company’s other retirement plans. The Company makes a matching contribution, up to either 5% or 10% of the executive’s salary, which vests in equal annual installments over five years. Twenty percent of the Company’s matching contribution is in the form of rights to the Company’s common stock. During fiscal 2025, 2024 and 2023, the Company recorded expenses related to the SERP of $0.6 million, $0.8 million and $0.6 million, respectively.

Defined Benefit Plan

 

The Company sponsors a defined benefit plan in Switzerland. The plan covers certain international employees and is based on years of service and compensation on a career-average pay basis.

 

The components of the net periodic pension costs for the fiscal years ended January 31, 2025, 2024 and 2023 are as follows:

 

(Amounts in thousands)

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

1,146

 

 

$

1,069

 

 

$

1,138

 

Interest cost

 

 

505

 

 

 

593

 

 

 

57

 

Expected return on assets

 

 

(998

)

 

 

(754

)

 

 

(439

)

Actuarial gain recognized due to partial settlement

 

 

(114

)

 

 

-

 

 

 

(105

)

Amortization of prior service costs

 

 

68

 

 

 

76

 

 

 

71

 

Net Periodic Pension Cost

 

$

607

 

 

$

984

 

 

$

722

 

 

The other components of the net periodic pension costs, including interest cost, expected return on assets, actuarial gain recognized due to partial settlement and the amortization of the prior service costs, are all included in other income, net in fiscal 2025, fiscal 2024 and fiscal 2023 in the Consolidated Statement of Operations.

 

During fiscal 2024 there was a plan amendment resulting in a new conversion rate at normal retirement age for retirements in 2025 or later. This plan amendment resulted in a prior service credit of $0.1 million and will be amortized over 5.4 years.

 

During fiscal 2025 and 2023, the settlements, including lump sum payments, exceeded the sum of the current service cost and interest cost components. Because only a portion of the benefit obligation is settled, the Company recognized in fiscal 2025 and 2023 a pro rata portion of the unamortized net gain in the net periodic pension cost as a reduction of other components of the net periodic pension cost.

 

The estimated prior service cost that will be amortized from accumulated other comprehensive income into net periodic pension cost in the fiscal year ended January 31, 2026 is $0.1 million.

 

A reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the Consolidated Balance Sheets are shown below (based on a January 31 measurement date):

 

(Amounts in thousands)

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Pension benefit obligation at beginning of period

 

$

34,424

 

 

$

29,109

 

Service cost

 

 

1,146

 

 

 

1,069

 

Interest cost

 

 

505

 

 

 

593

 

Benefits (paid)/deposited

 

 

(1,798

)

 

 

623

 

Prior service credit

 

 

-

 

 

 

(74

)

Employee contributions

 

 

887

 

 

 

898

 

Actuarial losses

 

 

1,200

 

 

 

230

 

Foreign currency exchange rate impact

 

 

(1,936

)

 

 

1,976

 

Pension benefit obligation at end of year

 

 

34,428

 

 

 

34,424

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

33,731

 

 

$

27,965

 

Company contributions

 

 

1,333

 

 

 

1,350

 

Benefits (paid)/deposited

 

 

(1,798

)

 

 

623

 

Actual return on plan assets

 

 

2,075

 

 

 

974

 

Employee contributions

 

 

887

 

 

 

898

 

Foreign currency exchange rate impact

 

 

(1,915

)

 

 

1,921

 

Fair value of plan assets at end of year

 

 

34,313

 

 

 

33,731

 

Funded status - consolidated

 

$

(115

)

 

$

(693

)

Amounts recognized in the Consolidated Balance Sheets
   consist of:

 

 

 

 

 

 

Other non-current liabilities

 

 

(115

)

 

 

(693

)

Amounts recognized in accumulated other
   comprehensive income/(loss):

 

 

 

 

 

 

Prior service cost

 

 

83

 

 

 

151

 

Net actuarial loss

 

 

2,145

 

 

 

2,031

 

Tax effect

 

 

(475

)

 

 

(465

)

Net amount recognized, after tax

 

$

1,753

 

 

$

1,717

 

Accumulated benefit obligation

 

$

34,142

 

 

$

34,244

 

 

Investment Policy:

It is the objective of the plan sponsor to maintain an adequate level of diversification to balance market risk, to prudently invest to preserve capital and to provide sufficient liquidity while maximizing earnings for near-term payments of benefits accrued under the plan and to pay plan administrative expenses. The assumption used for the expected long-term rate of return on plan assets is based on the long-term expected returns for each investment category currently in the portfolio. Historical return trends for the various asset classes in the class portfolio are combined with current and anticipated future market conditions to estimate the rate of return for each class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each class.

 

The assets are classified as a Level 3 asset within the fair value hierarchy and consist of an investment in pooled assets and include separate employee accounts that are invested in equity securities, debt securities and real estate. The values of the separate accounts invested are based on values provided by the administrator of the funds that cannot be readily derived from or corroborated by observable market data.

The weighted average assumptions that were used to determine the Company’s benefit obligations as of the measurement date (January 31) were as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

1.00

%

 

 

1.50

%

 

 

1.90

%

Salary progression rate

 

 

1.10

%

 

 

1.10

%

 

 

1.10

%

Expected long-term rate of return on plan assets

 

 

3.20

%

 

 

3.00

%

 

 

2.50

%

 

The discount rates used are based on high quality AAA- and AA-rated corporate bonds with durations corresponding to the expected durations of the benefit obligations and service time.

The weighted average assumptions that were used to determine the Company’s net periodic pension cost were as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

1.50

%

 

 

1.90

%

 

 

0.20

%

Salary progression rate

 

 

1.10

%

 

 

1.10

%

 

 

1.10

%

Expected long-term rate of return on plan assets

 

 

3.00

%

 

 

2.50

%

 

 

1.50

%

 

The overall expected long-term rate of return on plan assets is a weighted average expectation based on the targeted portfolio composition. Historical experience and current benchmarks are considered to arrive at expected long-term rates of return in each asset category.

 

The Company expects the following benefit payments to be paid out for the fiscal years indicated. The expected benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at January 31, 2025 and include estimated future employee service. The Company does not expect any plan assets to be returned to it during the fiscal year ending January 31, 2026. Payments from the pension plan are made from the plan assets.

 

Fiscal Year ending January 31,

 

(in thousands)

 

2026

 

$

410

 

2027

 

 

567

 

2028

 

 

466

 

2029

 

 

612

 

2030

 

 

1,189

 

2031-2035

 

 

4,156

 

 

During fiscal 2026, the Company expects to contribute $1.3 million to its Swiss defined benefit plan.
v3.25.1
Segment and Geographic Information
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information

NOTE 19 – SEGMENT AND GEOGRAPHIC INFORMATION

The Company follows accounting guidance related to disclosures about segments of an enterprise and related information. This guidance requires disclosure of segment data based on how management makes decisions about allocating resources to segments and measuring their performance. 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 expenses, interim segment profit or loss, and how an entity’s chief operating decision maker (“CODM”) uses reported segment profit or loss information in assessing segment performance and allocating resources. The Company adopted this new guidance for the fiscal year ended January 31, 2025, and on a retrospective basis for all periods presented. This ASU does not change how an entity identifies its operating segments.

The Company conducts its business in two operating segments: Watch and Accessory Brands and Company Stores. The Company’s Watch and Accessory Brands segment includes the designing, manufacturing and distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to revenue generated from after-sales service activities and shipping. The Company Stores segment includes the Company’s retail outlet business. The Chief Executive Officer of the Company is the CODM and regularly reviews operating results for each of the two operating segments to assess performance and makes operating decisions about the allocation of the Company’s resources. The Company’s CODM evaluates operating results based on gross profit, defined as net sales less cost of sales, and operating income, defined as gross profit less selling, general and administrative expenses. The CODM uses gross profit and operating income in the budgeting and forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for gross profit and operating income for evaluating performance of the segments and making decisions about allocating capital and other resources to each segment.

The Company divides its business into two major geographic locations: United States operations, and International, which includes the results of all non-U.S. Company operations. The allocation of geographic revenue is based upon the location of the customer. The Company’s International operations in Europe, the Americas (excluding the United States), Asia and the Middle East accounted for 31.0%, 9.9%, 8.9% and 7.6%, respectively, of the Company’s total net sales for fiscal 2025. For fiscal 2024, the Company’s International operations in Europe, the Americas (excluding the United States), Asia and the Middle East accounted for 30.9%, 9.4%, 8.1% and 7.9%, respectively, of the Company’s total net sales. For fiscal 2023, the Company’s International operations in Europe, the Americas

(excluding the United States), Asia and the Middle East accounted for 33.2%, 7.9%, 7.6% and 6.4%, respectively, of the Company’s total net sales. A vast majority of the Company’s tangible International assets are owned by the Company’s Swiss and Hong Kong subsidiaries.

Operating Segment Data as of and for the Fiscal Year Ended January 31, (in thousands):

 

 

 

Net Sales

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Watch and Accessory Brands:

 

 

 

 

 

 

 

 

 

Owned brands category

 

$

183,622

 

 

$

198,612

 

 

$

230,277

 

Licensed brands category

 

 

365,216

 

 

 

354,099

 

 

 

391,867

 

After-sales service and all other

 

 

7,548

 

 

 

7,743

 

 

 

10,506

 

Total Watch and Accessory Brands

 

 

556,386

 

 

 

560,454

 

 

 

632,650

 

Company Stores

 

 

96,992

 

 

 

103,935

 

 

 

111,559

 

Consolidated total

 

$

653,378

 

 

$

664,389

 

 

$

744,209

 

 

 

 

Watch and Accessory Brands

 

Company Stores

 

Consolidated Total (1) (2)

 

 

Watch and Accessory Brands

 

Company Stores

 

Consolidated Total (2)

 

 

Watch and Accessory Brands

 

Company Stores

 

Consolidated Total (2)

 

 

 

2025

 

2025

 

2025

 

 

2024

 

2024

 

2024

 

 

2023

 

2023

 

2023

 

 

 

 

 

 

 

 

 

 

(As Restated)

 

 

 

(As Restated)

 

 

(As Restated)

 

 

 

(As Restated)

 

Net sales

 

$

556,386

 

$

96,992

 

$

653,378

 

 

$

560,454

 

$

103,935

 

$

664,389

 

 

$

632,650

 

$

111,559

 

$

744,209

 

Cost of sales

 

 

261,774

 

 

38,464

 

 

300,238

 

 

 

259,269

 

 

40,961

 

 

300,230

 

 

 

274,011

 

 

41,070

 

 

315,081

 

Gross profit

 

 

294,612

 

 

58,528

 

 

353,140

 

 

 

301,185

 

 

62,974

 

 

364,159

 

 

 

358,639

 

 

70,489

 

 

429,128

 

Selling, general and administrative

 

 

286,874

 

 

46,251

 

 

333,125

 

 

 

269,882

 

 

45,807

 

 

315,689

 

 

 

268,369

 

 

45,172

 

 

313,541

 

Operating income

 

$

7,738

 

$

12,277

 

$

20,015

 

 

$

31,303

 

$

17,167

 

$

48,470

 

 

$

90,270

 

$

25,317

 

$

115,587

 

Other income, net

 

 

 

 

 

 

7,125

 

 

 

 

 

 

 

5,994

 

 

 

 

 

 

 

2,069

 

Interest expense

 

 

 

 

 

 

(489

)

 

 

 

 

 

 

(497

)

 

 

 

 

 

 

(518

)

Income before income taxes

 

 

 

 

 

$

26,651

 

 

 

 

 

 

$

53,967

 

 

 

 

 

 

$

117,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

7,096

 

$

2,216

 

$

9,312

 

 

$

7,266

 

$

2,378

 

$

9,644

 

 

$

8,233

 

$

2,576

 

$

10,809

 

 

 

 

Total Assets

 

Capital Expenditure

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

 

 

 

 

 

 

 

 

Watch and Accessory Brands

 

$

668,403

 

 

$

697,483

 

 

$

5,740

 

 

$

7,784

 

 

$

4,323

 

Company Stores

 

 

60,828

 

 

 

59,015

 

 

 

2,226

 

 

 

439

 

 

 

2,762

 

Consolidated total

 

$

729,231

 

 

$

756,498

 

 

$

7,966

 

 

$

8,223

 

 

$

7,085

 

 

 

Geographic Location Data as of and for the Fiscal Year Ended January 31, (in thousands):

 

 

 

Net Sales (3)

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

United States

 

$

278,532

 

 

$

290,256

 

 

$

333,913

 

International

 

 

374,846

 

 

 

374,133

 

 

 

410,296

 

Consolidated total

 

$

653,378

 

 

$

664,389

 

 

$

744,209

 

 

 

 

 

Long-Lived Assets

 

 

Operating Lease Right-of-Use Assets

 

 

Property, Plant and Equipment, Net

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

75,160

 

 

$

77,156

 

 

$

61,916

 

 

$

65,206

 

 

$

13,244

 

 

$

11,950

 

International

 

 

30,769

 

 

 

24,941

 

 

 

24,093

 

 

 

17,455

 

 

 

6,676

 

 

 

7,486

 

Consolidated total

 

$

105,929

 

 

$

102,097

 

 

$

86,009

 

 

$

82,661

 

 

$

19,920

 

 

$

19,436

 

 

 

(1)
The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
(2)
The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
(3)
The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
v3.25.1
Quarterly Financial Information (Unaudited)
 12 Months Ended
Jan. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (unaudited)

NOTE 20 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The Company is presenting herein restated unaudited interim condensed consolidated financial information for each of the previously reported quarters during the fiscal years ended January 31, 2025 and 2024 and for the year-to-date periods then ended. See Note 1A - Restatement of Previously Issued Consolidated Financial Statements for additional information on the restatement. The Company will effectuate the restatement of the unaudited interim condensed consolidated financial information for the first three quarters of the fiscal year ended January 31, 2025 as part of filing interim Form 10-Qs for the fiscal year ended January 31, 2026.

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

For the Three Months Ended January 31, 2025

 

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

 

 

Net sales

 

$

134,379

 

 

$

157,000

 

 

$

180,524

 

 

$

181,475

 

Gross profit

 

$

72,920

 

 

$

85,252

 

 

$

96,630

 

 

$

98,338

 

Operating income

 

$

2,118

 

 

$

2,642

 

 

$

6,033

 

 

$

9,222

 

Net income

 

$

2,139

 

 

$

3,566

 

 

$

5,046

 

 

$

8,458

 

Net income attributable to Movado Group, Inc.

 

$

2,015

 

 

$

3,469

 

 

$

4,827

 

 

$

8,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.09

 

 

$

0.16

 

 

$

0.22

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.09

 

 

$

0.15

 

 

$

0.21

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

For the Three Months Ended January 31, 2024

 

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

Net sales

 

$

146,544

 

 

$

158,020

 

 

$

184,072

 

 

$

175,753

 

Gross profit

 

$

82,733

 

 

$

87,530

 

 

$

99,802

 

 

$

94,094

 

Operating income

 

$

11,629

 

 

$

7,892

 

 

$

18,166

 

 

$

10,783

 

Net income

 

$

9,903

 

 

$

6,676

 

 

$

15,497

 

 

$

10,099

 

Net income attributable to Movado Group, Inc.

 

$

9,754

 

 

$

6,538

 

 

$

15,216

 

 

$

9,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.44

 

 

$

0.29

 

 

$

0.69

 

 

$

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.43

 

 

$

0.29

 

 

$

0.67

 

 

$

0.43

 

 

 

For the Three Months Ended April 30, 2024

 

For the Three Months Ended July 31, 2024

 

For the Three Months Ended October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$136,669

 

$(2,290)

 

$134,379

 

$159,313

 

$(2,313)

 

$157,000

 

$182,727

 

$(2,203)

 

$180,524

Cost of sales

 

61,156

 

303

 

61,459

 

72,948

 

(1,200)

 

71,748

 

84,331

 

(437)

 

83,894

Gross profit

 

75,513

 

(2,593)

 

72,920

 

86,365

 

(1,113)

 

85,252

 

98,396

 

(1,766)

 

96,630

Selling, general and administrative

 

72,202

 

(1,400)

 

70,802

 

83,335

 

(725)

 

82,610

 

91,846

 

(1,249)

 

90,597

Operating income

 

3,311

 

(1,193)

 

2,118

 

3,030

 

(388)

 

2,642

 

6,550

 

(517)

 

6,033

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

2,172

 

—

 

2,172

 

1,877

 

—

 

1,877

 

1,522

 

—

 

1,522

Interest expense

 

(118)

 

—

 

(118)

 

(110)

 

—

 

(110)

 

(144)

 

—

 

(144)

Income/(loss) before income taxes

 

5,365

 

(1,193)

 

4,172

 

4,797

 

(388)

 

4,409

 

7,928

 

(517)

 

7,411

Provision/(benefit) for income taxes

 

2,302

 

(269)

 

2,033

 

936

 

(93)

 

843

 

2,495

 

(130)

 

2,365

Net income/(loss)

 

3,063

 

(924)

 

2,139

 

3,861

 

(295)

 

3,566

 

5,433

 

(387)

 

5,046

Less: Net income/(loss) attributable to noncontrolling interest

 

172

 

(48)

 

124

 

140

 

(43)

 

97

 

383

 

(164)

 

219

Net income/(loss) attributable to Movado Group, Inc.

 

$2,891

 

$(876)

 

$2,015

 

$3,721

 

$(252)

 

$3,469

 

$5,050

 

$(223)

 

$4,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,253

 

—

 

22,253

 

22,303

 

—

 

22,303

 

22,283

 

—

 

22,283

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.13

 

$(0.04)

 

$0.09

 

$0.17

 

$(0.01)

 

$0.16

 

$0.23

 

$(0.01)

 

$0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,673

 

—

 

22,673

 

22,658

 

—

 

22,658

 

22,559

 

—

 

22,559

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.13

 

$(0.04)

 

$0.09

 

$0.16

 

$(0.01)

 

$0.15

 

$0.22

 

$(0.01)

 

$0.21

 

 

 

For the Six Months Ended July 31, 2024

 

For the Nine Months Ended October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$295,982

 

$(4,603)

 

$291,379

 

$478,709

 

$(6,806)

 

$471,903

Cost of sales

 

134,104

 

(897)

 

133,207

 

218,435

 

(1,334)

 

217,101

Gross profit

 

161,878

 

(3,706)

 

158,172

 

260,274

 

(5,472)

 

254,802

Selling, general and administrative

 

155,537

 

(2,125)

 

153,412

 

247,383

 

(3,374)

 

244,009

Operating income

 

6,341

 

(1,581)

 

4,760

 

12,891

 

(2,098)

 

10,793

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

4,049

 

—

 

4,049

 

5,571

 

—

 

5,571

Interest expense

 

(228)

 

—

 

(228)

 

(372)

 

—

 

(372)

Income/(loss) before income taxes

 

10,162

 

(1,581)

 

8,581

 

18,090

 

(2,098)

 

15,992

Provision/(benefit) for income taxes

 

3,238

 

(362)

 

2,876

 

5,733

 

(492)

 

5,241

Net income/(loss)

 

6,924

 

(1,219)

 

5,705

 

12,357

 

(1,606)

 

10,751

Less: Net income/(loss) attributable to noncontrolling interest

 

312

 

(91)

 

221

 

695

 

(255)

 

440

Net income/(loss) attributable to Movado Group, Inc.

 

$6,612

 

$(1,128)

 

$5,484

 

$11,662

 

$(1,351)

 

$10,311

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,278

 

—

 

22,278

 

22,280

 

—

 

22,280

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.30

 

$(0.05)

 

$0.25

 

$0.52

 

$(0.06)

 

$0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,665

 

—

 

22,665

 

22,627

 

—

 

22,627

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.29

 

$(0.05)

 

$0.24

 

$0.52

 

$(0.06)

 

$0.46

 

 

 

For the Three Months Ended April 30, 2023

 

For the Three Months Ended July 31, 2023

 

For the Three Months Ended October 31, 2023

 

For the Three Months Ended January 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$144,905

 

$1,639

 

$146,544

 

$160,390

 

$(2,370)

 

$158,020

 

$187,686

 

$(3,614)

 

$184,072

 

$179,620

 

$(3,867)

 

$175,753

Cost of sales

 

62,902

 

909

 

63,811

 

71,104

 

(614)

 

70,490

 

85,358

 

(1,088)

 

84,270

 

82,843

 

(1,184)

 

81,659

Gross profit

 

82,003

 

730

 

82,733

 

89,286

 

(1,756)

 

87,530

 

102,328

 

(2,526)

 

99,802

 

96,777

 

(2,683)

 

94,094

Selling, general and administrative

 

71,104

 

—

 

71,104

 

79,638

 

—

 

79,638

 

81,636

 

—

 

81,636

 

83,311

 

—

 

83,311

Operating income

 

10,899

 

730

 

11,629

 

9,648

 

(1,756)

 

7,892

 

20,692

 

(2,526)

 

18,166

 

13,466

 

(2,683)

 

10,783

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

1,025

 

—

 

1,025

 

1,537

 

—

 

1,537

 

1,632

 

—

 

1,632

 

1,800

 

—

 

1,800

Interest expense

 

(113)

 

—

 

(113)

 

(113)

 

—

 

(113)

 

(135)

 

—

 

(135)

 

(136)

 

—

 

(136)

Income/(loss) before income taxes

 

11,811

 

730

 

12,541

 

11,072

 

(1,756)

 

9,316

 

22,189

 

(2,526)

 

19,663

 

15,130

 

(2,683)

 

12,447

Provision/(benefit) for income taxes

 

2,534

 

104

 

2,638

 

2,885

 

(245)

 

2,640

 

4,519

 

(353)

 

4,166

 

2,723

 

(375)

 

2,348

Net income/(loss)

 

9,277

 

626

 

9,903

 

8,187

 

(1,511)

 

6,676

 

17,670

 

(2,173)

 

15,497

 

12,407

 

(2,308)

 

10,099

Less: Net income/(loss) attributable to noncontrolling interest

 

149

 

—

 

149

 

138

 

—

 

138

 

281

 

—

 

281

 

262

 

—

 

262

Net income/(loss) attributable to Movado Group, Inc.

 

$9,128

 

$626

 

$9,754

 

$8,049

 

$(1,511)

 

$6,538

 

$17,389

 

$(2,173)

 

$15,216

 

$12,145

 

$(2,308)

 

$9,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,226

 

—

 

22,226

 

22,231

 

—

 

22,231

 

22,209

 

—

 

22,209

 

22,218

 

—

 

22,218

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.41

 

$0.03

 

$0.44

 

$0.36

 

$(0.07)

 

$0.29

 

$0.78

 

$(0.09)

 

$0.69

 

$0.55

 

$(0.11)

 

$0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,672

 

—

 

22,672

 

22,616

 

—

 

22,616

 

22,677

 

—

 

22,677

 

22,708

 

—

 

22,708

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.40

 

$0.03

 

$0.43

 

$0.36

 

$(0.07)

 

$0.29

 

$0.77

 

$(0.10)

 

$0.67

 

$0.53

 

$(0.10)

 

$0.43

 

 

 

For the Six Months Ended July 31, 2023

 

For the Nine Months Ended October 31, 2023

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$305,295

 

$(731)

 

$304,564

 

$492,981

 

$(4,345)

 

$488,636

Cost of sales

 

134,006

 

295

 

134,301

 

219,364

 

(793)

 

218,571

Gross profit

 

171,289

 

(1,026)

 

170,263

 

273,617

 

(3,552)

 

270,065

Selling, general and administrative

 

150,742

 

—

 

150,742

 

232,378

 

—

 

232,378

Operating income

 

20,547

 

(1,026)

 

19,521

 

41,239

 

(3,552)

 

37,687

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

2,562

 

—

 

2,562

 

4,194

 

—

 

4,194

Interest expense

 

(226)

 

—

 

(226)

 

(361)

 

—

 

(361)

Income/(loss) before income taxes

 

22,883

 

(1,026)

 

21,857

 

45,072

 

(3,552)

 

41,520

Provision/(benefit) for income taxes

 

5,419

 

(141)

 

5,278

 

9,938

 

(494)

 

9,444

Net income/(loss)

 

17,464

 

(885)

 

16,579

 

35,134

 

(3,058)

 

32,076

Less: Net income/(loss) attributable to noncontrolling interest

 

287

 

—

 

287

 

568

 

—

 

568

Net income/(loss) attributable to Movado Group, Inc.

 

$17,177

 

$(885)

 

$16,292

 

$34,566

 

$(3,058)

 

$31,508

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,229

 

—

 

22,229

 

22,222

 

—

 

22,222

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.77

 

$(0.04)

 

$0.73

 

$1.56

 

$(0.14)

 

$1.42

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,642

 

—

 

22,642

 

22,641

 

—

 

22,641

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.76

 

$(0.04)

 

$0.72

 

$1.53

 

$(0.14)

 

$1.39

 

 

April 30, 2024

 

July 31, 2024

 

October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$225,372

 

—

 

$225,372

 

$198,251

 

—

 

$198,251

 

$181,548

 

—

 

$181,548

Trade receivables, net

 

101,722

 

(20,706)

 

81,016

 

109,784

 

(23,075)

 

86,709

 

139,163

 

(25,310)

 

113,853

Inventories

 

159,618

 

5,552

 

165,170

 

176,396

 

6,764

 

183,160

 

168,929

 

7,208

 

176,137

Other current assets

 

22,258

 

—

 

22,258

 

26,421

 

—

 

26,421

 

22,625

 

—

 

22,625

Income taxes receivable

 

8,336

 

(266)

 

8,070

 

13,088

 

(397)

 

12,691

 

7,922

 

(622)

 

7,300

Total current assets

 

517,306

 

(15,420)

 

501,886

 

523,940

 

(16,708)

 

507,232

 

520,187

 

(18,724)

 

501,463

Property, plant and equipment, net

 

19,037

 

—

 

19,037

 

20,315

 

—

 

20,315

 

20,480

 

—

 

20,480

Operating lease right-of-use assets

 

89,155

 

—

 

89,155

 

85,350

 

—

 

85,350

 

88,892

 

—

 

88,892

Deferred and non-current income taxes

 

43,280

 

—

 

43,280

 

42,685

 

—

 

42,685

 

43,767

 

—

 

43,767

Other intangibles, net

 

6,935

 

—

 

6,935

 

6,645

 

—

 

6,645

 

6,192

 

—

 

6,192

Other non-current assets

 

75,702

 

—

 

75,702

 

80,253

 

—

 

80,253

 

86,358

 

—

 

86,358

Total assets

 

$751,415

 

$(15,420)

 

$735,995

 

$759,188

 

$(16,708)

 

$742,480

 

$765,876

 

$(18,724)

 

$747,152

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$32,999

 

—

 

$32,999

 

$36,769

 

—

 

$36,769

 

$29,429

 

—

 

$29,429

Accrued liabilities

 

41,976

 

(250)

 

41,726

 

45,074

 

(500)

 

44,574

 

51,245

 

(750)

 

50,495

Accrued payroll and benefits

 

7,340

 

(1,150)

 

6,190

 

9,778

 

(1,625)

 

8,153

 

12,541

 

(2,625)

 

9,916

Current operating lease liabilities

 

18,192

 

—

 

18,192

 

18,352

 

—

 

18,352

 

18,851

 

—

 

18,851

Income taxes payable

 

6,459

 

(2,196)

 

4,263

 

8,962

 

(2,420)

 

6,542

 

9,760

 

(2,775)

 

6,985

Total current liabilities

 

106,966

 

(3,596)

 

103,370

 

118,935

 

(4,545)

 

114,390

 

121,826

 

(6,150)

 

115,676

Deferred and non-current income taxes payable

 

8,143

 

—

 

8,143

 

1,028

 

—

 

1,028

 

1,188

 

—

 

1,188

Non-current operating lease liabilities

 

79,749

 

—

 

79,749

 

76,314

 

—

 

76,314

 

79,410

 

—

 

79,410

Other non-current liabilities

 

52,877

 

—

 

52,877

 

56,336

 

—

 

56,336

 

57,028

 

—

 

57,028

Total liabilities

 

247,735

 

(3,596)

 

244,139

 

252,613

 

(4,545)

 

248,068

 

259,452

 

(6,150)

 

253,302

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

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, 29,169,952 and 29,174,709 shares issued and outstanding, respectively

 

291

 

—

 

291

 

292

 

—

 

292

 

292

 

—

 

292

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,483,116, 6,458,376 and 6,458,376 shares issued and outstanding, respectively

 

64

 

—

 

64

 

64

 

—

 

64

 

64

 

—

 

64

Capital in excess of par value

 

240,923

 

—

 

240,923

 

242,039

 

—

 

242,039

 

243,311

 

—

 

243,311

Retained earnings

 

465,435

 

(11,784)

 

453,651

 

461,382

 

(12,036)

 

449,346

 

458,660

 

(12,259)

 

446,401

Accumulated other comprehensive income

 

82,073

 

8

 

82,081

 

87,838

 

(36)

 

87,802

 

90,323

 

(61)

 

90,262

Treasury Stock, 13,404,954, 13,408,334 and 13,490,483 shares, respectively, at cost

 

(287,414)

 

—

 

(287,414)

 

(287,499)

 

—

 

(287,499)

 

(289,067)

 

—

 

(289,067)

Total Movado Group, Inc. shareholders' equity

 

501,372

 

(11,776)

 

489,596

 

504,116

 

(12,072)

 

492,044

 

503,583

 

(12,320)

 

491,263

Noncontrolling interest

 

2,308

 

(48)

 

2,260

 

2,459

 

(91)

 

2,368

 

2,841

 

(254)

 

2,587

Total equity

 

503,680

 

(11,824)

 

491,856

 

506,575

 

(12,163)

 

494,412

 

506,424

 

(12,574)

 

493,850

Total liabilities and equity

 

$751,415

 

$(15,420)

 

$735,995

 

$759,188

 

$(16,708)

 

$742,480

 

$765,876

 

$(18,724)

 

$747,152

 

 

April 30, 2023

 

July 31, 2023

 

October 31, 2023

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$198,257

 

—

 

$198,257

 

$218,909

 

—

 

$218,909

 

$200,965

 

—

 

$200,965

Trade receivables, net

 

94,037

 

(8,577)

 

85,460

 

95,821

 

(10,947)

 

84,874

 

135,523

 

(14,561)

 

120,962

Inventories

 

195,235

 

2,973

 

198,208

 

181,448

 

3,587

 

185,035

 

171,966

 

4,675

 

176,641

Other current assets

 

25,804

 

—

 

25,804

 

25,206

 

—

 

25,206

 

18,856

 

—

 

18,856

Income taxes receivable

 

12,057

 

(59)

 

11,998

 

12,988

 

(48)

 

12,940

 

11,135

 

(32)

 

11,103

Total current assets

 

525,390

 

(5,663)

 

519,727

 

534,372

 

(7,408)

 

526,964

 

538,445

 

(9,918)

 

528,527

Property, plant and equipment, net

 

19,075

 

—

 

19,075

 

19,740

 

—

 

19,740

 

19,458

 

—

 

19,458

Operating lease right-of-use assets

 

76,194

 

—

 

76,194

 

71,358

 

—

 

71,358

 

84,212

 

—

 

84,212

Deferred and non-current income taxes

 

45,049

 

—

 

45,049

 

45,004

 

—

 

45,004

 

44,814

 

—

 

44,814

Other intangibles, net

 

8,996

 

—

 

8,996

 

8,432

 

—

 

8,432

 

7,688

 

—

 

7,688

Other non-current assets

 

66,792

 

—

 

66,792

 

70,791

 

—

 

70,791

 

68,780

 

—

 

68,780

Total assets

 

$741,496

 

$(5,663)

 

$735,833

 

$749,697

 

$(7,408)

 

$742,289

 

$763,397

 

$(9,918)

 

$753,479

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$24,443

 

—

 

$24,443

 

$28,435

 

—

 

$28,435

 

$22,998

 

—

 

$22,998

Accrued liabilities

 

48,858

 

—

 

48,858

 

47,135

 

—

 

47,135

 

57,165

 

—

 

57,165

Accrued payroll and benefits

 

7,597

 

—

 

7,597

 

10,976

 

—

 

10,976

 

10,317

 

—

 

10,317

Current operating lease liabilities

 

17,558

 

—

 

17,558

 

17,069

 

—

 

17,069

 

15,885

 

—

 

15,885

Income taxes payable

 

17,557

 

(747)

 

16,810

 

18,078

 

(981)

 

17,097

 

20,024

 

(1,318)

 

18,706

Total current liabilities

 

116,013

 

(747)

 

115,266

 

121,693

 

(981)

 

120,712

 

126,389

 

(1,318)

 

125,071

Deferred and non-current income taxes payable

 

14,540

 

—

 

14,540

 

8,321

 

—

 

8,321

 

7,966

 

—

 

7,966

Non-current operating lease liabilities

 

66,743

 

—

 

66,743

 

63,565

 

—

 

63,565

 

76,929

 

—

 

76,929

Other non-current liabilities

 

49,287

 

—

 

49,287

 

52,220

 

—

 

52,220

 

49,195

 

—

 

49,195

Total liabilities

 

246,583

 

(747)

 

245,836

 

245,799

 

(981)

 

244,818

 

260,479

 

(1,318)

 

259,161

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

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; 28,824,156, 28,876,211 and 28,879,497 shares issued and outstanding, respectively

 

288

 

—

 

288

 

289

 

—

 

289

 

289

 

—

 

289

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,524,805, 6,483,116 and 6,483,116 shares issued and outstanding, respectively

 

65

 

—

 

65

 

64

 

—

 

64

 

64

 

—

 

64

Capital in excess of par value

 

232,419

 

—

 

232,419

 

234,443

 

—

 

234,443

 

236,438

 

—

 

236,438

Retained earnings

 

455,979

 

(4,916)

 

451,063

 

456,279

 

(6,427)

 

449,852

 

465,919

 

(8,600)

 

457,319

Accumulated other comprehensive income

 

85,177

 

—

 

85,177

 

91,810

 

—

 

91,810

 

81,727

 

—

 

81,727

Treasury Stock, 13,208,339, 13,213,877 and 13,282,860 shares, respectively, at cost

 

(281,957)

 

—

 

(281,957)

 

(282,101)

 

—

 

(282,101)

 

(283,998)

 

—

 

(283,998)

Total Movado Group, Inc. shareholders' equity

 

491,971

 

(4,916)

 

487,055

 

500,784

 

(6,427)

 

494,357

 

500,439

 

(8,600)

 

491,839

Noncontrolling interest

 

2,942

 

—

 

2,942

 

3,114

 

—

 

3,114

 

2,479

 

—

 

2,479

Total equity

 

494,913

 

(4,916)

 

489,997

 

503,898

 

(6,427)

 

497,471

 

502,918

 

(8,600)

 

494,318

Total liabilities and equity

 

$741,496

 

$(5,663)

 

$735,833

 

$749,697

 

$(7,408)

 

$742,289

 

$763,397

 

$(9,918)

 

$753,479

 

 

Three Months Ended April 30, 2024

 

 

Six Months Ended July 31, 2024

 

 

Nine Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

3,063

 

 

$

(924

)

 

$

2,139

 

 

$

6,924

 

 

$

(1,219

)

 

$

5,705

 

 

$

12,357

 

 

$

(1,606

)

 

$

10,751

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,288

 

 

 

—

 

 

 

2,288

 

 

 

4,582

 

 

 

—

 

 

 

4,582

 

 

 

6,960

 

 

 

—

 

 

 

6,960

 

Transactional losses (gains)/losses

 

 

(1,434

)

 

 

—

 

 

 

(1,434

)

 

 

(75

)

 

 

—

 

 

 

(75

)

 

 

594

 

 

 

—

 

 

 

594

 

Provision for inventories and accounts receivable

 

 

1,210

 

 

 

—

 

 

 

1,210

 

 

 

2,292

 

 

 

—

 

 

 

2,292

 

 

 

4,489

 

 

 

—

 

 

 

4,489

 

Deferred income taxes

 

 

(457

)

 

 

—

 

 

 

(457

)

 

 

(553

)

 

 

—

 

 

 

(553

)

 

 

(1,582

)

 

 

—

 

 

 

(1,582

)

Stock-based compensation

 

 

1,838

 

 

 

—

 

 

 

1,838

 

 

 

2,855

 

 

 

—

 

 

 

2,855

 

 

 

4,094

 

 

 

—

 

 

 

4,094

 

Other

 

 

82

 

 

 

—

 

 

 

82

 

 

 

171

 

 

 

—

 

 

 

171

 

 

 

265

 

 

 

—

 

 

 

265

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

1,094

 

 

 

2,290

 

 

 

3,384

 

 

 

(6,864

)

 

 

4,603

 

 

 

(2,261

)

 

 

(37,026

)

 

 

6,806

 

 

 

(30,220

)

Inventories

 

 

(15,990

)

 

 

303

 

 

 

(15,687

)

 

 

(31,401

)

 

 

(897

)

 

 

(32,298

)

 

 

(24,697

)

 

 

(1,334

)

 

 

(26,031

)

Other current assets

 

 

(5,090

)

 

 

—

 

 

 

(5,090

)

 

 

(8,375

)

 

 

—

 

 

 

(8,375

)

 

 

(4,675

)

 

 

—

 

 

 

(4,675

)

Accounts payable

 

 

1,082

 

 

 

—

 

 

 

1,082

 

 

 

3,493

 

 

 

—

 

 

 

3,493

 

 

 

(3,709

)

 

 

—

 

 

 

(3,709

)

Accrued liabilities

 

 

3,067

 

 

 

(250

)

 

 

2,817

 

 

 

6,608

 

 

 

(500

)

 

 

6,108

 

 

 

11,974

 

 

 

(750

)

 

 

11,224

 

Accrued payroll and benefits

 

 

(107

)

 

 

(1,150

)

 

 

(1,257

)

 

 

2,243

 

 

 

(1,625

)

 

 

618

 

 

 

4,994

 

 

 

(2,625

)

 

 

2,369

 

Income taxes receivable

 

 

4,462

 

 

 

252

 

 

 

4,714

 

 

 

4,126

 

 

 

382

 

 

 

4,508

 

 

 

8,374

 

 

 

608

 

 

 

8,982

 

Income taxes payable

 

 

(13,264

)

 

 

(521

)

 

 

(13,785

)

 

 

(22,218

)

 

 

(744

)

 

 

(22,962

)

 

 

(19,855

)

 

 

(1,099

)

 

 

(20,954

)

Other non-current assets

 

 

95

 

 

 

—

 

 

 

95

 

 

 

276

 

 

 

—

 

 

 

276

 

 

 

(3,141

)

 

 

—

 

 

 

(3,141

)

Other non-current liabilities

 

 

(13

)

 

 

—

 

 

 

(13

)

 

 

6

 

 

 

—

 

 

 

6

 

 

 

(43

)

 

 

—

 

 

 

(43

)

Net cash used in operating activities

 

 

(18,074

)

 

 

—

 

 

 

(18,074

)

 

 

(35,910

)

 

 

—

 

 

 

(35,910

)

 

 

(40,627

)

 

 

—

 

 

 

(40,627

)

 

 

Three Months Ended April 30, 2023

 

 

Six Months Ended July 31, 2023

 

 

Nine Months Ended October 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

9,277

 

 

$

626

 

 

$

9,903

 

 

$

17,464

 

 

$

(885

)

 

$

16,579

 

 

$

35,134

 

 

$

(3,058

)

 

$

32,076

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,557

 

 

 

—

 

 

 

2,557

 

 

 

5,039

 

 

 

—

 

 

 

5,039

 

 

 

7,278

 

 

 

—

 

 

 

7,278

 

Transactional losses (gains)/losses

 

 

(114

)

 

 

—

 

 

 

(114

)

 

 

849

 

 

 

—

 

 

 

849

 

 

 

204

 

 

 

—

 

 

 

204

 

Provision for inventories and accounts receivable

 

 

904

 

 

 

—

 

 

 

904

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

3,803

 

 

 

—

 

 

 

3,803

 

Deferred income taxes

 

 

(1,029

)

 

 

—

 

 

 

(1,029

)

 

 

(1,564

)

 

 

—

 

 

 

(1,564

)

 

 

(2,032

)

 

 

—

 

 

 

(2,032

)

Stock-based compensation

 

 

1,597

 

 

 

—

 

 

 

1,597

 

 

 

3,579

 

 

 

—

 

 

 

3,579

 

 

 

5,529

 

 

 

—

 

 

 

5,529

 

Other

 

 

559

 

 

 

—

 

 

 

559

 

 

 

647

 

 

 

—

 

 

 

647

 

 

 

754

 

 

 

—

 

 

 

754

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

415

 

 

 

(1,639

)

 

 

(1,224

)

 

 

(827

)

 

 

731

 

 

 

(96

)

 

 

(42,027

)

 

 

4,345

 

 

 

(37,682

)

Inventories

 

 

(8,149

)

 

 

909

 

 

 

(7,240

)

 

 

6,935

 

 

 

295

 

 

 

7,230

 

 

 

10,758

 

 

 

(793

)

 

 

9,965

 

Other current assets

 

 

(1,985

)

 

 

—

 

 

 

(1,985

)

 

 

(700

)

 

 

—

 

 

 

(700

)

 

 

4,107

 

 

 

—

 

 

 

4,107

 

Accounts payable

 

 

(7,949

)

 

 

—

 

 

 

(7,949

)

 

 

(2,995

)

 

 

—

 

 

 

(2,995

)

 

 

(7,492

)

 

 

—

 

 

 

(7,492

)

Accrued liabilities

 

 

3,739

 

 

 

—

 

 

 

3,739

 

 

 

2,206

 

 

 

—

 

 

 

2,206

 

 

 

12,336

 

 

 

—

 

 

 

12,336

 

Accrued payroll and benefits

 

 

(9,844

)

 

 

—

 

 

 

(9,844

)

 

 

(6,529

)

 

 

—

 

 

 

(6,529

)

 

 

(7,039

)

 

 

—

 

 

 

(7,039

)

Income taxes receivable

 

 

(1,166

)

 

 

7

 

 

 

(1,159

)

 

 

(5,981

)

 

 

(4

)

 

 

(5,985

)

 

 

(4,494

)

 

 

(21

)

 

 

(4,515

)

Income taxes payable

 

 

(11,083

)

 

 

97

 

 

 

(10,986

)

 

 

(12,108

)

 

 

(137

)

 

 

(12,245

)

 

 

(10,014

)

 

 

(473

)

 

 

(10,487

)

Other non-current assets

 

 

635

 

 

 

—

 

 

 

635

 

 

 

1,003

 

 

 

—

 

 

 

1,003

 

 

 

1,293

 

 

 

—

 

 

 

1,293

 

Other non-current liabilities

 

 

139

 

 

 

—

 

 

 

139

 

 

 

292

 

 

 

—

 

 

 

292

 

 

 

(730

)

 

 

—

 

 

 

(730

)

Net cash (used in)/provided by operating activities

 

 

(21,497

)

 

 

—

 

 

 

(21,497

)

 

 

9,226

 

 

 

—

 

 

 

9,226

 

 

 

7,368

 

 

 

—

 

 

 

7,368

 

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal year ended January 31, 2025.

 

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

3,063

 

 

$

(924

)

 

$

2,139

 

 

$

3,861

 

 

$

(295

)

 

$

3,566

 

 

$

5,433

 

 

$

(387

)

 

$

5,046

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(10,339

)

 

$

8

 

 

$

(10,331

)

 

$

5,826

 

 

$

(44

)

 

$

5,782

 

 

$

2,266

 

 

$

(25

)

 

$

2,241

 

Total other comprehensive (loss)/income

 

$

(10,262

)

 

$

8

 

 

$

(10,254

)

 

$

5,765

 

 

$

(44

)

 

$

5,721

 

 

$

2,485

 

 

$

(25

)

 

$

2,460

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

172

 

 

$

(48

)

 

$

124

 

 

$

140

 

 

$

(43

)

 

$

97

 

 

$

383

 

 

$

(164

)

 

$

219

 

Foreign currency translation adjustments

 

$

(23

)

 

$

-

 

 

$

(23

)

 

$

11

 

 

$

-

 

 

$

11

 

 

$

(1

)

 

$

1

 

 

$

-

 

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

149

 

 

$

(48

)

 

$

101

 

 

$

151

 

 

$

(43

)

 

$

108

 

 

$

382

 

 

$

(163

)

 

$

219

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

(7,348

)

 

$

(868

)

 

$

(8,216

)

 

$

9,475

 

 

$

(296

)

 

$

9,179

 

 

$

7,536

 

 

$

(249

)

 

$

7,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2024

 

 

For the Nine Months Ended October 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

6,924

 

 

$

(1,219

)

 

$

5,705

 

 

$

12,357

 

 

$

(1,606

)

 

$

10,751

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(4,513

)

 

$

(36

)

 

$

(4,549

)

 

$

(2,247

)

 

$

(61

)

 

$

(2,308

)

 

 

 

 

 

 

 

 

 

Total other comprehensive (loss)/income

 

$

(4,497

)

 

$

(36

)

 

$

(4,533

)

 

$

(2,012

)

 

$

(61

)

 

$

(2,073

)

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

312

 

 

$

(91

)

 

$

221

 

 

$

695

 

 

$

(255

)

 

$

440

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(12

)

 

$

—

 

 

$

(12

)

 

$

(13

)

 

$

1

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

300

 

 

$

(91

)

 

$

209

 

 

$

682

 

 

$

(254

)

 

$

428

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

2,127

 

 

$

(1,164

)

 

$

963

 

 

$

9,663

 

 

$

(1,413

)

 

$

8,250

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal year ended January 31, 2024.

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

For the Three Months Ended January 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

9,277

 

 

$

626

 

 

$

9,903

 

 

$

8,187

 

 

$

(1,511

)

 

$

6,676

 

 

$

17,670

 

 

$

(2,173

)

 

$

15,497

 

 

$

12,407

 

 

$

(2,308

)

 

$

10,099

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

13,155

 

 

$

626

 

 

$

13,781

 

 

$

14,648

 

 

$

(1,511

)

 

$

13,137

 

 

$

7,442

 

 

$

(2,173

)

 

$

5,269

 

 

$

22,684

 

 

$

(2,308

)

 

$

20,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2023

 

 

For the Nine Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

17,464

 

 

$

(885

)

 

$

16,579

 

 

$

35,134

 

 

$

(3,058

)

 

$

32,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to Movado Group, Inc

 

$

27,803

 

 

$

(885

)

 

$

26,918

 

 

$

35,245

 

 

$

(3,058

)

 

$

32,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal year ended January 31, 2025.

 

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

$

465,435

 

 

$

(11,784

)

 

$

453,651

 

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

2,891

 

 

$

(876

)

 

$

2,015

 

 

$

3,721

 

 

$

(252

)

 

$

3,469

 

 

$

5,050

 

 

$

(223

)

 

$

4,827

 

Retained earnings ending balance

 

$

465,435

 

 

$

(11,784

)

 

$

453,651

 

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

 

$

458,660

 

 

$

(12,259

)

 

$

446,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income beginning balance

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

$

82,073

 

 

$

8

 

 

$

82,081

 

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

Foreign currency translation adjustment

 

$

(10,339

)

 

$

8

 

 

$

(10,331

)

 

$

5,826

 

 

$

(44

)

 

$

5,782

 

 

$

2,266

 

 

$

(25

)

 

$

2,241

 

Accumulated other comprehensive income ending balance

 

$

82,073

 

 

$

8

 

 

$

82,081

 

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

 

$

90,323

 

 

$

(61

)

 

$

90,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest beginning balance

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

$

2,308

 

 

$

(48

)

 

$

2,260

 

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

Net income attributable to Movado Group, Inc.

 

$

172

 

 

$

(48

)

 

$

124

 

 

$

140

 

 

$

(43

)

 

$

97

 

 

$

383

 

 

$

(164

)

 

$

219

 

Foreign currency translation adjustment

 

$

(23

)

 

$

-

 

 

$

(23

)

 

$

11

 

 

$

-

 

 

$

11

 

 

$

(1

)

 

$

1

 

 

$

-

 

Noncontrolling interest ending balance

 

$

2,308

 

 

$

(48

)

 

$

2,260

 

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

 

$

2,841

 

 

$

(254

)

 

$

2,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

503,680

 

 

$

(11,824

)

 

$

491,856

 

 

$

506,575

 

 

$

(12,163

)

 

$

494,412

 

 

$

506,424

 

 

$

(12,574

)

 

$

493,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2024

 

 

For the Nine Months Ended October 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Retained earnings beginning balance

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

6,612

 

 

$

(1,128

)

 

$

5,484

 

 

$

11,662

 

 

$

(1,351

)

 

$

10,311

 

 

 

 

 

 

 

 

 

 

Retained earnings ending balance

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

 

$

458,660

 

 

$

(12,259

)

 

$

446,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income beginning balance

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

$

(4,513

)

 

$

(36

)

 

$

(4,549

)

 

$

(2,247

)

 

$

(61

)

 

$

(2,308

)

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income ending balance

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

 

$

90,323

 

 

$

(61

)

 

$

90,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest beginning balance

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

 

 

 

 

 

 

 

 

Net income attributable to Movado Group, Inc.

 

$

312

 

 

$

(91

)

 

$

221

 

 

$

695

 

 

$

(255

)

 

$

440

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

$

(12

)

 

$

-

 

 

$

(12

)

 

$

(13

)

 

$

1

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

Noncontrolling interest ending balance

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

 

$

2,841

 

 

$

(254

)

 

$

2,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

506,575

 

 

$

(12,163

)

 

$

494,412

 

 

$

506,424

 

 

$

(12,574

)

 

$

493,850

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal year ended January 31, 2024.

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

455,979

 

 

$

(4,916

)

 

$

451,063

 

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

9,128

 

 

$

626

 

 

$

9,754

 

 

$

8,049

 

 

$

(1,511

)

 

$

6,538

 

 

$

17,389

 

 

$

(2,173

)

 

$

15,216

 

Retained earnings ending balance

 

$

455,979

 

 

$

(4,916

)

 

$

451,063

 

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

 

$

465,919

 

 

$

(8,600

)

 

$

457,319

 

Total equity ending balance

 

$

494,913

 

 

$

(4,916

)

 

$

489,997

 

 

$

503,898

 

 

$

(6,427

)

 

$

497,471

 

 

$

502,918

 

 

$

(8,600

)

 

$

494,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2023

 

 

For the Nine Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

17,177

 

 

$

(885

)

 

$

16,292

 

 

$

34,566

 

 

$

(3,058

)

 

$

31,508

 

 

 

 

 

 

 

 

 

 

Retained earnings ending balance

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

 

$

465,919

 

 

$

(8,600

)

 

$

457,319

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

503,898

 

 

$

(6,427

)

 

$

497,471

 

 

$

502,918

 

 

$

(8,600

)

 

$

494,318

 

 

 

 

 

 

 

 

 

 
v3.25.1
Valuation and Qualifying Accounts
 12 Months Ended
Jan. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation and Qualifying Accounts

Schedule II

MOVADO GROUP, INC.

VALUATION AND QUALIFYING ACCOUNTS

(In thousands)

 

Description

 

Balance at
beginning
of year

 

 

Net provision/(benefit)
charged to
operations

 

 

 

Currency
revaluation

 

 

Net write-offs

 

 

 

Balance at
end of year

 

Year ended January 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for expected credit losses

 

$

3,266

 

 

$

261

 

 

 

$

(78

)

 

$

(358

)

 

 

$

3,091

 

Returns

 

 

12,773

 

 

 

33,457

 

 

 

 

(456

)

 

 

(28,705

)

 

 

 

17,069

 

Other sales allowances

 

 

6,875

 

 

 

25,150

 

 

 

 

(185

)

 

 

(25,899

)

 

 

 

5,941

 

Deferred tax asset valuation allowance

 

 

3,298

 

 

 

636

 

 

 

 

(91

)

 

 

(164

)

 

 

 

3,679

 

Total

 

$

26,212

 

 

$

59,504

 

 

 

$

(810

)

 

$

(55,126

)

 

 

$

29,780

 

Year ended January 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for expected credit losses

 

$

4,977

 

 

$

1,375

 

 

 

$

173

 

 

$

(3,259

)

(1)

 

$

3,266

 

Returns

 

 

13,087

 

 

 

30,515

 

 

 

 

216

 

 

 

(31,045

)

 

 

 

12,773

 

Other sales allowances (Restated) (2)

 

 

8,494

 

 

 

19,470

 

 

 

 

104

 

 

 

(21,193

)

 

 

 

6,875

 

Deferred tax asset valuation allowance

 

 

4,041

 

 

 

372

 

 

 

 

(185

)

 

 

(930

)

 

 

 

3,298

 

Total

 

$

30,599

 

 

$

51,732

 

 

 

$

308

 

 

$

(56,427

)

 

 

$

26,212

 

Year ended January 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for expected credit losses

 

$

5,831

 

 

$

1,000

 

 

 

$

(8

)

 

$

(1,846

)

 

 

$

4,977

 

Returns

 

 

13,715

 

 

 

30,418

 

 

 

 

(59

)

 

 

(30,987

)

 

 

 

13,087

 

Other sales allowances

 

 

9,105

 

 

 

15,258

 

 

 

 

(76

)

 

 

(15,793

)

 

 

 

8,494

 

Deferred tax asset valuation allowance

 

 

7,021

 

 

 

(2,193

)

 

 

 

(328

)

 

 

(459

)

 

 

 

4,041

 

Total

 

$

35,672

 

 

$

44,483

 

 

 

$

(471

)

 

$

(49,085

)

 

 

$

30,599

 

 

(1) Activity in fiscal year 2024 includes approximately $2.5 million of write-offs associated with a fully reserved non-current asset that occurred in fiscal year 2022.

 

(2) The provision charged to operations and the net write-offs related to other sales allowances for fiscal year 2024 have been restated to reflect the under reporting of credit

notes of $3.0 million related to the restatement described in Note 1A-Restatement of Previously Issued Consolidated Financial Statements.

v3.25.1
Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Organization and Business

Organization and Business

Movado Group, Inc. (together with its subsidiaries, the “Company”) designs, sources, markets and distributes quality watches with prominent brands across most price categories of the watch industry. In fiscal 2025, the Company marketed the following distinct brands of watches: Movado, Concord, EBEL, Olivia Burton, MVMT, Coach, Tommy Hilfiger, Hugo Boss, Lacoste and Calvin Klein. The Company also designs, sources, markets and distributes jewelry and other accessories under certain of its brands.

Movado (with the exception of certain Movado collections), EBEL and Concord watches, as well as a limited number of Calvin Klein watch styles, are manufactured in Switzerland by independent third-party assemblers using Swiss movements and other parts sourced by the Company’s Swiss operations. All of the Company’s products are manufactured using components obtained from third party suppliers. Certain Movado collections of watches are manufactured by independent contractors in Asia using Swiss movements. Coach, Hugo Boss, Lacoste, Olivia Burton, MVMT, Tommy Hilfiger and most Calvin Klein watches are manufactured by independent contractors in Asia. The Company’s jewelry and other accessories are manufactured by independent contractors in Asia and, to a lesser extent, the United States.

In addition to its sales to trade customers and independent distributors, the Company sells directly to consumers via its e-commerce platforms and also operates 52 retail outlet locations throughout the United States and four in Canada, through which it sells current and discontinued models and factory seconds of all of the Company’s watch brands.
Principles of Consolidation

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated. To the extent a subsidiary is not wholly-owned, any related noncontrolling interests are included as a separate component of Shareholders’ Equity.
Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates and assumptions are based on management’s best estimates and judgment. On an on-going basis, the Company evaluates its estimates and judgment. These estimates include accounting for sales discounts, returns, markdowns, allowance for expected credit losses, allowances and incentives, warranties, income taxes, depreciation, amortization, inventory write-downs, stock-based compensation, pensions, contingencies and impairments of long-lived assets. Actual results could differ from those estimates.
Translation of Foreign Currency Financial Statements and Foreign Currency Transactions

Translation of Foreign Currency Financial Statements and Foreign Currency Transactions

The financial statements of the Company’s international subsidiaries have been translated into United States dollars by translating balance sheet accounts at year-end exchange rates and the weighted average exchange rate for each period for revenues, expenses, gains, losses and cash flows. Foreign currency transaction gains and losses are charged or credited to earnings as incurred. Foreign currency translation gains and losses are reflected in the equity section of the Company’s Consolidated Balance Sheets in accumulated other comprehensive income.
Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash

Cash equivalents include all highly liquid investments with original maturities at date of purchase of three months or less.

Restricted cash is comprised of cash or cash equivalents which has been placed into an account that is restricted for a specific use and from which the Company cannot withdraw the cash on demand.
Trade Receivables

Trade Receivables

Trade receivables as shown on the Consolidated Balance Sheets are net of various allowances. The Company utilizes a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss rate for its trade accounts receivables. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable.

Included in Trade receivables are amounts due from trade customers including department stores, jewelry store chains, independent jewelers, third-party e-commerce retailers and payment processors used by the Company's owned e-commerce websites. All of the Company’s watch brands are also marketed outside the U.S. through a network of independent distributors. Accounts receivable are stated net of reserves for expected credit losses, returns and allowances of $26.1 million and $23.0 million at January 31, 2025 and 2024, respectively. Accounts receivable are also stated net of co-operative advertising allowances of $4.2 million and $5.5 million at January 31, 2025 and 2024, respectively. Co-operative advertising allowances are credits taken by the customer at a future date on previously executed co-operative advertising.

The Company’s concentrations of credit risk arise primarily from accounts receivable related to trade customers during the peak selling seasons. The Company has significant accounts receivable balances due from major national chain and department stores and third-party e-commerce retailers. The Company’s results of operations could be materially adversely affected in the event any of these customers or a group of these customers defaulted on all or a significant portion of their obligations to the Company. As of January 31, 2025, except for those accounts provided for in the allowance for expected credit losses, the Company knew of no situations with any of the Company’s major customers which would indicate any such customer’s inability to make its required payments.

No single customer accounted for more than 10% of net sales during any of the years in the three-year period ended January 31, 2025. No single customer accounted for more than 10% of the Company’s account receivable balance at January 31, 2025 or 2024.
Inventories

Inventories

The Company values its inventory at the lower of cost or net realizable value. Cost is determined using the average cost method. The Company performs reviews of its on-hand inventory to determine amounts, if any, of inventory that is deemed discontinued, excess, or unsaleable. Inventory classified as discontinued, together with the related component parts that can be assembled into saleable finished goods, is sold primarily through the Company’s retail outlet locations. The Company retains adequate levels of component parts to facilitate both the manufacturing of its watches as well as the after-sales service of its watches for an extended period of time after the discontinuance of the manufacturing of such watches. The adjustment to reduce the value of component parts below their cost to their net realizable value is based on the timing of when a component part is no longer associated with a watch that is being manufactured as well as the significant assumption related to the anticipated utilization of component parts for after-sales service.
Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment, including computer software, are stated at cost less accumulated depreciation. The Company capitalizes certain computer software costs after technological feasibility has been established. Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets. The cost of property, plant and equipment and related depreciation and amortization are removed from the accounts upon the disposition or retirement of such assets and the resulting gain or loss is reflected in operating income.
Intangibles

Intangibles

Intangible assets consist primarily of trade names, customer relationships and trademarks. In accordance with applicable guidance, the Company estimates and records the fair value of purchased intangible assets at the time of their acquisition. The fair values of these intangible assets are estimated at the time of acquisition based on independent third-party appraisals. Finite-lived intangible assets are amortized over their respective estimated useful lives, which range from three to ten years, and are evaluated for impairment whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. The Company determined that there was no impairment in fiscal 2025, fiscal 2024 or in fiscal 2023.
Noncontrolling Interest

Noncontrolling Interest

Noncontrolling interest is recognized as equity in the Company’s Consolidated Balance Sheets and represents ownership interests in the Company’s subsidiaries held by third parties.
Long-Lived Assets

Long-Lived Assets

The Company periodically reviews the estimated useful lives of its depreciable assets based on factors including historical experience, the expected beneficial service period of the asset, the quality and durability of the asset and the Company’s maintenance policy including periodic upgrades. Changes in useful lives are made on a prospective basis unless factors indicate the carrying amounts of the assets may not be recoverable and an impairment is necessary.

The Company performs an impairment review of its long-lived assets once events or changes in circumstances indicate, in management’s judgment, that the carrying value of such assets may not be recoverable. When such a determination has been made, management compares the carrying value of the asset groups with their estimated future undiscounted cash flows. If it is determined that an impairment has occurred, the fair value of the asset group is determined and compared to its carrying value. The excess of the carrying value over the fair value, if any, is recognized as a loss during that period. The impairment is calculated as the difference between asset carrying values and their estimated fair values. No impairment charge was recorded in fiscal 2025, fiscal 2024 or in fiscal 2023.
Investments Without Readily Determinable Fair Values

Investments Without Readily Determinable Fair Values

From time to time the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. The Company has evaluated and will regularly evaluate the carrying value of its investments. The carrying value of the investments are recorded in Other non-current assets in the Consolidated Balance Sheets at January 31, 2025 and 2024.
Derivative Financial Instruments

Derivative Financial Instruments

The Company accounts for its derivative financial instruments in accordance with the accounting guidance which requires that an entity recognize all derivatives as either assets or liabilities in the Consolidated Balance Sheets and measure those instruments at fair value. A significant portion of the Company’s purchases are denominated in Swiss Francs and, to a lesser extent, the Japanese Yen. The Company also sells to third-party customers in a variety of foreign currencies, most notably the Euro, Swiss Franc and the British Pound. The Company reduces its exposure to the Swiss Franc, Euro, British Pound, Chinese Yuan and Japanese Yen exchange rate risks through a hedging program. Under the hedging program, the Company manages most of its foreign currency exposures on a consolidated basis, which allows it to net certain exposures and take advantage of natural offsets. In the event these exposures do not offset, from time to time the Company uses various derivative financial instruments to further reduce the net exposures to currency fluctuations, predominately forward and option contracts. Certain of these contracts meet the requirements of qualified hedges. In these circumstances, the Company designates and documents these derivative instruments as a cash flow hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transactions. Changes in the fair value of hedges designated and documented as a cash flow hedge and which are highly effective, are recorded in other comprehensive income until the underlying transaction affects earnings, and then are later reclassified into earnings in the same account as the hedged transaction. The earnings impact is mostly offset by the effects of currency movements on the underlying hedged transactions. The Company formally assesses, both at the inception and at each fiscal quarter thereafter, the effectiveness of the derivative instrument hedging the underlying forecasted cash flow transaction. The Company does not exclude any designated cash flow hedges from its effective testing. Hedge accounting is discontinued if it is determined that the derivative is not highly effective.

From time to time the Company uses forward exchange contracts, which do not meet the requirements of qualified hedges, to offset its exposure to certain foreign currency receivables and liabilities. These forward contracts are not designated as qualified hedges and, therefore, changes in the fair value of these derivatives are recognized in earnings in the period they arise, thereby offsetting the current earnings effect resulting from the revaluation of the related foreign currency receivables and liabilities.

All of the Company’s derivative instruments have fair values which can be determined directly or indirectly based on available market data. The Company does not enter into any derivative instruments for trading purposes.
Revenue Recognition

Revenue Recognition

Wholesale revenue is recognized and recorded when a contract is in place, obligations under the terms of a contract with the customer are satisfied and control is transferred to the customer. Such revenue is measured as the ultimate amount of consideration the Company expects to receive in exchange for transferring goods including variable consideration. The Company has determined that transfer of control passes to the wholesale customer upon shipment or upon receipt depending on the agreement with the customer and shipping terms. Control passes to outlet store customers at the time of sale and to substantially all e-commerce customers upon shipment. Factors considered in the transfer of control include the right to payment, transfer of legal title, physical possession and customer acceptance of the goods and whether significant risks and rewards for the goods belong with the customer. The Company records estimates of variable

consideration, which includes sales returns, markdowns, volume-based programs and sales and cash discount allowances as a reduction of revenue in the same period that the sales are recorded. These estimates are based upon the expected value method considering all reasonably available information including historical analysis, customer agreements and/or currently known factors that arise in the normal course of business. Returns, discounts and allowances have historically been within the Company’s expectations and the provisions established. The future provisional rates may differ from those experienced in the past. Taxes imposed by governmental authorities on the Company's revenue-producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.
Cost of Sales

Cost of Sales

Cost of sales of the Company’s products consist primarily of costs for raw materials, component costs, royalties, depreciation, amortization, assembly costs, shipping to customers, design costs and unit overhead costs associated with the Company’s supply chain operations predominately in Switzerland and Asia. The Company’s supply chain operations consist of logistics management of assembly operations and product sourcing predominately in Switzerland and Asia and minor assembly in Switzerland. The Swiss watch movements used in the manufacture of Movado, EBEL and Concord watches, as well as certain Calvin Klein watch styles, are purchased from three suppliers, one of which is a wholly-owned subsidiary of a competitor of the Company, and only one of which supplies mechanical movements. The elimination or disruption of any of these manufacturers could disrupt the Company's Swiss watch operations. This is particularly true for mechanical movements given the single source of supply, although mechanical movements are only used in a relatively small number of the Company's watch styles.
Selling, General and Administrative ("SG&A") Expenses

Selling, General and Administrative (“SG&A”) Expenses

The Company’s SG&A expenses consist primarily of marketing, selling, distribution, general and administrative expenses.

Marketing expenditures are based principally on overall strategic considerations relative to maintaining or increasing market share in markets that management considers to be crucial to the Company’s continued success as well as on general economic conditions in the various markets around the world in which the Company sells its products. Marketing expenses include salaries, various forms of media advertising, digital advertising (including social media), customer acquisition costs and co-operative advertising with customers and distributors and other point of sale marketing and promotional spending.

Selling expenses consist primarily of salaries, sales commissions, salesforce travel and related expenses, credit card fees, depreciation and amortization and operating costs incurred in connection with the Company’s retail business. Sales commissions vary with overall sales levels. Retail selling expenses consist primarily of payroll and related expenses and store occupancy costs.

Distribution expenses consist of costs of running distribution centers and customer service, and include primarily salaries, rental and other occupancy costs, security, depreciation and amortization of furniture and leasehold improvements and shipping supplies.

General and administrative expenses consist primarily of salaries and other employee compensation including performance-based compensation, employee benefit plan costs, office rent, management information systems costs, professional fees, bad debts, depreciation and amortization of furniture, computer software, leasehold improvements, amortization of finite-lived intangible assets, patent and trademark expenses and various other general corporate expenses.
Warranty Costs

Warranty Costs

All watches sold by the Company come with limited warranties covering the movement against defects in material and workmanship for periods generally ranging from two to three years from the date of purchase. When changes in warranty costs are experienced, the Company will adjust the warranty liability as required. The Company records an estimate for future warranty costs based on historical repair costs. Warranty costs have historically been within the Company’s expectations and the provisions established. If such costs were to substantially exceed estimates, they could have an adverse effect on the Company's operating results.

The warranty liability, included in accrued liabilities in the Consolidated Balance Sheets, and activity for the fiscal years ended January 31, 2025, 2024 and 2023 was as follows (in thousands):

 

2025

 

2024

 

2023

 

Balance, beginning of year

 

$

1,910

 

$

1,882

 

$

2,114

 

Provision charged to operations

 

1,440

 

 

1,864

 

 

1,794

 

Settlements made

 

(1,491

)

 

(1,836

)

 

(2,026

)

Balance, end of year

$

1,859

 

$

1,910

 

$

1,882

 
Pre-opening Costs

Pre-opening Costs

Marketing and administrative costs associated with the opening of retail stores are expensed in the period incurred.

Marketing

Marketing

The Company expenses the production costs of an advertising campaign at the commencement date of the advertising campaign. Included in marketing expenses are costs associated with co-operative advertising, media advertising, digital advertising, customer acquisition costs, production costs, costs of point of sale materials and displays and internal payroll related costs. These costs are recorded as SG&A expenses. The Company participates in co-operative advertising programs on a voluntary basis and receives a “separately identifiable benefit in exchange for the consideration.” Since the amount of consideration paid to the retailer does not exceed the fair value of the benefit received by the Company, these costs are recorded as SG&A expenses as opposed to being recorded as a reduction of revenue. Marketing expense for fiscal 2025, 2024 and 2023 was $146.5 million, $129.1 million and $126.2 million, respectively.

Included in other non-current assets in the Consolidated Balance Sheets are the costs of certain prepaid advertising, including principally product displays and point of sale materials. Prepaid advertising accounted for $6.5 million and $4.2 million in other non-current assets at January 31, 2025 and 2024, respectively.
Shipping and Handling Costs

Shipping and Handling Costs

Amounts charged to customers for shipping and handling were $1.6 million, $1.8 million and $1.7 million for fiscal years 2025, 2024 and 2023, respectively. The costs related to shipping and handling were $12.3 million, $12.0 million and $14.6 million for fiscal years 2025, 2024 and 2023, respectively. The amounts charged and incurred by the Company related to shipping and handling are included in net sales and cost of sales in the Consolidated Statements of Operations, respectively.
Income Taxes

Income Taxes

The Company, under ASC Topic 740, follows the asset and liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and tax rates in each jurisdiction where the Company operates and applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more-likely-than-not basis. The Company calculates estimated income taxes in each of the jurisdictions in which it operates. This process involves estimating actual current tax expense along with assessing temporary differences resulting from differing treatment of items for both book and tax purposes.

The Company follows guidance for accounting for uncertainty in income taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes a recognition threshold and measurement standard for an income tax position taken or expected to be taken in a tax return. This guidance also provides instructions for de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transitions. Interest and penalties, if any, related to unrecognized tax benefits are recorded as income tax expense in the Consolidated Statement of Operations and as deferred tax liabilities in the Consolidated Balance Sheet.
Earnings Per Share

Earnings Per Share

The Company presents net income attributable to Movado Group, Inc. after adjusting for noncontrolling interests, as applicable, per share on a basic and diluted basis. Basic earnings per share is computed using weighted average shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for dilutive common stock equivalents.

 

The number of shares used in calculating basic and diluted earnings per share is as follows (in thousands):

 

 

 

Fiscal Years Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

22,268

 

 

 

22,221

 

 

 

22,504

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Stock awards and options to purchase shares of common stock

 

 

335

 

 

 

420

 

 

 

451

 

Diluted

 

 

22,603

 

 

 

22,641

 

 

 

22,955

 

 

For the fiscal years ended January 31, 2025, 2024 and 2023, approximately 681,000, 682,000 and 296,000 respectively, of potentially dilutive common stock equivalents were excluded from the computation of diluted earnings per share because their effect would have been antidilutive.
Stock-Based Compensation

Stock-Based Compensation

The Company utilizes the Black-Scholes option-pricing model which requires that certain assumptions be made to calculate the fair value of each option at the grant date. The expected life of stock option grants is determined using historical data and represents the time period during which the stock option is expected to be outstanding until it is exercised. The risk-free interest rate is based on the U.S. treasury note interest rate in effect on the date of grant for the expected life of the stock option. The expected stock price volatility is derived from historical volatility and calculated based on the estimated term structure of the stock option grant. The expected dividend yield is calculated using the Company’s expected average of annualized dividend yields and applied over the expected term of the option. Management monitors stock option exercises and employee termination patterns to estimate forfeitures rates within the valuation model. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes.

In addition to stock options, the Company may also grant stock awards to employees and directors. The stock awards are generally in the form of time-vesting restricted stock unit awards (pursuant to which unrestricted shares of Common Stock are issued to the grantee when the award vests) or performance-based awards (under which vesting occurs only if one or more predetermined financial goals are achieved within the relevant performance period); both are subject to the participant’s continued employment (or board service) with the Company through such vesting date. Stock awards generally are cliff-vested after three years from the date of grant (one year in the case of directors’ awards). The fair value of stock awards is generally equal to the closing price of the Company’s publicly-traded common stock on the grant date.

Compensation expense for all awards is accrued based on the estimated number of instruments for which the requisite service is expected to be rendered as well as awards expected to be paid in cash. This estimate is reflected in the period the stock option and stock awards are either granted or canceled. Expense related to stock options and stock awards compensation is recognized on a straight-line basis over the vesting term and, as applicable, only if the performance condition is probable of being achieved.
Comprehensive Income (Loss)

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) attributable to the Movado Group, Inc. and other gains and losses that are not included in net income (loss), but are recorded directly in the Consolidated Statements of Shareholders’ Equity, such as the unrealized gains and losses on the translation of the assets and liabilities of the Company’s foreign operations and net unrealized gains and losses, net of tax, on derivatives designated as cash flow hedges, the Company's defined benefit plan and available for sale securities.
v3.25.1
Restatement Of Previously Issued Consolidated Financial Statements (Tables)
 12 Months Ended
Jan. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
Restatement Of Previously Issued Consolidated Financial Statements

The Company has restated herein its audited Consolidated Financial Statements at January 31, 2024 and for the years ended January 31, 2024 and January 31, 2023.

 

The Company has also restated impacted amounts within the accompanying footnotes to the Consolidated Financial Statements.

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

 

 

January 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

262,059

 

 

 

—

 

 

$

262,059

 

Trade receivables, net

 

 

104,472

 

 

 

(18,428

)

 

 

86,044

 

Inventories

 

 

148,031

 

 

 

5,859

 

 

 

153,890

 

Other current assets

 

 

17,962

 

 

 

—

 

 

 

17,962

 

Income taxes receivable

 

 

11,354

 

 

 

(15

)

 

 

11,339

 

Total current assets

 

 

543,878

 

 

 

(12,584

)

 

 

531,294

 

Property, plant and equipment, net

 

 

19,436

 

 

 

—

 

 

 

19,436

 

Operating lease right-of-use assets

 

 

82,661

 

 

 

—

 

 

 

82,661

 

Deferred and non-current income taxes

 

 

43,016

 

 

 

—

 

 

 

43,016

 

Other intangibles, net

 

 

7,493

 

 

 

—

 

 

 

7,493

 

Other non-current assets

 

 

72,598

 

 

 

—

 

 

 

72,598

 

Total assets

 

$

769,082

 

 

$

(12,584

)

 

$

756,498

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

32,775

 

 

 

—

 

 

$

32,775

 

Accrued liabilities

 

 

38,695

 

 

 

—

 

 

 

38,695

 

Accrued payroll and benefits

 

 

7,591

 

 

 

—

 

 

 

7,591

 

Current operating lease liabilities

 

 

15,696

 

 

 

—

 

 

 

15,696

 

Income taxes payable

 

 

18,318

 

 

 

(1,676

)

 

 

16,642

 

Total current liabilities

 

 

113,075

 

 

 

(1,676

)

 

 

111,399

 

Deferred and non-current income taxes payable

 

 

8,234

 

 

 

—

 

 

 

8,234

 

Non-current operating lease liabilities

 

 

76,396

 

 

 

—

 

 

 

76,396

 

Other non-current liabilities

 

 

52,420

 

 

 

—

 

 

 

52,420

 

Total liabilities

 

 

250,125

 

 

 

(1,676

)

 

 

248,449

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

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; 29,004,001 and 28,806,511 shares issued and outstanding, respectively

 

 

290

 

 

 

—

 

 

 

290

 

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,483,116 and 6,524,805 shares issued and outstanding, respectively

 

 

64

 

 

 

—

 

 

 

64

 

Capital in excess of par value

 

 

239,062

 

 

 

—

 

 

 

239,062

 

Retained earnings

 

 

470,317

 

 

 

(10,908

)

 

 

459,409

 

Accumulated other comprehensive income

 

 

92,335

 

 

 

—

 

 

 

92,335

 

Treasury Stock, 13,328,095 and 13,194,339, shares, respectively, at cost

 

 

(285,270

)

 

 

—

 

 

 

(285,270

)

Total Movado Group, Inc. shareholders' equity

 

 

516,798

 

 

 

(10,908

)

 

 

505,890

 

Noncontrolling interest

 

 

2,159

 

 

 

—

 

 

 

2,159

 

Total equity

 

 

518,957

 

 

 

(10,908

)

 

 

508,049

 

Total liabilities and equity

 

$

769,082

 

 

$

(12,584

)

 

$

756,498

 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

 

 

 

Fiscal Year Ended January 31, 2024

 

 

Fiscal Year Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net sales

 

$

672,601

 

 

$

(8,212

)

 

$

664,389

 

 

$

751,898

 

 

$

(7,689

)

 

$

744,209

 

Cost of sales

 

 

302,207

 

 

 

(1,977

)

 

 

300,230

 

 

 

318,003

 

 

 

(2,922

)

 

 

315,081

 

Gross profit

 

 

370,394

 

 

 

(6,235

)

 

 

364,159

 

 

 

433,895

 

 

 

(4,767

)

 

 

429,128

 

Selling, general and administrative

 

 

315,689

 

 

 

—

 

 

 

315,689

 

 

 

313,541

 

 

 

—

 

 

 

313,541

 

Operating income

 

 

54,705

 

 

 

(6,235

)

 

 

48,470

 

 

 

120,354

 

 

 

(4,767

)

 

 

115,587

 

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

5,994

 

 

 

—

 

 

 

5,994

 

 

 

2,069

 

 

 

—

 

 

 

2,069

 

Interest expense

 

 

(497

)

 

 

—

 

 

 

(497

)

 

 

(518

)

 

 

—

 

 

 

(518

)

Income/(loss) before income taxes

 

 

60,202

 

 

 

(6,235

)

 

 

53,967

 

 

 

121,905

 

 

 

(4,767

)

 

 

117,138

 

Provision/(benefit) for income taxes

 

 

12,661

 

 

 

(869

)

 

 

11,792

 

 

 

24,882

 

 

 

(622

)

 

 

24,260

 

Net income/(loss)

 

 

47,541

 

 

 

(5,366

)

 

 

42,175

 

 

 

97,023

 

 

 

(4,145

)

 

 

92,878

 

Less: Net income attributable to noncontrolling interest

 

 

830

 

 

 

—

 

 

 

830

 

 

 

2,495

 

 

 

—

 

 

 

2,495

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

46,711

 

 

$

(5,366

)

 

$

41,345

 

 

$

94,528

 

 

$

(4,145

)

 

$

90,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

 

22,221

 

 

 

—

 

 

 

22,221

 

 

 

22,504

 

 

 

—

 

 

 

22,504

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

2.10

 

 

$

(0.24

)

 

$

1.86

 

 

$

4.20

 

 

$

(0.18

)

 

$

4.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

 

22,641

 

 

 

—

 

 

 

22,641

 

 

 

22,955

 

 

 

—

 

 

 

22,955

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

2.06

 

 

$

(0.23

)

 

$

1.83

 

 

$

4.12

 

 

$

(0.18

)

 

$

3.94

 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Fiscal Year Ended January 31, 2024

 

 

Fiscal Year Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

47,541

 

 

$

(5,366

)

 

$

42,175

 

 

$

97,023

 

 

$

(4,145

)

 

$

92,878

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash corporate initiatives

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Depreciation and amortization

 

 

9,644

 

 

 

—

 

 

 

9,644

 

 

 

10,809

 

 

 

—

 

 

 

10,809

 

Transactional losses/(gains)

 

 

722

 

 

 

—

 

 

 

722

 

 

 

(18

)

 

 

—

 

 

 

(18

)

Provision for inventories and accounts receivable

 

 

5,418

 

 

 

—

 

 

 

5,418

 

 

 

4,091

 

 

 

—

 

 

 

4,091

 

Deferred income taxes

 

 

319

 

 

 

—

 

 

 

319

 

 

 

(712

)

 

 

—

 

 

 

(712

)

Stock-based compensation

 

 

7,442

 

 

 

—

 

 

 

7,442

 

 

 

5,726

 

 

 

—

 

 

 

5,726

 

Other

 

 

1,020

 

 

 

—

 

 

 

1,020

 

 

 

453

 

 

 

—

 

 

 

453

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

(9,111

)

 

 

8,212

 

 

 

(899

)

 

 

(3,445

)

 

 

7,689

 

 

 

4,244

 

Inventories

 

 

37,652

 

 

 

(1,977

)

 

 

35,675

 

 

 

(28,899

)

 

 

(2,922

)

 

 

(31,821

)

Other current assets

 

 

5,962

 

 

 

—

 

 

 

5,962

 

 

 

(6,427

)

 

 

—

 

 

 

(6,427

)

Accounts payable

 

 

1,541

 

 

 

—

 

 

 

1,541

 

 

 

(13,740

)

 

 

—

 

 

 

(13,740

)

Accrued liabilities

 

 

(6,011

)

 

 

—

 

 

 

(6,011

)

 

 

(1,127

)

 

 

—

 

 

 

(1,127

)

Accrued payroll and benefits

 

 

(9,922

)

 

 

—

 

 

 

(9,922

)

 

 

(7,705

)

 

 

—

 

 

 

(7,705

)

Income taxes receivable

 

 

(3,706

)

 

 

(38

)

 

 

(3,744

)

 

 

6,797

 

 

 

53

 

 

 

6,850

 

Income taxes payable

 

 

(13,001

)

 

 

(831

)

 

 

(13,832

)

 

 

(4,104

)

 

 

(675

)

 

 

(4,779

)

Other non-current assets

 

 

1,877

 

 

 

—

 

 

 

1,877

 

 

 

(4,561

)

 

 

—

 

 

 

(4,561

)

Other non-current liabilities

 

 

(609

)

 

 

—

 

 

 

(609

)

 

 

180

 

 

 

—

 

 

 

180

 

Net cash provided by operating activities

 

 

76,778

 

 

 

—

 

 

 

76,778

 

 

 

54,341

 

 

 

—

 

 

 

54,341

 

 

The restatement had no impact on investing and financing activities or cash balances.

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended January 31, 2024 and 2023.

 

 

 

For the Twelve Months Ended January 31, 2024

 

 

For the Twelve Months Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

47,541

 

 

$

(5,366

)

 

$

42,175

 

 

$

97,023

 

 

$

(4,145

)

 

$

92,878

 

Total comprehensive income attributable to Movado Group, Inc.

 

$

57,929

 

 

$

(5,366

)

 

$

52,563

 

 

$

90,643

 

 

$

(4,145

)

 

$

86,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal years ended January 31, 2024 and 2023.

 

 

 

For the Twelve Months Ended January 31, 2024

 

 

For the Twelve Months Ended January 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

413,587

 

 

$

(1,397

)

 

$

412,190

 

Net income/(loss) attributable to Movado Group, Inc.

 

 

46,711

 

 

 

(5,366

)

 

 

41,345

 

 

 

94,528

 

 

 

(4,145

)

 

 

90,383

 

Retained earnings ending balance

 

 

470,317

 

 

 

(10,908

)

 

 

459,409

 

 

 

476,752

 

 

 

(5,542

)

 

 

471,210

 

Total equity balance

 

$

518,957

 

 

$

(10,908

)

 

$

508,049

 

 

$

510,544

 

 

$

(5,542

)

 

$

505,002

 
v3.25.1
Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Schedule of Warranty Liability, Included in Accrued Liabilities in Consolidated Balance Sheets and Activity

The warranty liability, included in accrued liabilities in the Consolidated Balance Sheets, and activity for the fiscal years ended January 31, 2025, 2024 and 2023 was as follows (in thousands):

 

2025

 

2024

 

2023

 

Balance, beginning of year

 

$

1,910

 

$

1,882

 

$

2,114

 

Provision charged to operations

 

1,440

 

 

1,864

 

 

1,794

 

Settlements made

 

(1,491

)

 

(1,836

)

 

(2,026

)

Balance, end of year

$

1,859

 

$

1,910

 

$

1,882

 
Schedule of Number of Shares Used in Calculating Basic and Diluted Earnings Per Share

The number of shares used in calculating basic and diluted earnings per share is as follows (in thousands):

 

 

 

Fiscal Years Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

22,268

 

 

 

22,221

 

 

 

22,504

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Stock awards and options to purchase shares of common stock

 

 

335

 

 

 

420

 

 

 

451

 

Diluted

 

 

22,603

 

 

 

22,641

 

 

 

22,955

 
v3.25.1
Intangible Assets (Tables)
 12 Months Ended
Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Carrying Amount of Other Intangible Assets

The changes in the carrying amount of other intangible assets during the fiscal years ended January 31, 2025, 2024 and 2023 are as follows (in thousands):

 

 

 

Trade names

 

 

Customer
relationships

 

 

Other (1)

 

 

Total

 

Weighted Average Amortization Period (in years)

 

10

 

 

10

 

 

10

 

 

 

 

Balance at January 31, 2022

 

$

9,100

 

 

$

3,349

 

 

$

1,058

 

 

$

13,507

 

Additions

 

 

—

 

 

 

—

 

 

 

202

 

 

 

202

 

Amortization

 

 

(1,487

)

 

 

(1,503

)

 

 

(250

)

 

 

(3,240

)

Foreign exchange impact

 

 

(710

)

 

 

(118

)

 

 

1

 

 

 

(827

)

Balance at January 31, 2023

 

 

6,903

 

 

 

1,728

 

 

 

1,011

 

 

 

9,642

 

Additions

 

 

—

 

 

 

—

 

 

 

144

 

 

 

144

 

Amortization

 

 

(1,504

)

 

 

(729

)

 

 

(248

)

 

 

(2,481

)

Foreign exchange impact

 

 

140

 

 

 

(4

)

 

 

52

 

 

 

188

 

Balance at January 31, 2024

 

 

5,539

 

 

 

995

 

 

 

959

 

 

 

7,493

 

Additions

 

 

—

 

 

 

—

 

 

 

109

 

 

 

109

 

Amortization

 

 

(1,535

)

 

 

(158

)

 

 

(238

)

 

 

(1,931

)

Foreign exchange impact

 

 

(63

)

 

 

(26

)

 

 

(45

)

 

 

(134

)

Balance at January 31, 2025

 

$

3,941

 

 

$

811

 

 

$

785

 

 

$

5,537

 

 

(1)
Other includes fees paid related to trademarks.
Summary of Estimated Future Amortization Expense

The estimated future amortization expense during each of the next five fiscal years is as follows:

 

For the fiscal year ending January 31,

 

(in thousands)

 

2026

 

$

1,872

 

2027

 

 

1,856

 

2028

 

 

1,116

 

2029

 

 

427

 

2030

 

 

84

 

Thereafter

 

 

182

 

Total estimated future amortization expense

 

$

5,537

 
v3.25.1
Inventories (Tables)
 12 Months Ended
Jan. 31, 2025
Inventory Disclosure [Abstract]  
Components of Inventories

Inventories consisted of the following (in thousands):

 

 

 

As of January 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

(As Restated)

 

Finished goods

 

$

129,204

 

 

$

123,768

 

Component parts

 

 

23,905

 

 

 

26,386

 

Work-in-process

 

 

3,629

 

 

 

3,736

 

 

 

$

156,738

 

 

$

153,890

 

 

 
v3.25.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Jan. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

A summary of the components of property, plant and equipment and their estimated useful lives is as follows (in thousands):

 

 

 

As of January 31,

 

 

 

 

 

2025

 

 

2024

 

 

Estimated Useful Lives

Land and buildings

 

$

1,323

 

 

$

1,399

 

 

40 years for buildings

Furniture and equipment

 

 

46,039

 

 

 

54,169

 

 

4 to 10 years

Computer software

 

 

34,972

 

 

 

33,576

 

 

5 to 10 years

Leasehold improvements

 

 

35,982

 

 

 

35,131

 

 

Lesser of lease term or useful life

Design fees and tooling costs

 

 

1,782

 

 

 

1,550

 

 

3 years

 

 

 

120,098

 

 

 

125,825

 

 

 

Less: Accumulated depreciation and
   amortization

 

 

(100,178

)

 

 

(106,389

)

 

 

Property, plant and equipment, net

 

$

19,920

 

 

$

19,436

 

 

 
v3.25.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Jan. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments Included in Consolidated Balance Sheets

The following table presents the fair values of the Company's derivative financial instruments included in the Consolidated Balance Sheets as of January 31, 2025 and 2024 (in thousands):

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

Other Current
Assets

 

$

—

 

 

$

26

 

 

Accrued
Liabilities

 

$

—

 

 

$

11

 

Total Derivative Instruments

 

 

 

$

—

 

 

$

26

 

 

 

 

$

—

 

 

$

11

 

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

 

Balance
Sheet
Location

 

January 31, 2025
Fair
Value

 

 

January 31, 2024
Fair
Value

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

Other Current
Assets

 

$

13

 

 

$

528

 

 

Accrued
Liabilities

 

$

1,111

 

 

$

—

 

Total Derivative Instruments

 

 

 

$

13

 

 

$

528

 

 

 

 

$

1,111

 

 

$

—

 
v3.25.1
Fair Value Measurements (Tables)
 12 Months Ended
Jan. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of January 31, 2025 and 2024 (in thousands):

 

 

 

 

 

Fair Value at January 31, 2025

 

 

 

Balance Sheet Location

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

306

 

 

$

—

 

 

$

—

 

 

$

306

 

Short-term investment

 

Other current assets

 

 

143

 

 

 

—

 

 

 

—

 

 

 

143

 

SERP assets - employer

 

Other non-current assets

 

 

605

 

 

 

—

 

 

 

—

 

 

 

605

 

SERP assets - employee

 

Other non-current assets

 

 

53,442

 

 

 

—

 

 

 

—

 

 

 

53,442

 

Defined benefit plan assets (1)

 

Other non-current liabilities

 

 

—

 

 

 

—

 

 

 

34,313

 

 

 

34,313

 

Hedge derivatives

 

Other current assets

 

 

—

 

 

 

13

 

 

 

—

 

 

 

13

 

Total

 

 

 

$

54,496

 

 

$

13

 

 

$

34,313

 

 

$

88,822

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

53,442

 

 

$

—

 

 

$

—

 

 

$

53,442

 

Hedge derivatives

 

Accrued liabilities

 

 

—

 

 

 

1,111

 

 

 

—

 

 

 

1,111

 

Total

 

 

 

$

53,442

 

 

$

1,111

 

 

$

—

 

 

$

54,553

 

 

 

 

 

 

Fair Value at January 31, 2024

 

 

 

Balance Sheet Location

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Other current assets

 

$

246

 

 

$

—

 

 

$

—

 

 

$

246

 

Short-term investment

 

Other current assets

 

 

155

 

 

 

—

 

 

 

—

 

 

 

155

 

SERP assets - employer

 

Other non-current assets

 

 

510

 

 

 

—

 

 

 

—

 

 

 

510

 

SERP assets - employee

 

Other non-current assets

 

 

48,800

 

 

 

—

 

 

 

—

 

 

 

48,800

 

Defined benefit plan assets (1)

 

Other non-current liabilities

 

 

—

 

 

 

—

 

 

 

33,731

 

 

 

33,731

 

Hedge derivatives

 

Other current assets

 

 

—

 

 

 

554

 

 

 

—

 

 

 

554

 

Total

 

 

 

$

49,711

 

 

$

554

 

 

$

33,731

 

 

$

83,996

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERP liabilities - employee

 

Other non-current liabilities

 

$

48,800

 

 

$

—

 

 

$

—

 

 

$

48,800

 

Hedge derivatives

 

Accrued liabilities

 

 

—

 

 

 

11

 

 

 

—

 

 

$

11

 

Total

 

 

 

$

48,800

 

 

$

11

 

 

$

—

 

 

$

48,811

 

 

(1)
See Note 18 for a discussion of the fair value of the assets held in the Company’s defined benefit plan in Switzerland.
v3.25.1
Leases (Tables)
 12 Months Ended
Jan. 31, 2025
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows (in thousands):

 

Lease Expense

 

Consolidated Statements of
Operation Location

 

For the Year Ended January 31, 2025

 

 

For the Year Ended January 31, 2024

 

 

For the Year Ended January 31, 2023

 

Operating lease expense

SG&A

 

$

21,919

 

 

$

20,404

 

 

$

19,810

 

Short-term lease cost

 

SG&A

 

 

698

 

 

 

746

 

 

 

550

 

Variable lease cost

 

SG&A

 

 

9,319

 

 

 

10,536

 

 

 

10,653

 

Total operating lease expense

 

 

 

$

31,936

 

 

$

31,686

 

 

$

31,013

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

SG&A

 

$

-

 

 

$

-

 

 

$

46

 

Interest on lease liabilities

Interest expense

 

$

-

 

 

$

-

 

 

$

-

 

 
Summary of Supplemental Balance Sheet Information for Leases

The following table discloses supplemental balance sheet information for the Company’s leases (in thousands):

 

Leases

 

Consolidated Balance Sheets Location

 

January 31, 2025

 

 

January 31, 2024

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Operating lease right-of-use assets

 

$

86,009

 

 

$

82,661

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating

 

Current operating lease liabilities

 

$

19,263

 

 

$

15,696

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating

 

Non-current operating lease liabilities

 

$

75,508

 

 

$

76,396

 

 
Summary of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate

The following table discloses the weighted average remaining lease term and weighted average discount rate for the Company's leases:

 

Lease Term and Discount Rate

 

January 31, 2025

 

 

January 31, 2024

 

 

January 31, 2023

 

Weighted-average remaining lease term - in years

 

 

 

 

 

 

 

 

 

Operating leases

 

 

5.8

 

 

 

6.7

 

 

 

6.0

 

Finance leases

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

Operating leases

 

 

4.13

%

 

 

3.86

%

 

 

3.48

%

Finance leases

 

N/A

 

 

N/A

 

 

N/A

 
Schedule of Future Minimum Lease Payments under Topic 842

Future minimum lease payments by year as of January 31, 2025 is as follows (in thousands):

 

Fiscal Year

 

Operating Leases

 

2026

 

$

22,717

 

2027

 

 

22,862

 

2028

 

 

16,430

 

2029

 

 

12,357

 

2030

 

 

10,268

 

Thereafter

 

 

22,653

 

Total lease payments

 

$

107,287

 

Less: Interest

 

 

(12,516

)

Total lease obligations

 

$

94,771

 

 
Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):

 

 

Year Ended January 31, 2025

 

 

Year Ended January 31, 2024

 

 

Year Ended January 31, 2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

21,679

 

 

$

20,103

 

 

$

19,485

 

Operating cash flows from finance leases

 

 

—

 

 

 

—

 

 

 

—

 

Financing cash flows from finance leases

 

 

—

 

 

 

—

 

 

 

49

 

Leased assets obtained in exchange for new operating lease liabilities

 

 

21,463

 

 

 

17,341

 

 

 

29,006

 
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income/(Loss) before Provision/(Benefit) for Income Taxes

Income/(loss) before provision/(benefit) for income taxes for the fiscal year ended January 31, 2025, 2024 and 2023 on a legal entity basis consists of the following (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

U.S. (loss)/ income before taxes

 

$

(4,974

)

 

$

(3,126

)

 

$

25,214

 

Non-U.S. income before taxes

 

 

31,625

 

 

 

57,093

 

 

 

91,924

 

Income before income taxes

 

$

26,651

 

 

$

53,967

 

 

$

117,138

 
Schedule of Provision/(Benefit) for Income Taxes

The provision/(benefit) for income taxes for the fiscal years ended January 31, 2025, 2024 and 2023 consists of the following components (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

997

 

 

$

165

 

 

$

5,492

 

U.S. State and Local

 

 

165

 

 

 

201

 

 

 

2,055

 

Non-U.S.

 

 

5,453

 

 

 

11,107

 

 

 

17,425

 

 

 

 

6,615

 

 

 

11,473

 

 

 

24,972

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

285

 

 

 

(58

)

 

 

203

 

U.S. State and Local

 

 

171

 

 

 

1,024

 

 

 

60

 

Non-U.S.

 

 

371

 

 

 

(647

)

 

 

(975

)

 

 

 

827

 

 

 

319

 

 

 

(712

)

Provision for income taxes

 

$

7,442

 

 

$

11,792

 

 

$

24,260

 
Schedule of Significant Components of Deferred Income Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets and liabilities for the fiscal years ended January 31, 2025 and 2024 are as follows (in thousands):

 

 

 

2025 Deferred Taxes

 

 

2024 Deferred Taxes

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

 

 

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Net operating loss carryforwards

 

$

5,351

 

 

$

—

 

 

$

5,761

 

 

$

—

 

Inventory

 

 

1,280

 

 

 

—

 

 

 

1,899

 

 

 

—

 

Unprocessed returns

 

 

1,292

 

 

 

—

 

 

 

998

 

 

 

—

 

Receivables allowances

 

 

656

 

 

 

—

 

 

 

569

 

 

 

—

 

Deferred compensation

 

 

17,418

 

 

 

—

 

 

 

16,853

 

 

 

—

 

Depreciation/amortization

 

 

14,039

 

 

 

—

 

 

 

14,583

 

 

 

—

 

Other provisions/accruals

 

 

1,252

 

 

 

—

 

 

 

1,500

 

 

 

—

 

Deferred occupancy costs

 

 

19,968

 

 

 

17,678

 

 

 

21,092

 

 

 

18,879

 

Miscellaneous

 

 

1,204

 

 

 

—

 

 

 

1,506

 

 

 

—

 

 

 

 

62,460

 

 

 

17,678

 

 

 

64,761

 

 

 

18,879

 

Valuation allowance

 

 

(3,679

)

 

 

—

 

 

 

(3,298

)

 

 

—

 

Total deferred tax assets and liabilities

 

$

58,781

 

 

$

17,678

 

 

$

61,463

 

 

$

18,879

 

 
Schedule of Provision/(Benefit) for Income Taxes for Continuing Operations by Applying U.S. Federal Statutory Rate

The provision/(benefit) for income taxes for the fiscal years ended January 31, 2025, 2024 and 2023 differs from the U.S. federal statutory rate due to the following (in thousands):

 

 

 

Fiscal Year Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Provision for income taxes at the U.S. statutory rate

 

$

5,591

 

 

$

11,333

 

 

$

24,599

 

Lower effective non-U.S. income tax rate

 

 

(1,755

)

 

 

(1,984

)

 

 

(2,455

)

State and local taxes, net of federal benefit

 

 

265

 

 

 

974

 

 

 

1,743

 

Valuation allowance

 

 

955

 

 

 

277

 

 

 

(1,671

)

Compensation and benefits

 

 

668

 

 

 

(48

)

 

 

545

 

Cross-border tax effects

 

 

1,762

 

 

 

1,032

 

 

 

122

 

Other, net

 

 

(44

)

 

 

208

 

 

 

1,377

 

Total provision for income taxes

 

$

7,442

 

 

$

11,792

 

 

$

24,260

 

 
Schedule of Reconciliation of Beginning and Ending Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (exclusive of interest) for the fiscal years ended January 31, 2025, 2024 and 2023 are as follows (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Beginning balance

 

$

547

 

 

$

569

 

 

$

876

 

Tax positions taken in the current year

 

 

—

 

 

 

—

 

 

 

—

 

Tax positions taken in prior years

 

 

—

 

 

 

—

 

 

 

205

 

Lapse of statute of limitations

 

 

10

 

 

 

3

 

 

 

(168

)

Settlements

 

 

(1

)

 

 

(25

)

 

 

(331

)

Non-U.S. currency exchange fluctuations

 

 

(5

)

 

 

—

 

 

 

(13

)

Ending balance

 

$

551

 

 

$

547

 

 

$

569

 
v3.25.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Jan. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Component of Accumulated Other Comprehensive Income (Loss)

The accumulated balances at January 31, 2025, 2024 and 2023, related to each component of accumulated other comprehensive income are as follows (in thousands):

 

 

 

2025

 

 

2024

 

 

2023

 

Foreign currency translation adjustments

 

$

81,519

 

 

$

93,840

 

 

$

83,005

 

Available-for-sale securities

 

 

215

 

 

 

169

 

 

 

182

 

Cash flow hedges

 

 

-

 

 

 

43

 

 

 

(171

)

Unrecognized prior service cost related to defined benefit pension plan

 

 

(122

)

 

 

(171

)

 

 

(231

)

Net actuarial loss related to defined benefit pension plan

 

 

(1,631

)

 

 

(1,546

)

 

 

(1,490

)

Total accumulated other comprehensive income

 

$

79,981

 

 

$

92,335

 

 

$

81,295

 
v3.25.1
Revenue (Tables)
 12 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Net Sales Disaggregated by Customer Type

The following table presents the Company’s net sales disaggregated by customer type. Sales and usage-based taxes are excluded from net sales (in thousands).

 

 

 

Fiscal Year Ended January 31, 2025

 

 

Fiscal Year Ended January 31, 2024

 

 

Fiscal Year Ended January 31, 2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Customer Type

 

 

 

 

 

 

 

 

 

Wholesale

 

$

491,870

 

 

$

496,845

 

 

$

562,865

 

Direct to consumer

 

 

158,153

 

 

 

164,201

 

 

 

177,713

 

After-sales service

 

 

3,355

 

 

 

3,343

 

 

 

3,631

 

Net Sales

 

$

653,378

 

 

$

664,389

 

 

$

744,209

 
v3.25.1
Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions Used for Calculation of Fair Value of Stock Options Granted

The table below presents the weighted average assumptions used with the Black-Scholes option-pricing model for the calculation of the fair value of stock options granted during the fiscal years ended January 31, 2023. There were no stock options granted during the fiscal years ended January 31, 2025 and January 31, 2024.

 

 

 

Fiscal Year Ended January 31, 2023

 

 

Expected volatility

 

 

51.66

%

 

Expected life in years

 

 

6.0

 

 

Risk-free interest rates

 

 

2.57

%

 

Dividend rate

 

 

3.00

%

 

Weighted average fair value per option at date of grant

 

$

14.81

 

 
Schedule of Stock Option Plan

The following table summarizes the Company’s stock option plan as of January 31, 2025 and changes during each of the fiscal years in the three-year period ended January 31, 2025:

 

 

 

Outstanding
 Options

 

 

Weighted
Average
Exercise
Price per
Option

 

 

Option
Price Per
Share

 

 

Weighted
Average
Remaining
Contractual
Term
(years)

 

 

Aggregate
Intrinsic
Value
$(000)

 

Options outstanding at January 31,
   2022 (242,959 options exercisable)

 

 

982,834

 

 

$

21.69

 

 

 

 

 

 

 

 

 

 

Granted

 

 

170,493

 

 

$

38.04

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(59,858

)

 

$

26.94

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(8,440

)

 

$

38.04

 

 

 

 

 

 

 

 

 

 

Options outstanding at January 31,
   2023 (183,101 options exercisable)

 

 

1,085,029

 

 

$

23.84

 

 

 

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Exercised

 

 

(51,840

)

 

$

13.02

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(19,000

)

 

$

34.13

 

 

 

 

 

 

 

 

 

 

Options outstanding at January 31,
   2024 (662,375 options exercisable)

 

 

1,014,189

 

 

$

24.20

 

 

$12.42-$42.12

 

 

 

6.2

 

 

$

6,049

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(4,000

)

 

$

16.87

 

 

$

16.87

 

 

 

 

 

 

 

Forfeited

 

 

(58,700

)

 

$

42.12

 

 

$

42.12

 

 

 

 

 

 

 

Options outstanding at January 31, 2025

 

 

951,489

 

 

$

23.13

 

 

$12.42-$38.04

 

 

 

5.5

 

 

$

1,775

 

Exercisable at January 31, 2025

 

 

802,850

 

 

$

20.37

 

 

 

 

 

 

5.1

 

 

$

1,775

 

Expected to vest at January 31, 2025

 

 

148,567

 

 

$

38.04

 

 

 

 

 

 

7.2

 

 

$

-

 

Schedule of Information Related to Stock Option Activity

The table below presents information related to stock option activity for the years ended January 31, 2025, 2024 and 2023:

 

 

 

Fiscal Year Ended
January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Total fair value of stock options exercised

 

$

22

 

 

$

212

 

 

$

680

 

Total fair value of stock options vested

 

$

2,117

 

 

$

2,756

 

 

$

-

 
Schedule of Non-vested Stock Options

A summary of the Company’s non-vested stock options at January 31, 2025 and changes during fiscal 2025 are presented below:

 

 

 

Shares

 

 

Weight Average
Grant Date Fair
Value

 

 

 

 

 

 

 

 

Non-vested stock options:

 

 

 

 

 

 

Non-vested at January 31, 2024

 

 

351,814

 

 

$

12.27

 

Granted

 

 

-

 

 

$

-

 

Vested

 

 

(203,175

)

 

$

10.42

 

Forfeited

 

 

-

 

 

$

-

 

Non-vested at January 31, 2025

 

 

148,639

 

 

$

14.81

 

 
Schedule of Transactions for Restricted Stock Units Under Plan

Transactions for stock awards under the Plan since fiscal 2022 are summarized as follows:

 

 

 

Number of
Stock Award
Units

 

 

Weighted-
Average Grant
Date Fair Value

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate Intrinsic Value
($(000's)

 

Units outstanding at January 31, 2022

 

 

296,283

 

 

$

26.39

 

 

 

 

 

 

 

Units granted

 

 

128,254

 

 

$

37.89

 

 

 

 

 

 

 

Units vested

 

 

(112,584

)

 

$

31.88

 

 

 

 

 

 

 

Units forfeited

 

 

(17,805

)

 

$

34.12

 

 

 

 

 

 

 

Units outstanding at January 31, 2023

 

 

294,148

 

 

$

28.84

 

 

 

 

 

 

 

Units granted

 

 

300,633

 

 

$

28.60

 

 

 

 

 

 

 

Units vested

 

 

(104,379

)

 

$

22.04

 

 

 

 

 

 

 

Units forfeited

 

 

(4,446

)

 

$

28.78

 

 

 

 

 

 

 

Units outstanding at January 31, 2024

 

 

485,956

 

 

$

30.15

 

 

 

 

 

 

 

Units granted

 

 

311,786

 

 

$

27.78

 

 

 

 

 

 

 

Units vested

 

 

(138,274

)

 

$

28.19

 

 

 

 

 

 

 

Units forfeited

 

 

(2,106

)

 

$

30.70

 

 

 

 

 

 

 

Units outstanding at January 31, 2025

 

 

657,362

 

 

$

29.43

 

 

 

1.4

 

 

$

12,569

 
v3.25.1
Pension and Retirement Savings Plan (Tables)
 12 Months Ended
Jan. 31, 2025
Retirement Benefits [Abstract]  
Components of Net Periodic Pension Costs

The components of the net periodic pension costs for the fiscal years ended January 31, 2025, 2024 and 2023 are as follows:

 

(Amounts in thousands)

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

1,146

 

 

$

1,069

 

 

$

1,138

 

Interest cost

 

 

505

 

 

 

593

 

 

 

57

 

Expected return on assets

 

 

(998

)

 

 

(754

)

 

 

(439

)

Actuarial gain recognized due to partial settlement

 

 

(114

)

 

 

-

 

 

 

(105

)

Amortization of prior service costs

 

 

68

 

 

 

76

 

 

 

71

 

Net Periodic Pension Cost

 

$

607

 

 

$

984

 

 

$

722

 
Reconciliation of Change in Benefit Obligation, Change in Plan Assets and Net Amount Recognized in Consolidated Balance Sheets

A reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the Consolidated Balance Sheets are shown below (based on a January 31 measurement date):

 

(Amounts in thousands)

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Pension benefit obligation at beginning of period

 

$

34,424

 

 

$

29,109

 

Service cost

 

 

1,146

 

 

 

1,069

 

Interest cost

 

 

505

 

 

 

593

 

Benefits (paid)/deposited

 

 

(1,798

)

 

 

623

 

Prior service credit

 

 

-

 

 

 

(74

)

Employee contributions

 

 

887

 

 

 

898

 

Actuarial losses

 

 

1,200

 

 

 

230

 

Foreign currency exchange rate impact

 

 

(1,936

)

 

 

1,976

 

Pension benefit obligation at end of year

 

 

34,428

 

 

 

34,424

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

33,731

 

 

$

27,965

 

Company contributions

 

 

1,333

 

 

 

1,350

 

Benefits (paid)/deposited

 

 

(1,798

)

 

 

623

 

Actual return on plan assets

 

 

2,075

 

 

 

974

 

Employee contributions

 

 

887

 

 

 

898

 

Foreign currency exchange rate impact

 

 

(1,915

)

 

 

1,921

 

Fair value of plan assets at end of year

 

 

34,313

 

 

 

33,731

 

Funded status - consolidated

 

$

(115

)

 

$

(693

)

Amounts recognized in the Consolidated Balance Sheets
   consist of:

 

 

 

 

 

 

Other non-current liabilities

 

 

(115

)

 

 

(693

)

Amounts recognized in accumulated other
   comprehensive income/(loss):

 

 

 

 

 

 

Prior service cost

 

 

83

 

 

 

151

 

Net actuarial loss

 

 

2,145

 

 

 

2,031

 

Tax effect

 

 

(475

)

 

 

(465

)

Net amount recognized, after tax

 

$

1,753

 

 

$

1,717

 

Accumulated benefit obligation

 

$

34,142

 

 

$

34,244

 
Weighted Average Assumptions Used to Calculate Benefit Obligations and Net Periodic Pension Cost

The weighted average assumptions that were used to determine the Company’s benefit obligations as of the measurement date (January 31) were as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

1.00

%

 

 

1.50

%

 

 

1.90

%

Salary progression rate

 

 

1.10

%

 

 

1.10

%

 

 

1.10

%

Expected long-term rate of return on plan assets

 

 

3.20

%

 

 

3.00

%

 

 

2.50

%

The weighted average assumptions that were used to determine the Company’s net periodic pension cost were as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

1.50

%

 

 

1.90

%

 

 

0.20

%

Salary progression rate

 

 

1.10

%

 

 

1.10

%

 

 

1.10

%

Expected long-term rate of return on plan assets

 

 

3.00

%

 

 

2.50

%

 

 

1.50

%
Schedule of Expected Benefit Payments of Pension Plans

The Company expects the following benefit payments to be paid out for the fiscal years indicated. The expected benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at January 31, 2025 and include estimated future employee service. The Company does not expect any plan assets to be returned to it during the fiscal year ending January 31, 2026. Payments from the pension plan are made from the plan assets.

 

Fiscal Year ending January 31,

 

(in thousands)

 

2026

 

$

410

 

2027

 

 

567

 

2028

 

 

466

 

2029

 

 

612

 

2030

 

 

1,189

 

2031-2035

 

 

4,156

 
v3.25.1
Segment and Geographic Information (Tables)
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Operating Segment Data

Operating Segment Data as of and for the Fiscal Year Ended January 31, (in thousands):

 

 

 

Net Sales

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Watch and Accessory Brands:

 

 

 

 

 

 

 

 

 

Owned brands category

 

$

183,622

 

 

$

198,612

 

 

$

230,277

 

Licensed brands category

 

 

365,216

 

 

 

354,099

 

 

 

391,867

 

After-sales service and all other

 

 

7,548

 

 

 

7,743

 

 

 

10,506

 

Total Watch and Accessory Brands

 

 

556,386

 

 

 

560,454

 

 

 

632,650

 

Company Stores

 

 

96,992

 

 

 

103,935

 

 

 

111,559

 

Consolidated total

 

$

653,378

 

 

$

664,389

 

 

$

744,209

 

 

 

 

Watch and Accessory Brands

 

Company Stores

 

Consolidated Total (1) (2)

 

 

Watch and Accessory Brands

 

Company Stores

 

Consolidated Total (2)

 

 

Watch and Accessory Brands

 

Company Stores

 

Consolidated Total (2)

 

 

 

2025

 

2025

 

2025

 

 

2024

 

2024

 

2024

 

 

2023

 

2023

 

2023

 

 

 

 

 

 

 

 

 

 

(As Restated)

 

 

 

(As Restated)

 

 

(As Restated)

 

 

 

(As Restated)

 

Net sales

 

$

556,386

 

$

96,992

 

$

653,378

 

 

$

560,454

 

$

103,935

 

$

664,389

 

 

$

632,650

 

$

111,559

 

$

744,209

 

Cost of sales

 

 

261,774

 

 

38,464

 

 

300,238

 

 

 

259,269

 

 

40,961

 

 

300,230

 

 

 

274,011

 

 

41,070

 

 

315,081

 

Gross profit

 

 

294,612

 

 

58,528

 

 

353,140

 

 

 

301,185

 

 

62,974

 

 

364,159

 

 

 

358,639

 

 

70,489

 

 

429,128

 

Selling, general and administrative

 

 

286,874

 

 

46,251

 

 

333,125

 

 

 

269,882

 

 

45,807

 

 

315,689

 

 

 

268,369

 

 

45,172

 

 

313,541

 

Operating income

 

$

7,738

 

$

12,277

 

$

20,015

 

 

$

31,303

 

$

17,167

 

$

48,470

 

 

$

90,270

 

$

25,317

 

$

115,587

 

Other income, net

 

 

 

 

 

 

7,125

 

 

 

 

 

 

 

5,994

 

 

 

 

 

 

 

2,069

 

Interest expense

 

 

 

 

 

 

(489

)

 

 

 

 

 

 

(497

)

 

 

 

 

 

 

(518

)

Income before income taxes

 

 

 

 

 

$

26,651

 

 

 

 

 

 

$

53,967

 

 

 

 

 

 

$

117,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

7,096

 

$

2,216

 

$

9,312

 

 

$

7,266

 

$

2,378

 

$

9,644

 

 

$

8,233

 

$

2,576

 

$

10,809

 

 

 

 

Total Assets

 

Capital Expenditure

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

 

 

 

 

 

 

 

 

Watch and Accessory Brands

 

$

668,403

 

 

$

697,483

 

 

$

5,740

 

 

$

7,784

 

 

$

4,323

 

Company Stores

 

 

60,828

 

 

 

59,015

 

 

 

2,226

 

 

 

439

 

 

 

2,762

 

Consolidated total

 

$

729,231

 

 

$

756,498

 

 

$

7,966

 

 

$

8,223

 

 

$

7,085

 

 
Geographic Segment Data

Geographic Location Data as of and for the Fiscal Year Ended January 31, (in thousands):

 

 

 

Net Sales (3)

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

United States

 

$

278,532

 

 

$

290,256

 

 

$

333,913

 

International

 

 

374,846

 

 

 

374,133

 

 

 

410,296

 

Consolidated total

 

$

653,378

 

 

$

664,389

 

 

$

744,209

 

 

 

 

 

Long-Lived Assets

 

 

Operating Lease Right-of-Use Assets

 

 

Property, Plant and Equipment, Net

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

75,160

 

 

$

77,156

 

 

$

61,916

 

 

$

65,206

 

 

$

13,244

 

 

$

11,950

 

International

 

 

30,769

 

 

 

24,941

 

 

 

24,093

 

 

 

17,455

 

 

 

6,676

 

 

 

7,486

 

Consolidated total

 

$

105,929

 

 

$

102,097

 

 

$

86,009

 

 

$

82,661

 

 

$

19,920

 

 

$

19,436

 

 

 

(1)
The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
(2)
The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
(3)
The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
v3.25.1
Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Jan. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly financial information

The Company is presenting herein restated unaudited interim condensed consolidated financial information for each of the previously reported quarters during the fiscal years ended January 31, 2025 and 2024 and for the year-to-date periods then ended. See Note 1A - Restatement of Previously Issued Consolidated Financial Statements for additional information on the restatement. The Company will effectuate the restatement of the unaudited interim condensed consolidated financial information for the first three quarters of the fiscal year ended January 31, 2025 as part of filing interim Form 10-Qs for the fiscal year ended January 31, 2026.

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

For the Three Months Ended January 31, 2025

 

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

 

 

Net sales

 

$

134,379

 

 

$

157,000

 

 

$

180,524

 

 

$

181,475

 

Gross profit

 

$

72,920

 

 

$

85,252

 

 

$

96,630

 

 

$

98,338

 

Operating income

 

$

2,118

 

 

$

2,642

 

 

$

6,033

 

 

$

9,222

 

Net income

 

$

2,139

 

 

$

3,566

 

 

$

5,046

 

 

$

8,458

 

Net income attributable to Movado Group, Inc.

 

$

2,015

 

 

$

3,469

 

 

$

4,827

 

 

$

8,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.09

 

 

$

0.16

 

 

$

0.22

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.09

 

 

$

0.15

 

 

$

0.21

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

For the Three Months Ended January 31, 2024

 

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

Net sales

 

$

146,544

 

 

$

158,020

 

 

$

184,072

 

 

$

175,753

 

Gross profit

 

$

82,733

 

 

$

87,530

 

 

$

99,802

 

 

$

94,094

 

Operating income

 

$

11,629

 

 

$

7,892

 

 

$

18,166

 

 

$

10,783

 

Net income

 

$

9,903

 

 

$

6,676

 

 

$

15,497

 

 

$

10,099

 

Net income attributable to Movado Group, Inc.

 

$

9,754

 

 

$

6,538

 

 

$

15,216

 

 

$

9,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.44

 

 

$

0.29

 

 

$

0.69

 

 

$

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share attributable to Movado Group, Inc.

 

$

0.43

 

 

$

0.29

 

 

$

0.67

 

 

$

0.43

 

 

 

For the Three Months Ended April 30, 2024

 

For the Three Months Ended July 31, 2024

 

For the Three Months Ended October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$136,669

 

$(2,290)

 

$134,379

 

$159,313

 

$(2,313)

 

$157,000

 

$182,727

 

$(2,203)

 

$180,524

Cost of sales

 

61,156

 

303

 

61,459

 

72,948

 

(1,200)

 

71,748

 

84,331

 

(437)

 

83,894

Gross profit

 

75,513

 

(2,593)

 

72,920

 

86,365

 

(1,113)

 

85,252

 

98,396

 

(1,766)

 

96,630

Selling, general and administrative

 

72,202

 

(1,400)

 

70,802

 

83,335

 

(725)

 

82,610

 

91,846

 

(1,249)

 

90,597

Operating income

 

3,311

 

(1,193)

 

2,118

 

3,030

 

(388)

 

2,642

 

6,550

 

(517)

 

6,033

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

2,172

 

—

 

2,172

 

1,877

 

—

 

1,877

 

1,522

 

—

 

1,522

Interest expense

 

(118)

 

—

 

(118)

 

(110)

 

—

 

(110)

 

(144)

 

—

 

(144)

Income/(loss) before income taxes

 

5,365

 

(1,193)

 

4,172

 

4,797

 

(388)

 

4,409

 

7,928

 

(517)

 

7,411

Provision/(benefit) for income taxes

 

2,302

 

(269)

 

2,033

 

936

 

(93)

 

843

 

2,495

 

(130)

 

2,365

Net income/(loss)

 

3,063

 

(924)

 

2,139

 

3,861

 

(295)

 

3,566

 

5,433

 

(387)

 

5,046

Less: Net income/(loss) attributable to noncontrolling interest

 

172

 

(48)

 

124

 

140

 

(43)

 

97

 

383

 

(164)

 

219

Net income/(loss) attributable to Movado Group, Inc.

 

$2,891

 

$(876)

 

$2,015

 

$3,721

 

$(252)

 

$3,469

 

$5,050

 

$(223)

 

$4,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,253

 

—

 

22,253

 

22,303

 

—

 

22,303

 

22,283

 

—

 

22,283

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.13

 

$(0.04)

 

$0.09

 

$0.17

 

$(0.01)

 

$0.16

 

$0.23

 

$(0.01)

 

$0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,673

 

—

 

22,673

 

22,658

 

—

 

22,658

 

22,559

 

—

 

22,559

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.13

 

$(0.04)

 

$0.09

 

$0.16

 

$(0.01)

 

$0.15

 

$0.22

 

$(0.01)

 

$0.21

 

 

For the Six Months Ended July 31, 2024

 

For the Nine Months Ended October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$295,982

 

$(4,603)

 

$291,379

 

$478,709

 

$(6,806)

 

$471,903

Cost of sales

 

134,104

 

(897)

 

133,207

 

218,435

 

(1,334)

 

217,101

Gross profit

 

161,878

 

(3,706)

 

158,172

 

260,274

 

(5,472)

 

254,802

Selling, general and administrative

 

155,537

 

(2,125)

 

153,412

 

247,383

 

(3,374)

 

244,009

Operating income

 

6,341

 

(1,581)

 

4,760

 

12,891

 

(2,098)

 

10,793

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

4,049

 

—

 

4,049

 

5,571

 

—

 

5,571

Interest expense

 

(228)

 

—

 

(228)

 

(372)

 

—

 

(372)

Income/(loss) before income taxes

 

10,162

 

(1,581)

 

8,581

 

18,090

 

(2,098)

 

15,992

Provision/(benefit) for income taxes

 

3,238

 

(362)

 

2,876

 

5,733

 

(492)

 

5,241

Net income/(loss)

 

6,924

 

(1,219)

 

5,705

 

12,357

 

(1,606)

 

10,751

Less: Net income/(loss) attributable to noncontrolling interest

 

312

 

(91)

 

221

 

695

 

(255)

 

440

Net income/(loss) attributable to Movado Group, Inc.

 

$6,612

 

$(1,128)

 

$5,484

 

$11,662

 

$(1,351)

 

$10,311

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,278

 

—

 

22,278

 

22,280

 

—

 

22,280

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.30

 

$(0.05)

 

$0.25

 

$0.52

 

$(0.06)

 

$0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,665

 

—

 

22,665

 

22,627

 

—

 

22,627

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.29

 

$(0.05)

 

$0.24

 

$0.52

 

$(0.06)

 

$0.46

 

 

For the Three Months Ended April 30, 2023

 

For the Three Months Ended July 31, 2023

 

For the Three Months Ended October 31, 2023

 

For the Three Months Ended January 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$144,905

 

$1,639

 

$146,544

 

$160,390

 

$(2,370)

 

$158,020

 

$187,686

 

$(3,614)

 

$184,072

 

$179,620

 

$(3,867)

 

$175,753

Cost of sales

 

62,902

 

909

 

63,811

 

71,104

 

(614)

 

70,490

 

85,358

 

(1,088)

 

84,270

 

82,843

 

(1,184)

 

81,659

Gross profit

 

82,003

 

730

 

82,733

 

89,286

 

(1,756)

 

87,530

 

102,328

 

(2,526)

 

99,802

 

96,777

 

(2,683)

 

94,094

Selling, general and administrative

 

71,104

 

—

 

71,104

 

79,638

 

—

 

79,638

 

81,636

 

—

 

81,636

 

83,311

 

—

 

83,311

Operating income

 

10,899

 

730

 

11,629

 

9,648

 

(1,756)

 

7,892

 

20,692

 

(2,526)

 

18,166

 

13,466

 

(2,683)

 

10,783

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

1,025

 

—

 

1,025

 

1,537

 

—

 

1,537

 

1,632

 

—

 

1,632

 

1,800

 

—

 

1,800

Interest expense

 

(113)

 

—

 

(113)

 

(113)

 

—

 

(113)

 

(135)

 

—

 

(135)

 

(136)

 

—

 

(136)

Income/(loss) before income taxes

 

11,811

 

730

 

12,541

 

11,072

 

(1,756)

 

9,316

 

22,189

 

(2,526)

 

19,663

 

15,130

 

(2,683)

 

12,447

Provision/(benefit) for income taxes

 

2,534

 

104

 

2,638

 

2,885

 

(245)

 

2,640

 

4,519

 

(353)

 

4,166

 

2,723

 

(375)

 

2,348

Net income/(loss)

 

9,277

 

626

 

9,903

 

8,187

 

(1,511)

 

6,676

 

17,670

 

(2,173)

 

15,497

 

12,407

 

(2,308)

 

10,099

Less: Net income/(loss) attributable to noncontrolling interest

 

149

 

—

 

149

 

138

 

—

 

138

 

281

 

—

 

281

 

262

 

—

 

262

Net income/(loss) attributable to Movado Group, Inc.

 

$9,128

 

$626

 

$9,754

 

$8,049

 

$(1,511)

 

$6,538

 

$17,389

 

$(2,173)

 

$15,216

 

$12,145

 

$(2,308)

 

$9,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,226

 

—

 

22,226

 

22,231

 

—

 

22,231

 

22,209

 

—

 

22,209

 

22,218

 

—

 

22,218

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.41

 

$0.03

 

$0.44

 

$0.36

 

$(0.07)

 

$0.29

 

$0.78

 

$(0.09)

 

$0.69

 

$0.55

 

$(0.11)

 

$0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,672

 

—

 

22,672

 

22,616

 

—

 

22,616

 

22,677

 

—

 

22,677

 

22,708

 

—

 

22,708

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.40

 

$0.03

 

$0.43

 

$0.36

 

$(0.07)

 

$0.29

 

$0.77

 

$(0.10)

 

$0.67

 

$0.53

 

$(0.10)

 

$0.43

 

 

 

For the Six Months Ended July 31, 2023

 

For the Nine Months Ended October 31, 2023

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

Net sales

 

$305,295

 

$(731)

 

$304,564

 

$492,981

 

$(4,345)

 

$488,636

Cost of sales

 

134,006

 

295

 

134,301

 

219,364

 

(793)

 

218,571

Gross profit

 

171,289

 

(1,026)

 

170,263

 

273,617

 

(3,552)

 

270,065

Selling, general and administrative

 

150,742

 

—

 

150,742

 

232,378

 

—

 

232,378

Operating income

 

20,547

 

(1,026)

 

19,521

 

41,239

 

(3,552)

 

37,687

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

2,562

 

—

 

2,562

 

4,194

 

—

 

4,194

Interest expense

 

(226)

 

—

 

(226)

 

(361)

 

—

 

(361)

Income/(loss) before income taxes

 

22,883

 

(1,026)

 

21,857

 

45,072

 

(3,552)

 

41,520

Provision/(benefit) for income taxes

 

5,419

 

(141)

 

5,278

 

9,938

 

(494)

 

9,444

Net income/(loss)

 

17,464

 

(885)

 

16,579

 

35,134

 

(3,058)

 

32,076

Less: Net income/(loss) attributable to noncontrolling interest

 

287

 

—

 

287

 

568

 

—

 

568

Net income/(loss) attributable to Movado Group, Inc.

 

$17,177

 

$(885)

 

$16,292

 

$34,566

 

$(3,058)

 

$31,508

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

22,229

 

—

 

22,229

 

22,222

 

—

 

22,222

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.77

 

$(0.04)

 

$0.73

 

$1.56

 

$(0.14)

 

$1.42

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

22,642

 

—

 

22,642

 

22,641

 

—

 

22,641

Net income/(loss) per share attributable to Movado Group, Inc.

 

$0.76

 

$(0.04)

 

$0.72

 

$1.53

 

$(0.14)

 

$1.39

 

 

April 30, 2024

 

July 31, 2024

 

October 31, 2024

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$225,372

 

—

 

$225,372

 

$198,251

 

—

 

$198,251

 

$181,548

 

—

 

$181,548

Trade receivables, net

 

101,722

 

(20,706)

 

81,016

 

109,784

 

(23,075)

 

86,709

 

139,163

 

(25,310)

 

113,853

Inventories

 

159,618

 

5,552

 

165,170

 

176,396

 

6,764

 

183,160

 

168,929

 

7,208

 

176,137

Other current assets

 

22,258

 

—

 

22,258

 

26,421

 

—

 

26,421

 

22,625

 

—

 

22,625

Income taxes receivable

 

8,336

 

(266)

 

8,070

 

13,088

 

(397)

 

12,691

 

7,922

 

(622)

 

7,300

Total current assets

 

517,306

 

(15,420)

 

501,886

 

523,940

 

(16,708)

 

507,232

 

520,187

 

(18,724)

 

501,463

Property, plant and equipment, net

 

19,037

 

—

 

19,037

 

20,315

 

—

 

20,315

 

20,480

 

—

 

20,480

Operating lease right-of-use assets

 

89,155

 

—

 

89,155

 

85,350

 

—

 

85,350

 

88,892

 

—

 

88,892

Deferred and non-current income taxes

 

43,280

 

—

 

43,280

 

42,685

 

—

 

42,685

 

43,767

 

—

 

43,767

Other intangibles, net

 

6,935

 

—

 

6,935

 

6,645

 

—

 

6,645

 

6,192

 

—

 

6,192

Other non-current assets

 

75,702

 

—

 

75,702

 

80,253

 

—

 

80,253

 

86,358

 

—

 

86,358

Total assets

 

$751,415

 

$(15,420)

 

$735,995

 

$759,188

 

$(16,708)

 

$742,480

 

$765,876

 

$(18,724)

 

$747,152

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$32,999

 

—

 

$32,999

 

$36,769

 

—

 

$36,769

 

$29,429

 

—

 

$29,429

Accrued liabilities

 

41,976

 

(250)

 

41,726

 

45,074

 

(500)

 

44,574

 

51,245

 

(750)

 

50,495

Accrued payroll and benefits

 

7,340

 

(1,150)

 

6,190

 

9,778

 

(1,625)

 

8,153

 

12,541

 

(2,625)

 

9,916

Current operating lease liabilities

 

18,192

 

—

 

18,192

 

18,352

 

—

 

18,352

 

18,851

 

—

 

18,851

Income taxes payable

 

6,459

 

(2,196)

 

4,263

 

8,962

 

(2,420)

 

6,542

 

9,760

 

(2,775)

 

6,985

Total current liabilities

 

106,966

 

(3,596)

 

103,370

 

118,935

 

(4,545)

 

114,390

 

121,826

 

(6,150)

 

115,676

Deferred and non-current income taxes payable

 

8,143

 

—

 

8,143

 

1,028

 

—

 

1,028

 

1,188

 

—

 

1,188

Non-current operating lease liabilities

 

79,749

 

—

 

79,749

 

76,314

 

—

 

76,314

 

79,410

 

—

 

79,410

Other non-current liabilities

 

52,877

 

—

 

52,877

 

56,336

 

—

 

56,336

 

57,028

 

—

 

57,028

Total liabilities

 

247,735

 

(3,596)

 

244,139

 

252,613

 

(4,545)

 

248,068

 

259,452

 

(6,150)

 

253,302

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

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, 29,169,952 and 29,174,709 shares issued and outstanding, respectively

 

291

 

—

 

291

 

292

 

—

 

292

 

292

 

—

 

292

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,483,116, 6,458,376 and 6,458,376 shares issued and outstanding, respectively

 

64

 

—

 

64

 

64

 

—

 

64

 

64

 

—

 

64

Capital in excess of par value

 

240,923

 

—

 

240,923

 

242,039

 

—

 

242,039

 

243,311

 

—

 

243,311

Retained earnings

 

465,435

 

(11,784)

 

453,651

 

461,382

 

(12,036)

 

449,346

 

458,660

 

(12,259)

 

446,401

Accumulated other comprehensive income

 

82,073

 

8

 

82,081

 

87,838

 

(36)

 

87,802

 

90,323

 

(61)

 

90,262

Treasury Stock, 13,404,954, 13,408,334 and 13,490,483 shares, respectively, at cost

 

(287,414)

 

—

 

(287,414)

 

(287,499)

 

—

 

(287,499)

 

(289,067)

 

—

 

(289,067)

Total Movado Group, Inc. shareholders' equity

 

501,372

 

(11,776)

 

489,596

 

504,116

 

(12,072)

 

492,044

 

503,583

 

(12,320)

 

491,263

Noncontrolling interest

 

2,308

 

(48)

 

2,260

 

2,459

 

(91)

 

2,368

 

2,841

 

(254)

 

2,587

Total equity

 

503,680

 

(11,824)

 

491,856

 

506,575

 

(12,163)

 

494,412

 

506,424

 

(12,574)

 

493,850

Total liabilities and equity

 

$751,415

 

$(15,420)

 

$735,995

 

$759,188

 

$(16,708)

 

$742,480

 

$765,876

 

$(18,724)

 

$747,152

 

 

April 30, 2023

 

July 31, 2023

 

October 31, 2023

 

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

 

As Previously Reported

 

Adjustment

 

As Restated

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$198,257

 

—

 

$198,257

 

$218,909

 

—

 

$218,909

 

$200,965

 

—

 

$200,965

Trade receivables, net

 

94,037

 

(8,577)

 

85,460

 

95,821

 

(10,947)

 

84,874

 

135,523

 

(14,561)

 

120,962

Inventories

 

195,235

 

2,973

 

198,208

 

181,448

 

3,587

 

185,035

 

171,966

 

4,675

 

176,641

Other current assets

 

25,804

 

—

 

25,804

 

25,206

 

—

 

25,206

 

18,856

 

—

 

18,856

Income taxes receivable

 

12,057

 

(59)

 

11,998

 

12,988

 

(48)

 

12,940

 

11,135

 

(32)

 

11,103

Total current assets

 

525,390

 

(5,663)

 

519,727

 

534,372

 

(7,408)

 

526,964

 

538,445

 

(9,918)

 

528,527

Property, plant and equipment, net

 

19,075

 

—

 

19,075

 

19,740

 

—

 

19,740

 

19,458

 

—

 

19,458

Operating lease right-of-use assets

 

76,194

 

—

 

76,194

 

71,358

 

—

 

71,358

 

84,212

 

—

 

84,212

Deferred and non-current income taxes

 

45,049

 

—

 

45,049

 

45,004

 

—

 

45,004

 

44,814

 

—

 

44,814

Other intangibles, net

 

8,996

 

—

 

8,996

 

8,432

 

—

 

8,432

 

7,688

 

—

 

7,688

Other non-current assets

 

66,792

 

—

 

66,792

 

70,791

 

—

 

70,791

 

68,780

 

—

 

68,780

Total assets

 

$741,496

 

$(5,663)

 

$735,833

 

$749,697

 

$(7,408)

 

$742,289

 

$763,397

 

$(9,918)

 

$753,479

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$24,443

 

—

 

$24,443

 

$28,435

 

—

 

$28,435

 

$22,998

 

—

 

$22,998

Accrued liabilities

 

48,858

 

—

 

48,858

 

47,135

 

—

 

47,135

 

57,165

 

—

 

57,165

Accrued payroll and benefits

 

7,597

 

—

 

7,597

 

10,976

 

—

 

10,976

 

10,317

 

—

 

10,317

Current operating lease liabilities

 

17,558

 

—

 

17,558

 

17,069

 

—

 

17,069

 

15,885

 

—

 

15,885

Income taxes payable

 

17,557

 

(747)

 

16,810

 

18,078

 

(981)

 

17,097

 

20,024

 

(1,318)

 

18,706

Total current liabilities

 

116,013

 

(747)

 

115,266

 

121,693

 

(981)

 

120,712

 

126,389

 

(1,318)

 

125,071

Deferred and non-current income taxes payable

 

14,540

 

—

 

14,540

 

8,321

 

—

 

8,321

 

7,966

 

—

 

7,966

Non-current operating lease liabilities

 

66,743

 

—

 

66,743

 

63,565

 

—

 

63,565

 

76,929

 

—

 

76,929

Other non-current liabilities

 

49,287

 

—

 

49,287

 

52,220

 

—

 

52,220

 

49,195

 

—

 

49,195

Total liabilities

 

246,583

 

(747)

 

245,836

 

245,799

 

(981)

 

244,818

 

260,479

 

(1,318)

 

259,161

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

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; 28,824,156, 28,876,211 and 28,879,497 shares issued and outstanding, respectively

 

288

 

—

 

288

 

289

 

—

 

289

 

289

 

—

 

289

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,524,805, 6,483,116 and 6,483,116 shares issued and outstanding, respectively

 

65

 

—

 

65

 

64

 

—

 

64

 

64

 

—

 

64

Capital in excess of par value

 

232,419

 

—

 

232,419

 

234,443

 

—

 

234,443

 

236,438

 

—

 

236,438

Retained earnings

 

455,979

 

(4,916)

 

451,063

 

456,279

 

(6,427)

 

449,852

 

465,919

 

(8,600)

 

457,319

Accumulated other comprehensive income

 

85,177

 

—

 

85,177

 

91,810

 

—

 

91,810

 

81,727

 

—

 

81,727

Treasury Stock, 13,208,339, 13,213,877 and 13,282,860 shares, respectively, at cost

 

(281,957)

 

—

 

(281,957)

 

(282,101)

 

—

 

(282,101)

 

(283,998)

 

—

 

(283,998)

Total Movado Group, Inc. shareholders' equity

 

491,971

 

(4,916)

 

487,055

 

500,784

 

(6,427)

 

494,357

 

500,439

 

(8,600)

 

491,839

Noncontrolling interest

 

2,942

 

—

 

2,942

 

3,114

 

—

 

3,114

 

2,479

 

—

 

2,479

Total equity

 

494,913

 

(4,916)

 

489,997

 

503,898

 

(6,427)

 

497,471

 

502,918

 

(8,600)

 

494,318

Total liabilities and equity

 

$741,496

 

$(5,663)

 

$735,833

 

$749,697

 

$(7,408)

 

$742,289

 

$763,397

 

$(9,918)

 

$753,479

 

 

Three Months Ended April 30, 2024

 

 

Six Months Ended July 31, 2024

 

 

Nine Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

3,063

 

 

$

(924

)

 

$

2,139

 

 

$

6,924

 

 

$

(1,219

)

 

$

5,705

 

 

$

12,357

 

 

$

(1,606

)

 

$

10,751

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,288

 

 

 

—

 

 

 

2,288

 

 

 

4,582

 

 

 

—

 

 

 

4,582

 

 

 

6,960

 

 

 

—

 

 

 

6,960

 

Transactional losses (gains)/losses

 

 

(1,434

)

 

 

—

 

 

 

(1,434

)

 

 

(75

)

 

 

—

 

 

 

(75

)

 

 

594

 

 

 

—

 

 

 

594

 

Provision for inventories and accounts receivable

 

 

1,210

 

 

 

—

 

 

 

1,210

 

 

 

2,292

 

 

 

—

 

 

 

2,292

 

 

 

4,489

 

 

 

—

 

 

 

4,489

 

Deferred income taxes

 

 

(457

)

 

 

—

 

 

 

(457

)

 

 

(553

)

 

 

—

 

 

 

(553

)

 

 

(1,582

)

 

 

—

 

 

 

(1,582

)

Stock-based compensation

 

 

1,838

 

 

 

—

 

 

 

1,838

 

 

 

2,855

 

 

 

—

 

 

 

2,855

 

 

 

4,094

 

 

 

—

 

 

 

4,094

 

Other

 

 

82

 

 

 

—

 

 

 

82

 

 

 

171

 

 

 

—

 

 

 

171

 

 

 

265

 

 

 

—

 

 

 

265

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

1,094

 

 

 

2,290

 

 

 

3,384

 

 

 

(6,864

)

 

 

4,603

 

 

 

(2,261

)

 

 

(37,026

)

 

 

6,806

 

 

 

(30,220

)

Inventories

 

 

(15,990

)

 

 

303

 

 

 

(15,687

)

 

 

(31,401

)

 

 

(897

)

 

 

(32,298

)

 

 

(24,697

)

 

 

(1,334

)

 

 

(26,031

)

Other current assets

 

 

(5,090

)

 

 

—

 

 

 

(5,090

)

 

 

(8,375

)

 

 

—

 

 

 

(8,375

)

 

 

(4,675

)

 

 

—

 

 

 

(4,675

)

Accounts payable

 

 

1,082

 

 

 

—

 

 

 

1,082

 

 

 

3,493

 

 

 

—

 

 

 

3,493

 

 

 

(3,709

)

 

 

—

 

 

 

(3,709

)

Accrued liabilities

 

 

3,067

 

 

 

(250

)

 

 

2,817

 

 

 

6,608

 

 

 

(500

)

 

 

6,108

 

 

 

11,974

 

 

 

(750

)

 

 

11,224

 

Accrued payroll and benefits

 

 

(107

)

 

 

(1,150

)

 

 

(1,257

)

 

 

2,243

 

 

 

(1,625

)

 

 

618

 

 

 

4,994

 

 

 

(2,625

)

 

 

2,369

 

Income taxes receivable

 

 

4,462

 

 

 

252

 

 

 

4,714

 

 

 

4,126

 

 

 

382

 

 

 

4,508

 

 

 

8,374

 

 

 

608

 

 

 

8,982

 

Income taxes payable

 

 

(13,264

)

 

 

(521

)

 

 

(13,785

)

 

 

(22,218

)

 

 

(744

)

 

 

(22,962

)

 

 

(19,855

)

 

 

(1,099

)

 

 

(20,954

)

Other non-current assets

 

 

95

 

 

 

—

 

 

 

95

 

 

 

276

 

 

 

—

 

 

 

276

 

 

 

(3,141

)

 

 

—

 

 

 

(3,141

)

Other non-current liabilities

 

 

(13

)

 

 

—

 

 

 

(13

)

 

 

6

 

 

 

—

 

 

 

6

 

 

 

(43

)

 

 

—

 

 

 

(43

)

Net cash used in operating activities

 

 

(18,074

)

 

 

—

 

 

 

(18,074

)

 

 

(35,910

)

 

 

—

 

 

 

(35,910

)

 

 

(40,627

)

 

 

—

 

 

 

(40,627

)

 

 

Three Months Ended April 30, 2023

 

 

Six Months Ended July 31, 2023

 

 

Nine Months Ended October 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

9,277

 

 

$

626

 

 

$

9,903

 

 

$

17,464

 

 

$

(885

)

 

$

16,579

 

 

$

35,134

 

 

$

(3,058

)

 

$

32,076

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,557

 

 

 

—

 

 

 

2,557

 

 

 

5,039

 

 

 

—

 

 

 

5,039

 

 

 

7,278

 

 

 

—

 

 

 

7,278

 

Transactional losses (gains)/losses

 

 

(114

)

 

 

—

 

 

 

(114

)

 

 

849

 

 

 

—

 

 

 

849

 

 

 

204

 

 

 

—

 

 

 

204

 

Provision for inventories and accounts receivable

 

 

904

 

 

 

—

 

 

 

904

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

3,803

 

 

 

—

 

 

 

3,803

 

Deferred income taxes

 

 

(1,029

)

 

 

—

 

 

 

(1,029

)

 

 

(1,564

)

 

 

—

 

 

 

(1,564

)

 

 

(2,032

)

 

 

—

 

 

 

(2,032

)

Stock-based compensation

 

 

1,597

 

 

 

—

 

 

 

1,597

 

 

 

3,579

 

 

 

—

 

 

 

3,579

 

 

 

5,529

 

 

 

—

 

 

 

5,529

 

Other

 

 

559

 

 

 

—

 

 

 

559

 

 

 

647

 

 

 

—

 

 

 

647

 

 

 

754

 

 

 

—

 

 

 

754

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

415

 

 

 

(1,639

)

 

 

(1,224

)

 

 

(827

)

 

 

731

 

 

 

(96

)

 

 

(42,027

)

 

 

4,345

 

 

 

(37,682

)

Inventories

 

 

(8,149

)

 

 

909

 

 

 

(7,240

)

 

 

6,935

 

 

 

295

 

 

 

7,230

 

 

 

10,758

 

 

 

(793

)

 

 

9,965

 

Other current assets

 

 

(1,985

)

 

 

—

 

 

 

(1,985

)

 

 

(700

)

 

 

—

 

 

 

(700

)

 

 

4,107

 

 

 

—

 

 

 

4,107

 

Accounts payable

 

 

(7,949

)

 

 

—

 

 

 

(7,949

)

 

 

(2,995

)

 

 

—

 

 

 

(2,995

)

 

 

(7,492

)

 

 

—

 

 

 

(7,492

)

Accrued liabilities

 

 

3,739

 

 

 

—

 

 

 

3,739

 

 

 

2,206

 

 

 

—

 

 

 

2,206

 

 

 

12,336

 

 

 

—

 

 

 

12,336

 

Accrued payroll and benefits

 

 

(9,844

)

 

 

—

 

 

 

(9,844

)

 

 

(6,529

)

 

 

—

 

 

 

(6,529

)

 

 

(7,039

)

 

 

—

 

 

 

(7,039

)

Income taxes receivable

 

 

(1,166

)

 

 

7

 

 

 

(1,159

)

 

 

(5,981

)

 

 

(4

)

 

 

(5,985

)

 

 

(4,494

)

 

 

(21

)

 

 

(4,515

)

Income taxes payable

 

 

(11,083

)

 

 

97

 

 

 

(10,986

)

 

 

(12,108

)

 

 

(137

)

 

 

(12,245

)

 

 

(10,014

)

 

 

(473

)

 

 

(10,487

)

Other non-current assets

 

 

635

 

 

 

—

 

 

 

635

 

 

 

1,003

 

 

 

—

 

 

 

1,003

 

 

 

1,293

 

 

 

—

 

 

 

1,293

 

Other non-current liabilities

 

 

139

 

 

 

—

 

 

 

139

 

 

 

292

 

 

 

—

 

 

 

292

 

 

 

(730

)

 

 

—

 

 

 

(730

)

Net cash (used in)/provided by operating activities

 

 

(21,497

)

 

 

—

 

 

 

(21,497

)

 

 

9,226

 

 

 

—

 

 

 

9,226

 

 

 

7,368

 

 

 

—

 

 

 

7,368

 

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal year ended January 31, 2025.

 

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

3,063

 

 

$

(924

)

 

$

2,139

 

 

$

3,861

 

 

$

(295

)

 

$

3,566

 

 

$

5,433

 

 

$

(387

)

 

$

5,046

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(10,339

)

 

$

8

 

 

$

(10,331

)

 

$

5,826

 

 

$

(44

)

 

$

5,782

 

 

$

2,266

 

 

$

(25

)

 

$

2,241

 

Total other comprehensive (loss)/income

 

$

(10,262

)

 

$

8

 

 

$

(10,254

)

 

$

5,765

 

 

$

(44

)

 

$

5,721

 

 

$

2,485

 

 

$

(25

)

 

$

2,460

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

172

 

 

$

(48

)

 

$

124

 

 

$

140

 

 

$

(43

)

 

$

97

 

 

$

383

 

 

$

(164

)

 

$

219

 

Foreign currency translation adjustments

 

$

(23

)

 

$

-

 

 

$

(23

)

 

$

11

 

 

$

-

 

 

$

11

 

 

$

(1

)

 

$

1

 

 

$

-

 

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

149

 

 

$

(48

)

 

$

101

 

 

$

151

 

 

$

(43

)

 

$

108

 

 

$

382

 

 

$

(163

)

 

$

219

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

(7,348

)

 

$

(868

)

 

$

(8,216

)

 

$

9,475

 

 

$

(296

)

 

$

9,179

 

 

$

7,536

 

 

$

(249

)

 

$

7,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2024

 

 

For the Nine Months Ended October 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

6,924

 

 

$

(1,219

)

 

$

5,705

 

 

$

12,357

 

 

$

(1,606

)

 

$

10,751

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(4,513

)

 

$

(36

)

 

$

(4,549

)

 

$

(2,247

)

 

$

(61

)

 

$

(2,308

)

 

 

 

 

 

 

 

 

 

Total other comprehensive (loss)/income

 

$

(4,497

)

 

$

(36

)

 

$

(4,533

)

 

$

(2,012

)

 

$

(61

)

 

$

(2,073

)

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

312

 

 

$

(91

)

 

$

221

 

 

$

695

 

 

$

(255

)

 

$

440

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

$

(12

)

 

$

—

 

 

$

(12

)

 

$

(13

)

 

$

1

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

300

 

 

$

(91

)

 

$

209

 

 

$

682

 

 

$

(254

)

 

$

428

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

2,127

 

 

$

(1,164

)

 

$

963

 

 

$

9,663

 

 

$

(1,413

)

 

$

8,250

 

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Comprehensive Income (Loss) for the fiscal year ended January 31, 2024.

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

For the Three Months Ended January 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Net income/(loss)

 

$

9,277

 

 

$

626

 

 

$

9,903

 

 

$

8,187

 

 

$

(1,511

)

 

$

6,676

 

 

$

17,670

 

 

$

(2,173

)

 

$

15,497

 

 

$

12,407

 

 

$

(2,308

)

 

$

10,099

 

Total comprehensive income/(loss) attributable to Movado Group, Inc.

 

$

13,155

 

 

$

626

 

 

$

13,781

 

 

$

14,648

 

 

$

(1,511

)

 

$

13,137

 

 

$

7,442

 

 

$

(2,173

)

 

$

5,269

 

 

$

22,684

 

 

$

(2,308

)

 

$

20,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2023

 

 

For the Nine Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

17,464

 

 

$

(885

)

 

$

16,579

 

 

$

35,134

 

 

$

(3,058

)

 

$

32,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(loss) attributable to Movado Group, Inc

 

$

27,803

 

 

$

(885

)

 

$

26,918

 

 

$

35,245

 

 

$

(3,058

)

 

$

32,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal year ended January 31, 2025.

 

 

 

For the Three Months Ended April 30, 2024

 

 

For the Three Months Ended July 31, 2024

 

 

For the Three Months Ended October 31, 2024

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

$

465,435

 

 

$

(11,784

)

 

$

453,651

 

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

2,891

 

 

$

(876

)

 

$

2,015

 

 

$

3,721

 

 

$

(252

)

 

$

3,469

 

 

$

5,050

 

 

$

(223

)

 

$

4,827

 

Retained earnings ending balance

 

$

465,435

 

 

$

(11,784

)

 

$

453,651

 

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

 

$

458,660

 

 

$

(12,259

)

 

$

446,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income beginning balance

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

$

82,073

 

 

$

8

 

 

$

82,081

 

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

Foreign currency translation adjustment

 

$

(10,339

)

 

$

8

 

 

$

(10,331

)

 

$

5,826

 

 

$

(44

)

 

$

5,782

 

 

$

2,266

 

 

$

(25

)

 

$

2,241

 

Accumulated other comprehensive income ending balance

 

$

82,073

 

 

$

8

 

 

$

82,081

 

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

 

$

90,323

 

 

$

(61

)

 

$

90,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest beginning balance

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

$

2,308

 

 

$

(48

)

 

$

2,260

 

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

Net income attributable to Movado Group, Inc.

 

$

172

 

 

$

(48

)

 

$

124

 

 

$

140

 

 

$

(43

)

 

$

97

 

 

$

383

 

 

$

(164

)

 

$

219

 

Foreign currency translation adjustment

 

$

(23

)

 

$

-

 

 

$

(23

)

 

$

11

 

 

$

-

 

 

$

11

 

 

$

(1

)

 

$

1

 

 

$

-

 

Noncontrolling interest ending balance

 

$

2,308

 

 

$

(48

)

 

$

2,260

 

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

 

$

2,841

 

 

$

(254

)

 

$

2,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

503,680

 

 

$

(11,824

)

 

$

491,856

 

 

$

506,575

 

 

$

(12,163

)

 

$

494,412

 

 

$

506,424

 

 

$

(12,574

)

 

$

493,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2024

 

 

For the Nine Months Ended October 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Retained earnings beginning balance

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

$

470,317

 

 

$

(10,908

)

 

$

459,409

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

6,612

 

 

$

(1,128

)

 

$

5,484

 

 

$

11,662

 

 

$

(1,351

)

 

$

10,311

 

 

 

 

 

 

 

 

 

 

Retained earnings ending balance

 

$

461,382

 

 

$

(12,036

)

 

$

449,346

 

 

$

458,660

 

 

$

(12,259

)

 

$

446,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income beginning balance

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

$

92,335

 

 

$

-

 

 

$

92,335

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

$

(4,513

)

 

$

(36

)

 

$

(4,549

)

 

$

(2,247

)

 

$

(61

)

 

$

(2,308

)

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income ending balance

 

$

87,838

 

 

$

(36

)

 

$

87,802

 

 

$

90,323

 

 

$

(61

)

 

$

90,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest beginning balance

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

$

2,159

 

 

$

-

 

 

$

2,159

 

 

 

 

 

 

 

 

 

 

Net income attributable to Movado Group, Inc.

 

$

312

 

 

$

(91

)

 

$

221

 

 

$

695

 

 

$

(255

)

 

$

440

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

$

(12

)

 

$

-

 

 

$

(12

)

 

$

(13

)

 

$

1

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

Noncontrolling interest ending balance

 

$

2,459

 

 

$

(91

)

 

$

2,368

 

 

$

2,841

 

 

$

(254

)

 

$

2,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

506,575

 

 

$

(12,163

)

 

$

494,412

 

 

$

506,424

 

 

$

(12,574

)

 

$

493,850

 

 

 

 

 

 

 

 

 

 

The following amounts (in thousands) were restated in the Consolidated Statements of Changes in Equity for the fiscal year ended January 31, 2024.

 

 

 

For the Three Months Ended April 30, 2023

 

 

For the Three Months Ended July 31, 2023

 

 

For the Three Months Ended October 31, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

455,979

 

 

$

(4,916

)

 

$

451,063

 

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

9,128

 

 

$

626

 

 

$

9,754

 

 

$

8,049

 

 

$

(1,511

)

 

$

6,538

 

 

$

17,389

 

 

$

(2,173

)

 

$

15,216

 

Retained earnings ending balance

 

$

455,979

 

 

$

(4,916

)

 

$

451,063

 

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

 

$

465,919

 

 

$

(8,600

)

 

$

457,319

 

Total equity ending balance

 

$

494,913

 

 

$

(4,916

)

 

$

489,997

 

 

$

503,898

 

 

$

(6,427

)

 

$

497,471

 

 

$

502,918

 

 

$

(8,600

)

 

$

494,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended July 31, 2023

 

 

For the Nine Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

Retained earnings beginning balance

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

$

476,752

 

 

$

(5,542

)

 

$

471,210

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Movado Group, Inc.

 

$

17,177

 

 

$

(885

)

 

$

16,292

 

 

$

34,566

 

 

$

(3,058

)

 

$

31,508

 

 

 

 

 

 

 

 

 

 

Retained earnings ending balance

 

$

456,279

 

 

$

(6,427

)

 

$

449,852

 

 

$

465,919

 

 

$

(8,600

)

 

$

457,319

 

 

 

 

 

 

 

 

 

 

Total equity ending balance

 

$

503,898

 

 

$

(6,427

)

 

$

497,471

 

 

$

502,918

 

 

$

(8,600

)

 

$

494,318

 

 

 

 

 

 

 

 

 

 
v3.25.1
Significant Accounting Policies - Additional Information (Details)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
USD ($)
Store
Oct. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
Apr. 30, 2024
USD ($)
Jan. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Jul. 31, 2023
USD ($)
Apr. 30, 2023
USD ($)
Jul. 31, 2024
USD ($)
Jul. 31, 2023
USD ($)
Oct. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Jan. 31, 2025
USD ($)
Store
Customer
Supplier
shares
Jan. 31, 2024
USD ($)
Customer
shares
Jan. 31, 2023
USD ($)
Customer
shares
Significant Accounting Policies [Line Items]                              
Maturity date                         3 months    
Accounts receivable net of reserve for expected credit losses, returns and allowances $ 26,100,000       $ 23,000,000               $ 26,100,000 $ 23,000,000  
Accounts receivable net of co operative advertising allowances 4,200,000       5,500,000               4,200,000 5,500,000  
Impairment of intangible assets                         0 0 $ 0
Long-lived assets, impairment charge                         $ 0 0 0
Number of Suppliers | Supplier                         3    
Marketing expenses                         $ 146,500,000 129,100,000 126,200,000
Shipping and handling customers charges 181,475,000 $ 180,524,000 $ 157,000,000 $ 134,379,000 175,753,000 $ 184,072,000 $ 158,020,000 $ 146,544,000 $ 291,379,000 $ 304,564,000 $ 471,903,000 $ 488,636,000 653,378,000 [1],[2],[3] 664,389,000 [1],[2] 744,209,000 [1],[2]
Shipping, handling and transportation costs   $ 83,894,000 $ 71,748,000 $ 61,459,000 81,659,000 $ 84,270,000 $ 70,490,000 $ 63,811,000 $ 133,207,000 $ 134,301,000 $ 217,101,000 $ 218,571,000 $ 300,238,000 [2],[3] $ 300,230,000 [2] $ 315,081,000 [2]
Dilutive common stock equivalents were excluded from the computation of diluted earnings per share | shares                         681,000 682,000 296,000
Stock Award Units                              
Significant Accounting Policies [Line Items]                              
Stock awards cliff-vested period                         3 years    
Other Non-Current Assets                              
Significant Accounting Policies [Line Items]                              
Prepaid advertising cost $ 6,500,000       $ 4,200,000               $ 6,500,000 $ 4,200,000  
Shipping and Handling                              
Significant Accounting Policies [Line Items]                              
Shipping and handling customers charges                         1,600,000 1,800,000 $ 1,700,000
Shipping, handling and transportation costs                         $ 12,300,000 $ 12,000,000 $ 14,600,000
Minimum                              
Significant Accounting Policies [Line Items]                              
Warranty period                         2 years    
Maximum                              
Significant Accounting Policies [Line Items]                              
Warranty period                         3 years    
Trademarks and Developed Technology | Minimum                              
Significant Accounting Policies [Line Items]                              
Intangible Asset, Useful Life 3 years                       3 years    
Trademarks and Developed Technology | Maximum                              
Significant Accounting Policies [Line Items]                              
Intangible Asset, Useful Life 10 years                       10 years    
Customer Concentration Risk | Net Sales                              
Significant Accounting Policies [Line Items]                              
Number of customer accounted for more than 10% of net sales | Customer                         0 0 0
Concentration risk, threshold percentage                         10.00% 10.00% 10.00%
Customer Concentration Risk | Account Receivable                              
Significant Accounting Policies [Line Items]                              
Concentration risk, threshold percentage                         10.00% 10.00%  
Number of customer accounted for more than 10% of account receivable | Customer                         0 0  
United States                              
Significant Accounting Policies [Line Items]                              
Number of outlet stores | Store 52                       52    
Shipping and handling customers charges [1]                         $ 278,532,000 $ 290,256,000 $ 333,913,000
Canada                              
Significant Accounting Policies [Line Items]                              
Number of outlet stores | Store 4                       4    
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Significant Accounting Policies - Schedule of Warranty Liability, Included in Accrued Liabilities in Consolidated Balance Sheets and Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Schedule of warranty liability      
Balance, beginning of year $ 1,910 $ 1,882 $ 2,114
Provision charged to operations 1,440 1,864 1,794
Settlements made (1,491) (1,836) (2,026)
Balance, end of year $ 1,859 $ 1,910 $ 1,882
v3.25.1
Significant Accounting Policies - Schedule of Number of Shares Used in Calculating Basic and Diluted Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Weighted average common shares outstanding:                            
Basic 22,283 22,303 22,253 22,218 22,209 22,231 22,226 22,278 22,229 22,280 22,222 22,268 22,221 22,504
Effect of dilutive securities:                            
Stock awards and options to purchase shares of common stock                       335 420 451
Diluted 22,559 22,658 22,673 22,708 22,677 22,616 22,672 22,665 22,642 22,627 22,641 22,603 22,641 22,955
v3.25.1
Restatement of Previously Issued Consolidated Financial Statement - Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Jan. 31, 2022
Current assets:                    
Cash and cash equivalents $ 208,501 $ 181,548 $ 198,251 $ 225,372 $ 262,059 $ 200,965 $ 218,909 $ 198,257 $ 251,584  
Trade receivables, net 93,382 113,853 86,709 81,016 86,044 120,962 84,874 85,460    
Inventories 156,738 176,137 183,160 165,170 153,890 176,641 185,035 198,208    
Other current assets 21,786 22,625 26,421 22,258 17,962 18,856 25,206 25,804    
Income taxes receivable 9,534 7,300 12,691 8,070 11,339 11,103 12,940 11,998    
Total current assets 489,941 501,463 507,232 501,886 531,294 528,527 526,964 519,727    
Property, plant and equipment, net 19,920 20,480 20,315 19,037 19,436 19,458 19,740 19,075    
Operating lease right-of-use assets 86,009 88,892 85,350 89,155 82,661 84,212 71,358 76,194    
Deferred and non-current income taxes 41,330 43,767 42,685 43,280 43,016 44,814 45,004 45,049    
Other intangibles, net 5,537 6,192 6,645 6,935 7,493 7,688 8,432 8,996    
Other non-current assets 86,494 86,358 80,253 75,702 72,598 68,780 70,791 66,792    
Total assets 729,231 747,152 742,480 735,995 756,498 753,479 742,289 735,833    
Current liabilities:                    
Accounts payable 34,312 29,429 36,769 32,999 32,775 22,998 28,435 24,443    
Accrued liabilities 42,610 50,495 44,574 41,726 38,695 57,165 47,135 48,858    
Accrued payroll and benefits 7,840 9,916 8,153 6,190 7,591 10,317 10,976 7,597    
Current operating lease liabilities 19,263 18,851 18,352 18,192 15,696 15,885 17,069 17,558    
Income taxes payable 8,935 6,985 6,542 4,263 16,642 18,706 17,097 16,810    
Total current liabilities 112,960 115,676 114,390 103,370 111,399 125,071 120,712 115,266    
Deferred and non-current income taxes payable 1,008 1,188 1,028 8,143 8,234 7,966 8,321 14,540    
Non-current operating lease liabilities 75,508 79,410 76,314 79,749 76,396 76,929 63,565 66,743    
Other non-current liabilities 56,176 57,028 56,336 52,877 52,420 49,195 52,220 49,287    
Total liabilities 245,652 253,302 248,068 244,139 248,449 259,161 244,818 245,836    
Commitments and contingencies  
Redeemable noncontrolling interest   0 0 0 0 0 0 0    
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued 0 0 0 0 0 0 0 0    
Capital in excess of par value 243,355 243,311 242,039 240,923 239,062 236,438 234,443 232,419    
Retained earnings 446,704 446,401 449,346 453,651 459,409 457,319 449,852 451,063    
Accumulated other comprehensive income 79,981 90,262 87,802 82,081 92,335 81,727 91,810 85,177 81,295  
Treasury Stock, 13,328,095 and 13,194,339, shares, respectively, at cost (289,067) (289,067) (287,499) (287,414) (285,270) (283,998) (282,101) (281,957)    
Total Movado Group, Inc. shareholders' equity 481,329 491,263 492,044 489,596 505,890 491,839 494,357 487,055    
Noncontrolling interest 2,250 2,587 2,368 2,260 2,159 2,479 3,114 2,942    
Total equity 483,579 493,850 494,412 491,856 508,049 494,318 497,471 489,997 505,002 $ 473,378
Total liabilities and equity 729,231 747,152 742,480 735,995 756,498 753,479 742,289 735,833    
Common Stock Class Undefined                    
Equity:                    
Common Stock 292 292 292 291 290 289 289 288    
Class A Common Stock                    
Equity:                    
Common Stock $ 64 64 64 64 64 64 64 65    
As Previously Reported                    
Current assets:                    
Cash and cash equivalents   181,548 198,251 225,372 262,059 200,965 218,909 198,257    
Trade receivables, net   139,163 109,784 101,722 104,472 135,523 95,821 94,037    
Inventories   168,929 176,396 159,618 148,031 171,966 181,448 195,235    
Other current assets   22,625 26,421 22,258 17,962 18,856 25,206 25,804    
Income taxes receivable   7,922 13,088 8,336 11,354 11,135 12,988 12,057    
Total current assets   520,187 523,940 517,306 543,878 538,445 534,372 525,390    
Property, plant and equipment, net   20,480 20,315 19,037 19,436 19,458 19,740 19,075    
Operating lease right-of-use assets   88,892 85,350 89,155 82,661 84,212 71,358 76,194    
Deferred and non-current income taxes   43,767 42,685 43,280 43,016 44,814 45,004 45,049    
Other intangibles, net   6,192 6,645 6,935 7,493 7,688 8,432 8,996    
Other non-current assets   86,358 80,253 75,702 72,598 68,780 70,791 66,792    
Total assets   765,876 759,188 751,415 769,082 763,397 749,697 741,496    
Current liabilities:                    
Accounts payable   29,429 36,769 32,999 32,775 22,998 28,435 24,443    
Accrued liabilities   51,245 45,074 41,976 38,695 57,165 47,135 48,858    
Accrued payroll and benefits   12,541 9,778 7,340 7,591 10,317 10,976 7,597    
Current operating lease liabilities   18,851 18,352 18,192 15,696 15,885 17,069 17,558    
Income taxes payable   9,760 8,962 6,459 18,318 20,024 18,078 17,557    
Total current liabilities   121,826 118,935 106,966 113,075 126,389 121,693 116,013    
Deferred and non-current income taxes payable   1,188 1,028 8,143 8,234 7,966 8,321 14,540    
Non-current operating lease liabilities   79,410 76,314 79,749 76,396 76,929 63,565 66,743    
Other non-current liabilities   57,028 56,336 52,877 52,420 49,195 52,220 49,287    
Total liabilities   259,452 252,613 247,735 250,125 260,479 245,799 246,583    
Commitments and contingencies                
Redeemable noncontrolling interest   0 0 0 0 0 0 0    
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued   0 0 0 0 0 0 0    
Capital in excess of par value   243,311 242,039 240,923 239,062 236,438 234,443 232,419    
Retained earnings   458,660 461,382 465,435 470,317 465,919 456,279 455,979    
Accumulated other comprehensive income   90,323 87,838 82,073 92,335 81,727 91,810 85,177    
Treasury Stock, 13,328,095 and 13,194,339, shares, respectively, at cost   (289,067) (287,499) (287,414) (285,270) (283,998) (282,101) (281,957)    
Total Movado Group, Inc. shareholders' equity   503,583 504,116 501,372 516,798 500,439 500,784 491,971    
Noncontrolling interest   2,841 2,459 2,308 2,159 2,479 3,114 2,942    
Total equity   506,424 506,575 503,680 518,957 502,918 503,898 494,913 510,544  
Total liabilities and equity   765,876 759,188 751,415 769,082 763,397 749,697 741,496    
As Previously Reported | Common Stock Class Undefined                    
Equity:                    
Common Stock   292 292 291 290 289 289 288    
As Previously Reported | Class A Common Stock                    
Equity:                    
Common Stock   64 64 64 64 64 64 65    
Adjustment                    
Current assets:                    
Cash and cash equivalents   0 0 0 0 0 0 0    
Trade receivables, net   (25,310) (23,075) (20,706) (18,428) (14,561) (10,947) (8,577)    
Inventories   7,208 6,764 5,552 5,859 4,675 3,587 2,973    
Other current assets   0 0 0 0 0 0 0    
Income taxes receivable   (622) (397) (266) (15) (32) (48) (59)    
Total current assets   (18,724) (16,708) (15,420) (12,584) (9,918) (7,408) (5,663)    
Property, plant and equipment, net   0 0 0 0 0 0 0    
Operating lease right-of-use assets   0 0 0 0 0 0 0    
Deferred and non-current income taxes   0 0 0 0 0 0 0    
Other intangibles, net   0 0 0 0 0 0 0    
Other non-current assets   0 0 0 0 0 0 0    
Total assets   (18,724) (16,708) (15,420) (12,584) (9,918) (7,408) (5,663)    
Current liabilities:                    
Accounts payable   0 0 0 0 0 0 0    
Accrued liabilities   (750) (500) (250) 0 0 0 0    
Accrued payroll and benefits   (2,625) (1,625) (1,150) 0 0 0 0    
Current operating lease liabilities   0 0 0 0 0 0 0    
Income taxes payable   (2,775) (2,420) (2,196) (1,676) (1,318) (981) (747)    
Total current liabilities   (6,150) (4,545) (3,596) (1,676) (1,318) (981) (747)    
Deferred and non-current income taxes payable   0 0 0 0 0 0 0    
Non-current operating lease liabilities   0 0 0 0 0 0 0    
Other non-current liabilities   0 0 0 0 0 0 0    
Total liabilities   (6,150) (4,545) (3,596) (1,676) (1,318) (981) (747)    
Commitments and contingencies                
Redeemable noncontrolling interest   0 0 0 0 0 0 0    
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued   0 0 0 0 0 0 0    
Capital in excess of par value   0 0 0 0 0 0 0    
Retained earnings   (12,259) (12,036) (11,784) (10,908) (8,600) (6,427) (4,916)    
Accumulated other comprehensive income   (61) (36) 8 0 0 0 0    
Treasury Stock, 13,328,095 and 13,194,339, shares, respectively, at cost   0 0 0 0 0 0 0    
Total Movado Group, Inc. shareholders' equity   (12,320) (12,072) (11,776) (10,908) (8,600) (6,427) (4,916)    
Noncontrolling interest   (254) (91) (48)   0 0 0    
Total equity   (12,574) (12,163) (11,824) (10,908) (8,600) (6,427) (4,916) $ (5,542)  
Total liabilities and equity   (18,724) (16,708) (15,420) (12,584) (9,918) (7,408) (5,663)    
Adjustment | Common Stock Class Undefined                    
Equity:                    
Common Stock   0 0 0 0 0 0 0    
Adjustment | Class A Common Stock                    
Equity:                    
Common Stock   $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0    
v3.25.1
Restatement of Previously Issued Consolidated Financial Statement - Consolidated Balance Sheets (Parenthetical) (Details) - $ / shares
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Preferred Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0 0 0 0 0 0 0 0
Treasury Stock, Shares 13,490,483 13,490,483 13,408,334 13,404,954 13,328,095 13,282,860 13,213,877 13,208,339 13,194,339
Common Stock Class Undefined [Member]                  
Common Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common Stock, shares authorized 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Common Stock, shares issued 29,178,287 29,174,709 29,169,952 29,131,595 29,004,001 28,879,497 28,876,211 28,824,156 28,806,511
Common Stock, shares outstanding 29,178,287 29,174,709 29,169,952 29,131,595 29,004,001 28,879,497 28,876,211 28,824,156 28,806,511
Common Class A [Member]                  
Common Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common Stock, shares authorized 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000
Common Stock, shares issued 6,458,376 6,458,376 6,458,376 6,483,116 6,483,116 6,483,116 6,483,116 6,524,805 6,524,805
Common Stock, shares outstanding 6,458,376 6,458,376 6,458,376 6,483,116 6,483,116 6,483,116 6,483,116 6,524,805 6,524,805
v3.25.1
Restatement of Previously Issued Consolidated Financial Statement - Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 $ 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Cost of sales   83,894 71,748 61,459 81,659 84,270 70,490 63,811 133,207 134,301 217,101 218,571 300,238 [2],[3] 300,230 [2] 315,081 [2]
Gross profit 98,338 96,630 85,252 72,920 94,094 99,802 87,530 82,733 158,172 170,263 254,802 270,065 353,140 [2],[3] 364,159 [2] 429,128 [2]
Selling, general and administrative   90,597 82,610 70,802 83,311 81,636 79,638 71,104 153,412 150,742 244,009 232,378 333,125 [2],[3] 315,689 [2] 313,541 [2]
Operating income 9,222 6,033 2,642 2,118 10,783 18,166 7,892 11,629 4,760 19,521 10,793 37,687 20,015 [2],[3] 48,470 [2] 115,587 [2]
Non-operating income/(expense):                              
Other income, net   1,522 1,877 2,172 1,800 1,632 1,537 1,025 4,049 2,562 5,571 4,194 7,125 [2],[3] 5,994 [2] 2,069 [2]
Interest expense   (144) (110) (118) (136) (135) (113) (113) (228) (226) (372) (361) (489) [2],[3] (497) [2] (518) [2]
Income before income taxes   7,411 4,409 4,172 12,447 19,663 9,316 12,541 8,581 21,857 15,992 41,520 26,651 [2],[3] 53,967 [2] 117,138 [2]
Provision/(benefit) for income taxes   2,365 843 2,033 2,348 4,166 2,640 2,638 2,876 5,278 5,241 9,444 7,442 11,792 24,260
Net income 8,458 5,046 3,566 2,139 10,099 15,497 6,676 9,903 5,705 16,579 10,751 32,076 19,209 42,175 92,878
Less: Net income/(loss) attributable to noncontrolling interest   219 97 124 262 281 138 149 221 287 440 568 845 830 2,495
Net income attributable to Movado Group, Inc. $ 8,053 $ 4,827 $ 3,469 $ 2,015 $ 9,837 $ 15,216 $ 6,538 $ 9,754 $ 5,484 $ 16,292 $ 10,311 $ 31,508 $ 18,364 $ 41,345 $ 90,383
Basic income/(loss) per share:                              
Weighted basic average shares outstanding   22,283 22,303 22,253 22,218 22,209 22,231 22,226 22,278 22,229 22,280 22,222 22,268 22,221 22,504
Net income/(loss) per share attributable to Movado Group, Inc. $ 0.36 $ 0.22 $ 0.16 $ 0.09 $ 0.44 $ 0.69 $ 0.29 $ 0.44 $ 0.25 $ 0.73 $ 0.46 $ 1.42 $ 0.82 $ 1.86 $ 4.02
Diluted income/(loss) per share:                              
Weighted diluted average shares outstanding   22,559 22,658 22,673 22,708 22,677 22,616 22,672 22,665 22,642 22,627 22,641 22,603 22,641 22,955
Net income/(loss) per share attributable to Movado Group, Inc. $ 0.36 $ 0.21 $ 0.15 $ 0.09 $ 0.43 $ 0.67 $ 0.29 $ 0.43 $ 0.24 $ 0.72 $ 0.46 $ 1.39 $ 0.81 $ 1.83 $ 3.94
As Previously Reported                              
Net sales   $ 182,727 $ 159,313 $ 136,669 $ 179,620 $ 187,686 $ 160,390 $ 144,905 $ 295,982 $ 305,295 $ 478,709 $ 492,981   $ 672,601 $ 751,898
Cost of sales   84,331 72,948 61,156 82,843 85,358 71,104 62,902 134,104 134,006 218,435 219,364   302,207 318,003
Gross profit   98,396 86,365 75,513 96,777 102,328 89,286 82,003 161,878 171,289 260,274 273,617   370,394 433,895
Selling, general and administrative   91,846 83,335 72,202 83,311 81,636 79,638 71,104 155,537 150,742 247,383 232,378   315,689 313,541
Operating income   6,550 3,030 3,311 13,466 20,692 9,648 10,899 6,341 20,547 12,891 41,239   54,705 120,354
Non-operating income/(expense):                              
Other income, net   1,522 1,877 2,172 1,800 1,632 1,537 1,025 4,049 2,562 5,571 4,194   5,994 2,069
Interest expense   (144) (110) (118) (136) (135) (113) (113) (228) (226) (372) (361)   (497) (518)
Income before income taxes   7,928 4,797 5,365 15,130 22,189 11,072 11,811 10,162 22,883 18,090 45,072   60,202 121,905
Provision/(benefit) for income taxes   2,495 936 2,302 2,723 4,519 2,885 2,534 3,238 5,419 5,733 9,938   12,661 24,882
Net income   5,433 3,861 3,063 12,407 17,670 8,187 9,277 6,924 17,464 12,357 35,134   47,541 97,023
Less: Net income/(loss) attributable to noncontrolling interest   383 140 172 262 281 138 149 312 287 695 568   830 2,495
Net income attributable to Movado Group, Inc.   $ 5,050 $ 3,721 $ 2,891 $ 12,145 $ 17,389 $ 8,049 $ 9,128 $ 6,612 $ 17,177 $ 11,662 $ 34,566   $ 46,711 $ 94,528
Basic income/(loss) per share:                              
Weighted basic average shares outstanding   22,283 22,303 22,253 22,218 22,209 22,231 22,226 22,278 22,229 22,280 22,222   22,221 22,504
Net income/(loss) per share attributable to Movado Group, Inc.   $ 0.23 $ 0.17 $ 0.13 $ 0.55 $ 0.78 $ 0.36 $ 0.41 $ 0.3 $ 0.77 $ 0.52 $ 1.56   $ 2.10 $ 4.20
Diluted income/(loss) per share:                              
Weighted diluted average shares outstanding   22,559 22,658 22,673 22,708 22,677 22,616 22,672 22,665 22,642 22,627 22,641   22,641 22,955
Net income/(loss) per share attributable to Movado Group, Inc.   $ 0.22 $ 0.16 $ 0.13 $ 0.53 $ 0.77 $ 0.36 $ 0.4 $ 0.29 $ 0.76 $ 0.52 $ 1.53   $ 2.06 $ 4.12
Adjustment                              
Net sales   $ (2,203) $ (2,313) $ (2,290) $ (3,867) $ (3,614) $ (2,370) $ 1,639 $ (4,603) $ (731) $ (6,806) $ (4,345)   $ (8,212) $ (7,689)
Cost of sales   (437) (1,200) 303 (1,184) (1,088) (614) 909 (897) 295 (1,334) (793)   (1,977) (2,922)
Gross profit   (1,766) (1,113) (2,593) (2,683) (2,526) (1,756) 730 (3,706) (1,026) (5,472) (3,552)   (6,235) (4,767)
Selling, general and administrative   (1,249) (725) (1,400) 0 0 0 0 (2,125) 0 (3,374) 0   0 0
Operating income   (517) (388) (1,193) (2,683) (2,526) (1,756) 730 (1,581) (1,026) (2,098) (3,552)   (6,235) (4,767)
Non-operating income/(expense):                              
Other income, net   0 0 0 0 0 0 0 0 0 0 0   0 0
Interest expense   0 0 0 0 0 0 0 0 0 0 0   0 0
Income before income taxes   (517) (388) (1,193) (2,683) (2,526) (1,756) 730 (1,581) (1,026) (2,098) (3,552)   (6,235) (4,767)
Provision/(benefit) for income taxes   (130) (93) (269) (375) (353) (245) 104 (362) (141) (492) (494)   (869) (622)
Net income   (387) (295) (924) (2,308) (2,173) (1,511) 626 (1,219) (885) (1,606) (3,058)   (5,366) (4,145)
Less: Net income/(loss) attributable to noncontrolling interest   (164) (43) (48) 0 0 0 0 (91) 0 (255) 0   0 0
Net income attributable to Movado Group, Inc.   $ (223) $ (252) $ (876) $ (2,308) $ (2,173) $ (1,511) $ 626 $ (1,128) $ (885) $ (1,351) $ (3,058)   $ (5,366) $ (4,145)
Basic income/(loss) per share:                              
Weighted basic average shares outstanding   0 0 0 0 0 0 0 0 0 0 0   0 0
Net income/(loss) per share attributable to Movado Group, Inc.   $ (0.01) $ (0.01) $ (0.04) $ (0.11) $ (0.09) $ (0.07) $ 0.03 $ (0.05) $ (0.04) $ (0.06) $ (0.14)   $ (0.24) $ (0.18)
Diluted income/(loss) per share:                              
Weighted diluted average shares outstanding   0 0 0 0 0 0 0 0 0 0 0   0 0
Net income/(loss) per share attributable to Movado Group, Inc.   $ (0.01) $ (0.01) $ (0.04) $ (0.1) $ (0.1) $ (0.07) $ 0.03 $ (0.05) $ (0.04) $ (0.06) $ (0.14)   $ (0.23) $ (0.18)
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Restatement of Previously Issued Consolidated Financial Statement - Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:                              
Net income/(loss) $ 8,458 $ 5,046 $ 3,566 $ 2,139 $ 10,099 $ 15,497 $ 6,676 $ 9,903 $ 5,705 $ 16,579 $ 10,751 $ 32,076 $ 19,209 $ 42,175 $ 92,878
Adjustments to reconcile net income to net cash provided by operating activities:                              
Non-cash corporate initiatives                           0 0
Depreciation and amortization       2,288       2,557 4,582 5,039 6,960 7,278 9,312 [1],[2] 9,644 [1] 10,809 [1]
Transactional (gains)/losses       (1,434)       (114) (75) 849 594 204 (388) 722 (18)
Provision for inventories and accounts receivable       1,210       904 2,292 1,916 4,489 3,803 4,588 5,418 4,091
Deferred income taxes       (457)       (1,029) (553) (1,564) (1,582) (2,032) 827 319 (712)
Stock-based compensation       1,838       1,597 2,855 3,579 4,094 5,529 4,108 7,442 5,726
Other       82       559 171 647 265 754 413 1,020 453
Changes in assets and liabilities:                              
Trade receivables       3,384       (1,224) (2,261) (96) (30,220) (37,682) (11,550) (899) 4,244
Inventories       (15,687)       (7,240) (32,298) 7,230 (26,031) 9,965 (11,725) 35,675 (31,821)
Other current assets       (5,090)       (1,985) (8,375) (700) (4,675) 4,107 (4,589) 5,962 (6,427)
Accounts payable       1,082       (7,949) 3,493 (2,995) (3,709) (7,492) 1,842 1,541 (13,740)
Accrued liabilities       2,817       3,739 6,108 2,206 11,224 12,336 3,102 (6,011) (1,127)
Accrued payroll and benefits       (1,257)       (9,844) 618 (6,529) 2,369 (7,039) 475 (9,922) (7,705)
Income taxes receivable       4,714       (1,159) 4,508 (5,985) 8,982 (4,515) 9,532 (3,744) 6,850
Income taxes payable       (13,785)       (10,986) (22,962) (12,245) (20,954) (10,487) (21,971) (13,832) (4,779)
Other non-current assets       95       635 276 1,003 (3,141) 1,293 (4,278) 1,877 (4,561)
Other non-current liabilities       (13)       139 6 292 (43) (730) (411) (609) 180
Net cash (used in)/provided by operating activities       (18,074)       (21,497) (35,910) 9,226 (40,627) 7,368 $ (1,504) 76,778 54,341
As Previously Reported                              
Cash flows from operating activities:                              
Net income/(loss)   5,433 3,861 3,063 12,407 17,670 8,187 9,277 6,924 17,464 12,357 35,134   47,541 97,023
Adjustments to reconcile net income to net cash provided by operating activities:                              
Non-cash corporate initiatives                           0 0
Depreciation and amortization       2,288       2,557 4,582 5,039 6,960 7,278   9,644 10,809
Transactional (gains)/losses       (1,434)       (114) (75) 849 594 204   722 (18)
Provision for inventories and accounts receivable       1,210       904 2,292 1,916 4,489 3,803   5,418 4,091
Deferred income taxes       (457)       (1,029) (553) (1,564) (1,582) (2,032)   319 (712)
Stock-based compensation       1,838       1,597 2,855 3,579 4,094 5,529   7,442 5,726
Other       82       559 171 647 265 754   1,020 453
Changes in assets and liabilities:                              
Trade receivables       1,094       415 (6,864) (827) (37,026) (42,027)   (9,111) (3,445)
Inventories       (15,990)       (8,149) (31,401) 6,935 (24,697) 10,758   37,652 (28,899)
Other current assets       (5,090)       (1,985) (8,375) (700) (4,675) 4,107   5,962 (6,427)
Accounts payable       1,082       (7,949) 3,493 (2,995) (3,709) (7,492)   1,541 (13,740)
Accrued liabilities       3,067       3,739 6,608 2,206 11,974 12,336   (6,011) (1,127)
Accrued payroll and benefits       (107)       (9,844) 2,243 (6,529) 4,994 (7,039)   (9,922) (7,705)
Income taxes receivable       4,462       (1,166) 4,126 (5,981) 8,374 (4,494)   (3,706) 6,797
Income taxes payable       (13,264)       (11,083) (22,218) (12,108) (19,855) (10,014)   (13,001) (4,104)
Other non-current assets       95       635 276 1,003 (3,141) 1,293   1,877 (4,561)
Other non-current liabilities       (13)       139 6 292 (43) (730)   (609) 180
Net cash (used in)/provided by operating activities       (18,074)       (21,497) (35,910) 9,226 (40,627) 7,368   76,778 54,341
Adjustment                              
Cash flows from operating activities:                              
Net income/(loss)   $ (387) $ (295) (924) $ (2,308) $ (2,173) $ (1,511) 626 (1,219) (885) (1,606) (3,058)   (5,366) (4,145)
Adjustments to reconcile net income to net cash provided by operating activities:                              
Non-cash corporate initiatives                           0 0
Depreciation and amortization       0       0 0 0 0 0   0 0
Transactional (gains)/losses       0       0 0 0 0 0   0 0
Provision for inventories and accounts receivable       0       0 0 0 0 0   0 0
Deferred income taxes       0       0 0 0 0 0   0 0
Stock-based compensation       0       0 0 0 0 0   0 0
Other       0       0 0 0 0 0   0 0
Changes in assets and liabilities:                              
Trade receivables       2,290       (1,639) 4,603 731 6,806 4,345   8,212 7,689
Inventories       303       909 (897) 295 (1,334) (793)   (1,977) (2,922)
Other current assets       0       0 0 0 0 0   0 0
Accounts payable       0       0 0 0 0 0   0 0
Accrued liabilities       (250)       0 (500) 0 (750) 0   0 0
Accrued payroll and benefits       (1,150)       0 (1,625) 0 (2,625) 0   0 0
Income taxes receivable       252       7 382 (4) 608 (21)   (38) 53
Income taxes payable       (521)       97 (744) (137) (1,099) (473)   (831) (675)
Other non-current assets       0       0 0 0 0 0   0 0
Other non-current liabilities       0       0 0 0 0 0   0 0
Net cash (used in)/provided by operating activities       $ 0       $ 0 $ 0 $ 0 $ 0 $ 0   $ 0 $ 0
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Restatement of Previously Issued Consolidated Financial Statement - Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Net income/(loss) $ 8,458 $ 5,046 $ 3,566 $ 2,139 $ 10,099 $ 15,497 $ 6,676 $ 9,903 $ 5,705 $ 16,579 $ 10,751 $ 32,076 $ 19,209 $ 42,175 $ 92,878
Total comprehensive income attributable to Movado Group, Inc.   7,287 9,179 (8,216) 20,376 5,269 13,137 13,781 963 26,918 8,250 32,187 $ 6,160 52,563 86,498
As Previously Reported                              
Net income/(loss)   5,433 3,861 3,063 12,407 17,670 8,187 9,277 6,924 17,464 12,357 35,134   47,541 97,023
Total comprehensive income attributable to Movado Group, Inc.   7,536 9,475 (7,348) 22,684 7,442 14,648 13,155 2,127 27,803 9,663 35,245   57,929 90,643
Adjustment                              
Net income/(loss)   (387) (295) (924) (2,308) (2,173) (1,511) 626 (1,219) (885) (1,606) (3,058)   (5,366) (4,145)
Total comprehensive income attributable to Movado Group, Inc.   $ (249) $ (296) $ (868) $ (2,308) $ (2,173) $ (1,511) $ 626 $ (1,164) $ (885) $ (1,413) $ (3,058)   $ (5,366) $ (4,145)
v3.25.1
Restatement of Previously Issued Consolidated Financial Statement - Consolidated Statements of Changes in Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Beginning Balance $ 494,412 $ 491,856 $ 508,049 $ 497,471 $ 489,997 $ 505,002 $ 508,049 $ 505,002 $ 508,049 $ 505,002 $ 508,049 $ 505,002 $ 473,378
Net income/(loss) attributable to Movado Group, Inc.                     19,209 42,175 92,425
Ending Balance 493,850 494,412 491,856 494,318 497,471 489,997 494,412 497,471 493,850 494,318 483,579 508,049 505,002
Total equity balance 493,850 494,412 491,856 494,318 497,471 489,997 494,412 497,471 493,850 494,318 483,579 508,049 505,002
Retained Earnings                          
Beginning Balance 449,346 453,651 459,409 449,852 451,063 471,210 459,409 471,210 459,409 471,210 459,409 471,210 412,190
Net income/(loss) attributable to Movado Group, Inc. 4,827 3,469 2,015 15,216 6,538 9,754 5,484 16,292 10,311 31,508 18,364 41,345 90,383
Ending Balance 446,401 449,346 453,651 457,319 449,852 451,063 449,346 449,852 446,401 457,319 446,704 459,409 471,210
Total equity balance 446,401 449,346 453,651 457,319 449,852 451,063 449,346 449,852 446,401 457,319 446,704 459,409 471,210
As Previously Reported                          
Beginning Balance 506,575 503,680 518,957 503,898 494,913 510,544 518,957 510,544 518,957 510,544 518,957 510,544  
Ending Balance 506,424 506,575 503,680 502,918 503,898 494,913 506,575 503,898 506,424 502,918   518,957 510,544
Total equity balance 506,424 506,575 503,680 502,918 503,898 494,913 506,575 503,898 506,424 502,918   518,957 510,544
As Previously Reported | Retained Earnings                          
Beginning Balance 461,382 465,435 470,317 456,279 455,979 476,752 470,317 476,752 470,317 476,752 470,317 476,752 413,587
Net income/(loss) attributable to Movado Group, Inc. 5,050 3,721 2,891 17,389 8,049 9,128 6,612 17,177 11,662 34,566   46,711 94,528
Ending Balance 458,660 461,382 465,435 465,919 456,279 455,979 461,382 456,279 458,660 465,919   470,317 476,752
Total equity balance 458,660 461,382 465,435 465,919 456,279 455,979 461,382 456,279 458,660 465,919   470,317 476,752
Adjustment                          
Beginning Balance (12,163) (11,824) (10,908) (6,427) (4,916) (5,542) (10,908) (5,542) (10,908) (5,542) (10,908) (5,542)  
Ending Balance (12,574) (12,163) (11,824) (8,600) (6,427) (4,916) (12,163) (6,427) (12,574) (8,600)   (10,908) (5,542)
Total equity balance (12,574) (12,163) (11,824) (8,600) (6,427) (4,916) (12,163) (6,427) (12,574) (8,600)   (10,908) (5,542)
Adjustment | Retained Earnings                          
Beginning Balance (12,036) (11,784) (10,908) (6,427) (4,916) (5,542) (10,908) (5,542) (10,908) (5,542) $ (10,908) (5,542) (1,397)
Net income/(loss) attributable to Movado Group, Inc. (223) (252) (876) (2,173) (1,511) 626 (1,128) (885) (1,351) (3,058)   (5,366) (4,145)
Ending Balance (12,259) (12,036) (11,784) (8,600) (6,427) (4,916) (12,036) (6,427) (12,259) (8,600)   (10,908) (5,542)
Total equity balance $ (12,259) $ (12,036) $ (11,784) $ (8,600) $ (6,427) $ (4,916) $ (12,036) $ (6,427) $ (12,259) $ (8,600)   $ (10,908) $ (5,542)
v3.25.1
Cost-Savings Initiative - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Restructuring Cost and Reserve [Line Items]                
Severance and payroll related charges $ 4,600              
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense              
Payments for restructuring $ 1,300              
Remaining restructuring charges included in Accrued payroll and benefits 7,840 $ 9,916 $ 8,153 $ 6,190 $ 7,591 $ 10,317 $ 10,976 $ 7,597
Severance and Employee Related                
Restructuring Cost and Reserve [Line Items]                
Remaining restructuring charges included in Accrued payroll and benefits 2,800              
Restructuring charges included in Accrued liabilities 500              
Watch and Accessory Brands                
Restructuring Cost and Reserve [Line Items]                
Severance and payroll related charges 4,600              
Watch and Accessory Brands | United States                
Restructuring Cost and Reserve [Line Items]                
Severance and payroll related charges 1,900              
Watch and Accessory Brands | International                
Restructuring Cost and Reserve [Line Items]                
Severance and payroll related charges $ 2,700              
v3.25.1
Joint Ventures - Additional Information (Details)
₨ in Millions, $ in Millions
 12 Months Ended
Jan. 24, 2022
USD ($)
Jan. 24, 2022
INR (₨)
Jan. 31, 2025
USD ($)
Jan. 31, 2023
Dec. 31, 2018
Joint Venture with Third Party          
Business Acquisition [Line Items]          
Percentage of ownership control     49.00% 49.00% 51.00%
Estimated purchase price     $ 1.9    
MGI distribution private limited          
Business Acquisition [Line Items]          
Business acquisition, net of cash acquired $ 1.2 ₨ 89      
Percentage of ownership control 80.00% 80.00%      
Payments made by minority shareholder $ 0.3 ₨ 22      
v3.25.1
Intangible Assets - Summary of Changes in Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]      
Beginning Balance $ 7,493 $ 9,642 $ 13,507
Additions 109 144 202
Amortization (1,931) (2,481) (3,240)
Foreign exchange impact (134) 188 (827)
Ending Balance $ 5,537 7,493 9,642
Trade Names      
Acquired Finite Lived Intangible Assets [Line Items]      
Weighted Average Amortization Period (in years) 10 years    
Beginning Balance $ 5,539 6,903 9,100
Additions 0 0 0
Amortization (1,535) (1,504) (1,487)
Foreign exchange impact (63) 140 (710)
Ending Balance $ 3,941 5,539 6,903
Customer Relationships      
Acquired Finite Lived Intangible Assets [Line Items]      
Weighted Average Amortization Period (in years) 10 years    
Beginning Balance $ 995 1,728 3,349
Additions 0 0 0
Amortization (158) (729) (1,503)
Foreign exchange impact (26) (4) (118)
Ending Balance $ 811 995 1,728
Other      
Acquired Finite Lived Intangible Assets [Line Items]      
Weighted Average Amortization Period (in years) [1] 10 years    
Beginning Balance [1] $ 959 1,011 1,058
Additions [1] 109 144 202
Amortization [1] (238) (248) (250)
Foreign exchange impact [1] (45) 52 1
Ending Balance [1] $ 785 $ 959 $ 1,011
[1] Other includes fees paid related to trademarks.
v3.25.1
Intangible Assets - Summary of Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Business Combinations [Abstract]        
2026 $ 1,872      
2027 1,856      
2028 1,116      
2029 427      
2030 84      
Thereafter 182      
Total estimated future amortization expense $ 5,537 $ 7,493 $ 9,642 $ 13,507
v3.25.1
Inventories - Components of Inventories (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Inventory, Net [Abstract]                
Finished goods $ 129,204       $ 123,768      
Component parts 23,905       26,386      
Work-in-process 3,629       3,736      
Inventories $ 156,738 $ 176,137 $ 183,160 $ 165,170 $ 153,890 $ 176,641 $ 185,035 $ 198,208
v3.25.1
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Property Plant And Equipment [Line Items]                
Property, plant and equipment, gross $ 120,098       $ 125,825      
Less: Accumulated depreciation and amortization (100,178)       (106,389)      
Property, plant and equipment, net 19,920 $ 20,480 $ 20,315 $ 19,037 19,436 $ 19,458 $ 19,740 $ 19,075
Land and buildings                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, gross $ 1,323       1,399      
Property, plant and equipment, Estimated Useful Lives 40 years              
Furniture and equipment                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, gross $ 46,039       54,169      
Furniture and equipment | Minimum                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, Estimated Useful Lives 4 years              
Furniture and equipment | Maximum                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, Estimated Useful Lives 10 years              
Computer software                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, gross $ 34,972       33,576      
Computer software | Minimum                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, Estimated Useful Lives 5 years              
Computer software | Maximum                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, Estimated Useful Lives 10 years              
Leasehold improvements                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, gross $ 35,982       35,131      
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember              
Design fees and tooling costs                
Property Plant And Equipment [Line Items]                
Property, plant and equipment, gross $ 1,782       $ 1,550      
Property, plant and equipment, Estimated Useful Lives 3 years              
v3.25.1
Property, Plant and Equipment - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Property Plant And Equipment [Line Items]                  
Depreciation and amortization $ 2,288 $ 2,557 $ 4,582 $ 5,039 $ 6,960 $ 7,278 $ 9,312 [1],[2] $ 9,644 [1] $ 10,809 [1]
Amortization expense             1,931 2,481 3,240
Property, Plant and Equipment                  
Property Plant And Equipment [Line Items]                  
Depreciation and amortization             7,200 7,000 7,400
Computer software                  
Property Plant And Equipment [Line Items]                  
Amortization expense             $ 2,000 $ 2,000 $ 1,500
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Debt and Lines of Credit - Additional Information (Details)
 12 Months Ended
Oct. 12, 2018
USD ($)
Jan. 31, 2025
USD ($)
Bank
Subsidiary
Jan. 31, 2024
USD ($)
Bank
Subsidiary
Jan. 31, 2023
USD ($)
Jan. 31, 2025
CHF (SFr)
Bank
Subsidiary
Jan. 31, 2024
CHF (SFr)
Bank
Subsidiary
Debt Instrument [Line Items]            
Cash paid for interest   $ 300,000 $ 300,000 $ 300,000    
Amortization of debt fees   200,000 200,000 $ 200,000    
Unsecured Debt | Swiss subsidiary            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity   7,100,000 7,500,000   SFr 6,500,000 SFr 6,500,000
Outstanding borrowing amount   0 0      
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 100,000,000          
Uncommitted increase to borrowing capacity $ 50,000,000          
Credit facility matures date Oct. 28, 2026          
Loan drawn under the facility   0 0      
Line of credit facility remaining borrowing capacity   99,700,000 99,700,000      
Weighted average borrowings amount   $ 0 0      
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026 | SOFR            
Debt Instrument [Line Items]            
Applicable margin rate   1.00%        
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026 | SOFR | Minimum            
Debt Instrument [Line Items]            
Applicable margin rate   1.00%        
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026 | SOFR | Maximum            
Debt Instrument [Line Items]            
Applicable margin rate   1.75%        
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026 | Base Rate            
Debt Instrument [Line Items]            
Applicable margin rate   0.00%        
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026 | Base Rate | Minimum            
Debt Instrument [Line Items]            
Applicable margin rate   0.00%        
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026 | Base Rate | Maximum            
Debt Instrument [Line Items]            
Applicable margin rate   0.75%        
Letter of Credit            
Debt Instrument [Line Items]            
Credit facility matures date   Jun. 02, 2025        
Outstanding borrowing amount   $ 300,000 $ 300,000      
Letter of Credit | Secured Debt | Credit Agreement Due on October 28, 2026            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 15,000,000          
Letter of Credit | Unsecured Debt | Swiss subsidiary            
Debt Instrument [Line Items]            
Number of European banks guaranteed obligations to third parties | Bank   2 2   2 2
Number of foreign subsidiaries under guaranteed obligation | Subsidiary   2 2   2 2
Guaranteed obligations to third parties   $ 1,300,000 $ 1,400,000      
Restricted deposit relates to lease agreement   $ 700,000 $ 800,000      
Swingline | Secured Debt | Credit Agreement Due on October 28, 2026            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity 25,000,000          
Swiss Borrowers | Secured Debt | Credit Agreement Due on October 28, 2026            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 75,000,000          
v3.25.1
Derivative Financial Instruments - Additional Information (Details)
€ in Millions, £ in Millions, SFr in Millions
 12 Months Ended
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Jan. 31, 2025
CHF (SFr)
Jan. 31, 2025
USD ($)
Jan. 31, 2025
EUR (€)
Jan. 31, 2025
GBP (£)
Jan. 31, 2023
USD ($)
Derivatives Fair Value [Line Items]              
Net deferred gains on derivative financial instruments designated as cash flow hedges included in accumulated other comprehensive income (loss)   $ 43,000   $ 0     $ (171,000)
Reclassify amounts from accumulated other comprehensive income to net sales $ 46,000 $ 46,000          
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax          
Cash flow hedge ineffectiveness $ 0            
Derivatives Not Designated as Hedging Instrument | Foreign Exchange Forward              
Derivatives Fair Value [Line Items]              
Net forward contracts hedging portfolio     SFr 28.0 $ 32,500,000 € 25.3 £ 1.5  
Maximum | Derivatives Not Designated as Hedging Instrument | Foreign Exchange Forward              
Derivatives Fair Value [Line Items]              
Expiry dates ranging Jul. 17, 2025            
v3.25.1
Derivative Financial Instruments - Schedule of Derivative Financial Instruments Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Derivatives Designated As Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Asset Derivatives, Fair Value $ 0 $ 26
Liability Derivatives, Fair Value 0 11
Derivatives Designated As Hedging Instruments | Other Current Assets | Foreign Exchange Contracts    
Derivatives, Fair Value [Line Items]    
Asset Derivatives, Fair Value 0 26
Derivatives Designated As Hedging Instruments | Accrued Liabilities | Foreign Exchange Contracts    
Derivatives, Fair Value [Line Items]    
Liability Derivatives, Fair Value 0 11
Derivatives Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives, Fair Value 13 528
Liability Derivatives, Fair Value 1,111 0
Derivatives Not Designated as Hedging Instrument | Other Current Assets | Foreign Exchange Contracts    
Derivatives, Fair Value [Line Items]    
Asset Derivatives, Fair Value 13 528
Derivatives Not Designated as Hedging Instrument | Accrued Liabilities | Foreign Exchange Contracts    
Derivatives, Fair Value [Line Items]    
Liability Derivatives, Fair Value $ 1,111 $ 0
v3.25.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Assets:    
Total assets measured at fair value $ 88,822 $ 83,996
Liabilities:    
Total liabilities measured at fair value 54,553 48,811
Level 1    
Assets:    
Total assets measured at fair value 54,496 49,711
Liabilities:    
Total liabilities measured at fair value 53,442 48,800
Level 2    
Assets:    
Total assets measured at fair value 13 554
Liabilities:    
Total liabilities measured at fair value 1,111 11
Level 3    
Assets:    
Total assets measured at fair value 34,313 33,731
Liabilities:    
Total liabilities measured at fair value 0 0
Other Current Assets | Available-for-sale securities    
Assets:    
Total assets measured at fair value 306 246
Other Current Assets | Short-term investment    
Assets:    
Total assets measured at fair value 143 155
Other Current Assets | Hedge derivatives-Assets    
Assets:    
Total assets measured at fair value 13 554
Other Current Assets | Level 1 | Available-for-sale securities    
Assets:    
Total assets measured at fair value 306 246
Other Current Assets | Level 1 | Short-term investment    
Assets:    
Total assets measured at fair value 143 155
Other Current Assets | Level 1 | Hedge derivatives-Assets    
Assets:    
Total assets measured at fair value 0 0
Other Current Assets | Level 2 | Available-for-sale securities    
Assets:    
Total assets measured at fair value 0 0
Other Current Assets | Level 2 | Short-term investment    
Assets:    
Total assets measured at fair value 0 0
Other Current Assets | Level 2 | Hedge derivatives-Assets    
Assets:    
Total assets measured at fair value 13 554
Other Current Assets | Level 3 | Available-for-sale securities    
Assets:    
Total assets measured at fair value 0 0
Other Current Assets | Level 3 | Short-term investment    
Assets:    
Total assets measured at fair value 0 0
Other Current Assets | Level 3 | Hedge derivatives-Assets    
Assets:    
Total assets measured at fair value 0 0
Other Non-current Assets | SERP assets - employer    
Assets:    
Total assets measured at fair value 605 510
Other Non-current Assets | SERP assets - employee    
Assets:    
Total assets measured at fair value 53,442 48,800
Other Non-current Assets | Level 1 | SERP assets - employer    
Assets:    
Total assets measured at fair value 605 510
Other Non-current Assets | Level 1 | SERP assets - employee    
Assets:    
Total assets measured at fair value 53,442 48,800
Other Non-current Assets | Level 2 | SERP assets - employer    
Assets:    
Total assets measured at fair value 0 0
Other Non-current Assets | Level 2 | SERP assets - employee    
Assets:    
Total assets measured at fair value 0 0
Other Non-current Assets | Level 3 | SERP assets - employer    
Assets:    
Total assets measured at fair value 0 0
Other Non-current Assets | Level 3 | SERP assets - employee    
Assets:    
Total assets measured at fair value 0 0
Other non-current liabilities | SERP liabilities - employee    
Liabilities:    
Total liabilities measured at fair value 53,442 48,800
Other non-current liabilities | Defined Benefit Plan Assets    
Assets:    
Total assets measured at fair value 34,313 33,731
Other non-current liabilities | Level 1 | SERP liabilities - employee    
Liabilities:    
Total liabilities measured at fair value 53,442 48,800
Other non-current liabilities | Level 1 | Defined Benefit Plan Assets    
Assets:    
Total assets measured at fair value 0 0
Other non-current liabilities | Level 2 | SERP liabilities - employee    
Liabilities:    
Total liabilities measured at fair value 0 0
Other non-current liabilities | Level 2 | Defined Benefit Plan Assets    
Assets:    
Total assets measured at fair value 0 0
Other non-current liabilities | Level 3 | SERP liabilities - employee    
Liabilities:    
Total liabilities measured at fair value 0 0
Other non-current liabilities | Level 3 | Defined Benefit Plan Assets    
Assets:    
Total assets measured at fair value 34,313 33,731
Accrued Liabilities | Hedge derivatives-Liabilities    
Liabilities:    
Total liabilities measured at fair value 1,111 11
Accrued Liabilities | Level 1 | Hedge derivatives-Liabilities    
Liabilities:    
Total liabilities measured at fair value 0 0
Accrued Liabilities | Level 2 | Hedge derivatives-Liabilities    
Liabilities:    
Total liabilities measured at fair value 1,111 11
Accrued Liabilities | Level 3 | Hedge derivatives-Liabilities    
Liabilities:    
Total liabilities measured at fair value $ 0 $ 0
v3.25.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Transfers into level 1 to level 2, assets $ 0  
Transfers into level 2 to level 1, assets 0  
Transfers into level 1 to level 2, liabilities 0  
Transfers into level 2 to level 1, liabilities 0  
Transfers into level 3, assets 0  
Transfers out of level 3, assets 0  
Transfers into level 3, liabilities 0  
Transfers out of level 3, liabilities 0  
Investment in venture capital funds 5,700,000 $ 8,400,000
Investments $ 500,000  
Short-term investment    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Fair value, investment The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of one percent calculated annually.  
v3.25.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2016
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2018
Jan. 31, 2022
Loss Contingencies [Line Items]          
Amount of minimum commitments related to license agreements and endorsement agreements   $ 289.4      
Long-term purchase commitment, period   7 years      
Outstanding purchase obligations with supplier   $ 86.6      
Tax cuts and jobs act, deemed repatriation tax   7.1   $ 28.2  
Payment of deemed repatriation tax installments period       8 years  
Commitment funded amount   5.7 $ 8.4    
Called upon satisfy capital calls in respect of commitment   $ 7.5      
Underpaid duty charges due to alternative duty methodology $ 5.1        
Maximum          
Loss Contingencies [Line Items]          
Committed investments in venture capital fund         $ 21.5
v3.25.1
Leases - Additional Information (Details)
 12 Months Ended
Jan. 31, 2025
Lessee Lease Description [Line Items]  
Lease, practical expedients, package (Short term leases) true
Minimum  
Lessee Lease Description [Line Items]  
Operating leases, remaining terms 1 year
Operating leases, option to extend true
Maximum  
Lessee Lease Description [Line Items]  
Operating leases, remaining terms 11 years
v3.25.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]      
Operating lease expense $ 21,919 $ 20,404 $ 19,810
Short-term lease cost 698 746 550
Variable lease cost 9,319 10,536 10,653
Total operating lease expense 31,936 31,686 31,013
Finance lease cost:      
Amortization of right-of-use assets 0 0 46
Interest on lease liabilities $ 0 $ 0 $ 0
v3.25.1
Leases - Summary of Supplemental Balance Sheet Information for Leases (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
ASSETS                
Operating $ 86,009 $ 88,892 $ 85,350 $ 89,155 $ 82,661 $ 84,212 $ 71,358 $ 76,194
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Operating       Operating      
Current liabilities:                
Operating $ 19,263 18,851 18,352 18,192 $ 15,696 15,885 17,069 17,558
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Operating       Operating      
Noncurrent:                
Operating $ 75,508 $ 79,410 $ 76,314 $ 79,749 $ 76,396 $ 76,929 $ 63,565 $ 66,743
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Operating       Operating      
v3.25.1
Leases - Summary of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate (Details)
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]      
Operating leases, Weighted-average remaining lease term 5 years 9 months 18 days 6 years 8 months 12 days 6 years
Operating leases, Weighted-average discount rate 4.13% 3.86% 3.48%
v3.25.1
Leases - Schedule of Future Minimum Lease Payments under Topic 842 (Details)
$ in Thousands
Jan. 31, 2025
USD ($)
Operating Leases  
2026 $ 22,717
2027 22,862
2028 16,430
2029 12,357
2030 10,268
Thereafter 22,653
Total lease payments 107,287
Less: Interest (12,516)
Total lease obligations $ 94,771
v3.25.1
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 21,679 $ 20,103 $ 19,485
Operating cash flows from finance leases 0 0 0
Financing cash flows from finance leases 0 0 49
Leased assets obtained in exchange for new operating lease liabilities $ 21,463 $ 17,341 $ 29,006
v3.25.1
Income Taxes - Schedule of (Loss)/Income before (Benefit)/Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Income Tax Disclosure [Abstract]                            
U.S. (loss)/ income before taxes                       $ (4,974) $ (3,126) $ 25,214
Non-U.S. income before taxes                       31,625 57,093 91,924
Income before income taxes $ 7,411 $ 4,409 $ 4,172 $ 12,447 $ 19,663 $ 9,316 $ 12,541 $ 8,581 $ 21,857 $ 15,992 $ 41,520 $ 26,651 [1],[2] $ 53,967 [1] $ 117,138 [1]
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Income Taxes - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 31, 2022
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Income Tax Contingency [Line Items]        
Cash paid for income taxes   $ 28,400,000 $ 28,700,000 $ 29,000,000
Effective tax rate for continuing operations   27.90% 21.80%  
U.S. Statutory tax rate   21.00% 21.00%  
Minimum tax rate on book income 15.00%      
Excise tax on fair market stock repurchases 1.00%      
Unrecognized tax benefits which would impact the Company's effective tax rate   $ 500,000 $ 500,000 500,000
Accrued interest (net of tax benefit) and penalties related to unrecognized tax benefits   300,000 $ 200,000 $ 200,000
Undistributed foreign earnings   234,200,000    
Deferred tax liability, undistributed foreign earnings   0    
State and Local Jurisdiction        
Income Tax Contingency [Line Items]        
Operating Loss carryforwards   700,000    
Foreign Tax Authority        
Income Tax Contingency [Line Items]        
Operating Loss carryforwards   4,600,000    
Operating loss carryforwards, valuation allowance   3,700,000    
China        
Income Tax Contingency [Line Items]        
Operating Loss carryforwards   1,600,000    
United Kingdom        
Income Tax Contingency [Line Items]        
Operating Loss carryforwards   $ 1,800,000    
Minimum        
Income Tax Contingency [Line Items]        
Expiration periods   1 year    
Maximum        
Income Tax Contingency [Line Items]        
Expiration periods   10 years    
v3.25.1
Income Taxes - Schedule of Income Taxes (Benefit) Provision for Continuing Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Current:                            
U.S. Federal                       $ 997 $ 165 $ 5,492
U.S. State and Local                       165 201 2,055
Non-U.S.                       5,453 11,107 17,425
Total current                       6,615 11,473 24,972
Deferred:                            
U.S. Federal                       285 (58) 203
U.S. State and Local                       171 1,024 60
Non-U.S.                       371 (647) (975)
Total deferred                       827 319 (712)
Total provision for income taxes $ 2,365 $ 843 $ 2,033 $ 2,348 $ 4,166 $ 2,640 $ 2,638 $ 2,876 $ 5,278 $ 5,241 $ 9,444 $ 7,442 $ 11,792 $ 24,260
v3.25.1
Income Taxes - Schedule of Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Deferred Taxes Assets    
Net operating loss carryforwards, Assets $ 5,351 $ 5,761
Inventory, Assets 1,280 1,899
Unprocessed returns, Assets 1,292 998
Receivables allowances, Assets 656 569
Deferred compensation, Assets 17,418 16,853
Depreciation/amortization, Assets 14,039 14,583
Other provisions/accruals, Assets 1,252 1,500
Deferred occupancy costs, Assets 19,968 21,092
Miscellaneous, Assets 1,204 1,506
Total, Assets 62,460 64,761
Valuation allowance, Assets (3,679) (3,298)
Total deferred tax assets and liabilities 58,781 61,463
Deferred Taxes Liabilities    
Net operating loss carryforwards, Liabilities 0 0
Inventory, Liabilities 0 0
Unprocessed returns, Liabilities 0 0
Receivables allowance, Liabilities 0 0
Deferred compensation, Liabilities 0 0
Depreciation / amortization, Liabilities 0 0
Other provisions / accruals, Liabilities 0 0
Deferred occupancy costs, Liabilities 17,678 18,879
Miscellaneous, Liabilities 0 0
Total, Liabilities 17,678 18,879
Valuation allowance, Liabilities 0 0
Total deferred tax assets and liabilities $ 17,678 $ 18,879
v3.25.1
Income Taxes - Schedule of Income Taxes (Benefit)/Provision for Continuing Operations by Applying U.S. Federal Statutory Rate (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Schedule of income taxes provision / (benefit) for continuing operations by applying U.S. federal statutory rate                            
Provision for income taxes at the U.S. statutory rate                       $ 5,591 $ 11,333 $ 24,599
Lower effective non-U.S. income tax rate                       (1,755) (1,984) (2,455)
State and local taxes, net of federal benefit                       265 974 1,743
Valuation allowance                       955 277 (1,671)
Compensation and benefits                       668 (48) 545
Cross-border tax effects                       1,762 1,032 122
Other, net                       (44) 208 1,377
Total provision for income taxes $ 2,365 $ 843 $ 2,033 $ 2,348 $ 4,166 $ 2,640 $ 2,638 $ 2,876 $ 5,278 $ 5,241 $ 9,444 $ 7,442 $ 11,792 $ 24,260
v3.25.1
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Schedule of reconciliation of beginning and ending amounts of gross unrecognized tax benefits      
Beginning balance $ 547 $ 569 $ 876
Tax positions taken in the current year 0 0 0
Tax positions taken in prior years 0 0 205
Lapse of statute of limitations 10 3 (168)
Settlements (1) (25) (331)
Non-U.S. currency exchange fluctuations (5) 0 (13)
Ending balance $ 551 $ 547 $ 569
v3.25.1
Treasury Stock - Additional Information (Details) - USD ($)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Dec. 05, 2024
Nov. 23, 2021
Equity Class Of Treasury Stock [Line Items]          
Stock repurchase program, total cost of shares repurchased $ 2,628,000 $ 3,116,000 $ 31,413,000    
Surrender of Shares by Employee          
Equity Class Of Treasury Stock [Line Items]          
Stock repurchase program, number of shares repurchased 42,388 22,034 28,405    
December 5, 2024 Share Repurchase Program          
Equity Class Of Treasury Stock [Line Items]          
Stock repurchase program, number of shares authorized       $ 50,000,000  
Stock repurchase program, number of shares repurchased 0        
Stock repurchase program, remaining authorized repurchase amount $ 50,000,000        
November 23, 2021 Share repurchase Program          
Equity Class Of Treasury Stock [Line Items]          
Stock repurchase program, number of shares authorized         $ 50,000,000
Stock repurchase program, total cost of shares repurchased $ 2,600,000 $ 3,100,000      
Stock repurchase program, number of shares repurchased 120,000 111,722      
Stock repurchase program, average per share price of shares repurchased $ 21.90 $ 27.89      
March 25, 2021 and November 23, 2021 Share Repurchase Program          
Equity Class Of Treasury Stock [Line Items]          
Stock repurchase program, total cost of shares repurchased     $ 31,400,000    
Stock repurchase program, number of shares repurchased     898,956    
Stock repurchase program, average per share price of shares repurchased     $ 34.94    
v3.25.1
Accumulated Other Comprehensive Income - Component of Accumulated Other Comprehensive Income (loss) (Details) - USD ($)
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]                  
Foreign currency translation adjustments $ 81,519,000       $ 93,840,000       $ 83,005,000
Available-for-sale securities 215,000       169,000       182,000
Cash flow hedges 0       43,000       (171,000)
Unrecognized prior service cost related to defined benefit pension plan (122,000)       (171,000)       (231,000)
Net actuarial loss related to defined benefit pension plan (1,631,000)       (1,546,000)       (1,490,000)
Total accumulated other comprehensive income $ 79,981,000 $ 90,262,000 $ 87,802,000 $ 82,081,000 $ 92,335,000 $ 81,727,000 $ 91,810,000 $ 85,177,000 $ 81,295,000
v3.25.1
Accumulated Other Comprehensive Income - Additional Information (Details) - USD ($)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]      
Amount reclassified from accumulated other comprehensive income (loss) $ 46,000 $ 2,100,000 $ 2,100,000
v3.25.1
Revenue - Summary of Net Sales Disaggregated by Customer Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Disaggregation Of Revenue [Line Items]                              
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 $ 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Wholesale                              
Disaggregation Of Revenue [Line Items]                              
Net sales                         491,870 496,845 562,865
Direct to consumer                              
Disaggregation Of Revenue [Line Items]                              
Net sales                         158,153 164,201 177,713
After-sales service                              
Disaggregation Of Revenue [Line Items]                              
Net sales                         $ 3,355 $ 3,343 $ 3,631
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 04, 2013
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Stock options granted   0 0 170,493
Compensation expense   $ 0.9 $ 2.1 $ 2.3
Unrecognized compensation cost related to unvested stock options   $ 0.1    
Weighted-average period   2 months 12 days    
Cash received for stock option exercises   $ 0.1 $ 0.7 $ 1.6
Common stock tendered by employee for withholding tax obligation   42,388 22,034 28,405
Employee's withholding tax obligation   $ 1.2 $ 0.6 $ 1.1
Shortfall tax expense on exercises of stock options   0.3    
Stock Award Units        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Compensation expense   $ 3.2 5.3 3.4
Weighted-average period   1 year 9 months 18 days    
Unrecognized compensation cost   $ 3.8    
Fair value of stock award units vested   3.9 2.3 3.6
Fair value of unvested stock award units   $ 19.3 $ 14.7 $ 8.5
Performance-Based Stock Awards | Minimum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Number of shares issued percentage of target number of underlying stock award units   0.00%    
Performance-Based Stock Awards | Maximum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Number of shares issued percentage of target number of underlying stock award units   200.00%    
Stock Incentive Plan        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Number of common stock shares 12,000,000      
Options granted to participants exercisable period 3 years      
v3.25.1
Stock-Based Compensation - Schedule of Weighted Average Assumptions Used for Calculation of Fair Value of Stock Options Granted (Details) - $ / shares
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]    
Expected volatility   51.66%
Expected life in years   6 years
Risk-free interest rates   2.57%
Dividend rate   3.00%
Weighted average fair value per option at date of grant $ 0 $ 14.81
v3.25.1
Stock-Based Compensation - Schedule of Stock Option Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Schedule of stock option plan      
Outstanding Option Beginning Balance 1,014,189 1,085,029 982,834
Granted 0 0 170,493
Exercised (4,000) (51,840) (59,858)
Forfeited (58,700) (19,000) (8,440)
Outstanding Option Ending Balance 951,489 1,014,189 1,085,029
Exercisable 802,850 662,375 183,101
Expected to vest 148,567    
Weighted Average Exercise Price per Option, Beginning Balance $ 24.2 $ 23.84 $ 21.69
Granted, Weighted Average Exercise Price per Option 0 0 38.04
Exercised. Weighted Average Exercise Price per Option 16.87 13.02 26.94
Forfeited, Weighted Average Exercise Price per Option 42.12 34.13 38.04
Weighted Average Exercise Price per Option, Ending Balance 23.13 $ 24.2 $ 23.84
Exercisable, Weighted Average Exercise Price per Option 20.37    
Expected to vest, Weighted Average Exercise Price per Option 38.04    
Option Price Per Share, Exercised 16.87    
Option Price Per Share, Forfeited $ 42.12    
Options outstanding, Weighted Average Remaining Contractual Term (years) 5 years 6 months 6 years 2 months 12 days  
Exercisable, Weighted Average Remaining Contractual Term (years) 5 years 1 month 6 days    
Expected to vest, Weighted Average Remaining Contractual Term (years) 7 years 2 months 12 days    
Options outstanding, Aggregate Intrinsic Value $ 1,775 $ 6,049  
Exercisable, Aggregate Intrinsic Value 1,775    
Expected to vest, Aggregate Intrinsic Value $ 0    
Minimum      
Schedule of stock option plan      
Option Price Per Share, Beginning Balance $ 12.42    
Option Price Per Share, Ending Balance 12.42 $ 12.42  
Maximum      
Schedule of stock option plan      
Option Price Per Share, Beginning Balance 42.12    
Option Price Per Share, Ending Balance $ 38.04 $ 42.12  
v3.25.1
Stock-Based Compensation - Schedule of Stock Option Plan (Parenthetical) (Details) - shares
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercisable 802,850 662,375 183,101 242,959
v3.25.1
Stock-Based Compensation - Schedule of Information Related to Stock Option Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Total fair value of stock options exercised $ 22 $ 212 $ 680
Total fair value of stock options vested $ 2,117 $ 2,756 $ 0
v3.25.1
Stock-Based Compensation - Schedule of Non-vested Stock Options (Details) - $ / shares
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Non-vested stock options:      
Non-vested, Shares, Beginning Balance 351,814    
Stock options granted 0 0 170,493
Vested, Shares (203,175)    
Forfeited 0    
Non-vested, Shares, Ending Balance 148,639 351,814  
Non-vested stock options:      
Non-vested, Weight Average Grant Date Fair Value, Beginning Balance $ 12.27    
Weighted average fair value per option at date of grant 0   $ 14.81
Vested, Weight Average Grant Date Fair Value 10.42    
Forfeited, Weight Average Grant Date Fair Value 0    
Non-vested, Weight Average Grant Date Fair Value, Ending Balance $ 14.81 $ 12.27  
v3.25.1
Stock-Based Compensation - Schedule of Transactions for Restricted Stock Units Under Plan (Details) - Stock Award Units - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Number of Stock Award Units      
Stock Award Units, Beginning Balance 485,956 294,148 296,283
Units granted 311,786 300,633 128,254
Units vested (138,274) (104,379) (112,584)
Units forfeited (2,106) (4,446) (17,805)
Stock Award Units, Ending Balance 657,362 485,956 294,148
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, Beginning Balance $ 30.15 $ 28.84 $ 26.39
Units granted, Weighted Average Grant Date Fair Value 27.78 28.60 37.89
Units vested, Weighted Average Grant Date Fair Value 28.19 22.04 31.88
Units forfeited, Weighted Average Grant Date Fair Value 30.70 28.78 34.12
Weighted Average Grant Date Fair Value Ending Balance $ 29.43 $ 30.15 $ 28.84
Weighted-Average Remaining Contractual Term (years)      
Units outstanding, Weighted-Average Remaining Contractual Term (years) 1 year 4 months 24 days    
Aggregate Intrinsic Value      
Units outstanding, Aggregate Intrinsic Value $ 12,569    
v3.25.1
Pension and Retirement Savings Plan - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Contributions and expenses of administering the other defined contribution plans $ 1.0 $ 1.2 $ 1.2
Estimated prior service cost to be amortized in next fiscal year from accumulated other comprehensive income into net periodic pension cost 0.1    
Defined benefit plan prior service credit   $ 0.1  
Defined benefit plan prior service credit amortized period   5 years 4 months 24 days  
Swiss      
Defined Benefit Plan Disclosure [Line Items]      
Expected future contribution to defined benefit plan $ 1.3    
SERP      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan employers matching contribution, vesting period 5 years    
Company's contribution to defined contribution plans $ 0.6 $ 0.8 $ 0.6
Defined contribution plan, description The Company makes a matching contribution, up to either 5% or 10% of the executive’s salary, which vests in equal annual installments over five years.    
SERP | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of company's matching contribution with respect to each participant's contribution 20.00%    
401(k) Savings Plan      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of company's matching contribution with respect to each participant's contribution   50.00% 50.00%
Percentage of matching contribution with respect to each participant's contribution   1.00% 1.00%
Maximum percentage contribution by employee   8.00% 6.00%
Percentage of company's maximum matching contribution   4.00% 3.00%
Defined contribution plan employers matching contribution, vesting period 3 years    
Company's contribution to defined contribution plans $ 1.5 $ 1.6 $ 1.2
v3.25.1
Pension and Retirement Savings Plan - Components of Net Periodic Pension Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
Service cost $ 1,146 $ 1,069 $ 1,138
Interest cost 505 593 57
Expected return on assets (998) (754) (439)
Actuarial gain recognized due to partial settlement (114) 0 (105)
Amortization of prior service costs 68 76 71
Net Periodic Pension Cost $ 607 $ 984 $ 722
v3.25.1
Pension and Retirement Savings Plan - Reconciliation of Change in Benefit Obligation, Change in Plan Assets and Net Amount Recognized in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Change in benefit obligation:      
Pension benefit obligation at beginning of period $ 34,424 $ 29,109  
Service cost 1,146 1,069 $ 1,138
Interest cost 505 593 57
Benefits (paid)/deposited (1,798) 623  
Prior service credit 0 (74)  
Employee contributions 887 898  
Actuarial losses 1,200 230  
Foreign currency exchange rate impact (1,936) 1,976  
Pension benefit obligation at end of year 34,428 34,424 29,109
Change in plan assets:      
Fair value of plan assets at beginning of period 33,731 27,965  
Company contributions 1,333 1,350  
Benefits (paid)/deposited (1,798) 623  
Actual return on plan assets 2,075 974  
Employee contributions 887 898  
Foreign currency exchange rate impact (1,915) 1,921  
Fair value of plan assets at end of year 34,313 33,731 $ 27,965
Funded status - consolidated (115) (693)  
Amounts recognized in the Consolidated Balance Sheets consist of:      
Other non-current liabilities (115) (693)  
Amounts recognized in accumulated other comprehensive income/(loss):      
Prior service cost 83 151  
Net actuarial loss 2,145 2,031  
Tax effect (475) (465)  
Net amount recognized, after tax 1,753 1,717  
Accumulated benefit obligation $ 34,142 $ 34,244  
v3.25.1
Pension and Retirement Savings Plan - Weighted Average Assumptions Used to Calculate Benefit Obligations (Details)
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 1.00% 1.50% 1.90%
Salary progression rate 1.10% 1.10% 1.10%
Expected long-term rate of return on plan assets 3.20% 3.00% 2.50%
v3.25.1
Pension and Retirement Savings Plan - Weighted Average Assumptions Used to Calculate Net Periodic Pension Cost (Details)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 1.50% 1.90% 0.20%
Salary progression rate 1.10% 1.10% 1.10%
Expected long-term rate of return on plan assets 3.00% 2.50% 1.50%
v3.25.1
Pension and Retirement Savings Plan - Schedule of Expected Benefit Payments of Pension Plans (Details)
$ in Thousands
Jan. 31, 2025
USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2026 $ 410
2027 567
2028 466
2029 612
2030 1,189
2031-2035 $ 4,156
v3.25.1
Segment and Geographic Information - Additional Information (Details)
 12 Months Ended
Jan. 31, 2025
Segment
Location
Jan. 31, 2024
Jan. 31, 2023
Segment Reporting Information [Line Items]      
Number of operating segments | Segment 2    
Number of geographic locations | Location 2    
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember    
Segment reporting, expense information used by CODM, description CODM evaluates operating results based on gross profit, defined as net sales less cost of sales, and operating income, defined as gross profit less selling, general and administrative expenses.    
Segment reporting, CODM, profit (loss) measure, how used, description The CODM uses gross profit and operating income in the budgeting and forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for gross profit and operating income for evaluating performance of the segments and making decisions about allocating capital and other resources to each segment.    
Geographic Concentration Risk | Europe | Total net sales      
Segment Reporting Information [Line Items]      
International Operations Contribution 31.00% 30.90% 33.20%
Geographic Concentration Risk | Middle East | Total net sales      
Segment Reporting Information [Line Items]      
International Operations Contribution 0.60% 7.90% 6.40%
Geographic Concentration Risk | Americas (excluding the United States) | Total net sales      
Segment Reporting Information [Line Items]      
International Operations Contribution 9.90% 9.40% 7.90%
Geographic Concentration Risk | Asia | Total net sales      
Segment Reporting Information [Line Items]      
International Operations Contribution 0.90% 8.10% 7.60%
v3.25.1
Segment and Geographic Information - Operating Segment Data (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Operating segment data                              
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 $ 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Cost of sales   83,894 71,748 61,459 81,659 84,270 70,490 63,811 133,207 134,301 217,101 218,571 300,238 [2],[3] 300,230 [2] 315,081 [2]
Gross profit 98,338 96,630 85,252 72,920 94,094 99,802 87,530 82,733 158,172 170,263 254,802 270,065 353,140 [2],[3] 364,159 [2] 429,128 [2]
Selling, general and administrative   90,597 82,610 70,802 83,311 81,636 79,638 71,104 153,412 150,742 244,009 232,378 333,125 [2],[3] 315,689 [2] 313,541 [2]
Operating income 9,222 6,033 2,642 2,118 10,783 18,166 7,892 11,629 4,760 19,521 10,793 37,687 20,015 [2],[3] 48,470 [2] 115,587 [2]
Other income, net   1,522 1,877 2,172 1,800 1,632 1,537 1,025 4,049 2,562 5,571 4,194 7,125 [2],[3] 5,994 [2] 2,069 [2]
Interest expense   (144) (110) (118) (136) (135) (113) (113) (228) (226) (372) (361) (489) [2],[3] (497) [2] (518) [2]
Income before income taxes   7,411 4,409 4,172 12,447 19,663 9,316 12,541 8,581 21,857 15,992 41,520 26,651 [2],[3] 53,967 [2] 117,138 [2]
Depreciation and amortization       2,288       2,557 4,582 5,039 6,960 7,278 9,312 [2],[3] 9,644 [2] 10,809 [2]
Total Assets 729,231 $ 747,152 $ 742,480 $ 735,995 756,498 $ 753,479 $ 742,289 $ 735,833 $ 742,480 $ 742,289 $ 747,152 $ 753,479 729,231 756,498  
Capital Expenditure                         7,966 8,223 7,085
Watch and Accessory Brands                              
Operating segment data                              
Net sales                         556,386 560,454 632,650
Cost of sales                         261,774 259,269 274,011
Gross profit                         294,612 301,185 358,639
Selling, general and administrative                         286,874 269,882 268,369
Operating income                         7,738 31,303 90,270
Depreciation and amortization                         7,096 7,266 8,233
Total Assets 668,403       697,483               668,403 697,483  
Capital Expenditure                         5,740 7,784 4,323
Watch and Accessory Brands | Operating Segments                              
Operating segment data                              
Net sales                         556,386 560,454 632,650
Watch and Accessory Brands | Owned brands category                              
Operating segment data                              
Net sales                         183,622 198,612 230,277
Watch and Accessory Brands | Licensed brands category                              
Operating segment data                              
Net sales                         365,216 354,099 391,867
Watch and Accessory Brands | After-sales service and all other                              
Operating segment data                              
Net sales                         7,548 7,743 10,506
Company Stores                              
Operating segment data                              
Net sales                         96,992 103,935 111,559
Cost of sales                         38,464 40,961 41,070
Gross profit                         58,528 62,974 70,489
Selling, general and administrative                         46,251 45,807 45,172
Operating income                         12,277 17,167 25,317
Depreciation and amortization                         2,216 2,378 2,576
Total Assets $ 60,828       $ 59,015               60,828 59,015  
Capital Expenditure                         $ 2,226 $ 439 $ 2,762
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Segment and Geographic Information - Geographic Location Data (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]                              
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 $ 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Long-Lived Assets 105,929       102,097               105,929 102,097  
Operating Lease Right-of-Use Assets 86,009 88,892 85,350 89,155 82,661 84,212 71,358 76,194 85,350 71,358 88,892 84,212 86,009 82,661  
Property, Plant and Equipment, Net 19,920 $ 20,480 $ 20,315 $ 19,037 19,436 $ 19,458 $ 19,740 $ 19,075 $ 20,315 $ 19,740 $ 20,480 $ 19,458 19,920 19,436  
United States                              
Revenues From External Customers And Long Lived Assets [Line Items]                              
Net sales [1]                         278,532 290,256 333,913
Long-Lived Assets 75,160       77,156               75,160 77,156  
Operating Lease Right-of-Use Assets 61,916       65,206               61,916 65,206  
Property, Plant and Equipment, Net 13,244       11,950               13,244 11,950  
International                              
Revenues From External Customers And Long Lived Assets [Line Items]                              
Net sales [1]                         374,846 374,133 $ 410,296
Long-Lived Assets 30,769       24,941               30,769 24,941  
Operating Lease Right-of-Use Assets 24,093       17,455               24,093 17,455  
Property, Plant and Equipment, Net $ 6,676       $ 7,486               $ 6,676 $ 7,486  
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Segment and Geographic Information - Geographic Location Data (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Segment Reporting Information [Line Items]                              
Pre-tax charge                         $ 4,600    
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Intersegment Eliminations                              
Segment Reporting Information [Line Items]                              
Net sales                         287,600 260,100 350,500
Watch and Accessory Brands                              
Segment Reporting Information [Line Items]                              
Pre-tax charge                         4,600    
Net sales                         556,386 560,454 632,650
Unallocated corporate expenses                         30,000 30,800 37,000
Profits related to the company's supply chain operations                         67,000 71,500 81,000
Watch and Accessory Brands | Operating Segments                              
Segment Reporting Information [Line Items]                              
Net sales                         556,386 560,454 632,650
United States                              
Segment Reporting Information [Line Items]                              
Net sales [1]                         278,532 290,256 333,913
United States | Watch and Accessory Brands                              
Segment Reporting Information [Line Items]                              
Pre-tax charge                         1,900    
International                              
Segment Reporting Information [Line Items]                              
Net sales [1]                         374,846 $ 374,133 $ 410,296
International | Watch and Accessory Brands                              
Segment Reporting Information [Line Items]                              
Pre-tax charge                         2,700    
International | Watch and Accessory Brands | Professional fees                              
Segment Reporting Information [Line Items]                              
Pre-tax charge                         $ 2,500    
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Quarterly Financial Information (Unaudited) - Schedule of Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Jan. 31, 2022
Current assets:                    
Cash and cash equivalents $ 208,501 $ 181,548 $ 198,251 $ 225,372 $ 262,059 $ 200,965 $ 218,909 $ 198,257 $ 251,584  
Trade receivables, net 93,382 113,853 86,709 81,016 86,044 120,962 84,874 85,460    
Inventories 156,738 176,137 183,160 165,170 153,890 176,641 185,035 198,208    
Other current assets 21,786 22,625 26,421 22,258 17,962 18,856 25,206 25,804    
Income taxes receivable 9,534 7,300 12,691 8,070 11,339 11,103 12,940 11,998    
Total current assets 489,941 501,463 507,232 501,886 531,294 528,527 526,964 519,727    
Property, plant and equipment, net 19,920 20,480 20,315 19,037 19,436 19,458 19,740 19,075    
Operating lease right-of-use assets 86,009 88,892 85,350 89,155 82,661 84,212 71,358 76,194    
Deferred and non-current income taxes 41,330 43,767 42,685 43,280 43,016 44,814 45,004 45,049    
Other intangibles, net 5,537 6,192 6,645 6,935 7,493 7,688 8,432 8,996    
Other non-current assets 86,494 86,358 80,253 75,702 72,598 68,780 70,791 66,792    
Total assets 729,231 747,152 742,480 735,995 756,498 753,479 742,289 735,833    
Liabilities, Current [Abstract]                    
Accounts payable 34,312 29,429 36,769 32,999 32,775 22,998 28,435 24,443    
Accrued liabilities 42,610 50,495 44,574 41,726 38,695 57,165 47,135 48,858    
Accrued payroll and benefits 7,840 9,916 8,153 6,190 7,591 10,317 10,976 7,597    
Current operating lease liabilities 19,263 18,851 18,352 18,192 15,696 15,885 17,069 17,558    
Income taxes payable 8,935 6,985 6,542 4,263 16,642 18,706 17,097 16,810    
Total current liabilities 112,960 115,676 114,390 103,370 111,399 125,071 120,712 115,266    
Deferred and non-current income taxes payable 1,008 1,188 1,028 8,143 8,234 7,966 8,321 14,540    
Non-current operating lease liabilities 75,508 79,410 76,314 79,749 76,396 76,929 63,565 66,743    
Other non-current liabilities 56,176 57,028 56,336 52,877 52,420 49,195 52,220 49,287    
Total liabilities 245,652 253,302 248,068 244,139 248,449 259,161 244,818 245,836    
Commitments and contingencies  
Redeemable noncontrolling interest   0 0 0 0 0 0 0    
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued 0 0 0 0 0 0 0 0    
Capital in excess of par value 243,355 243,311 242,039 240,923 239,062 236,438 234,443 232,419    
Retained earnings 446,704 446,401 449,346 453,651 459,409 457,319 449,852 451,063    
Accumulated other comprehensive income 79,981 90,262 87,802 82,081 92,335 81,727 91,810 85,177 81,295  
Treasury Stock (289,067) (289,067) (287,499) (287,414) (285,270) (283,998) (282,101) (281,957)    
Total Movado Group, Inc. shareholders' equity 481,329 491,263 492,044 489,596 505,890 491,839 494,357 487,055    
Noncontrolling interest 2,250 2,587 2,368 2,260 2,159 2,479 3,114 2,942    
Total equity 483,579 493,850 494,412 491,856 508,049 494,318 497,471 489,997 505,002 $ 473,378
Total liabilities and equity 729,231 747,152 742,480 735,995 756,498 753,479 742,289 735,833    
Common Stock Class Undefined                    
Equity:                    
Common Stock 292 292 292 291 290 289 289 288    
Class A Common Stock                    
Equity:                    
Common Stock $ 64 64 64 64 64 64 64 65    
As Previously Reported                    
Current assets:                    
Cash and cash equivalents   181,548 198,251 225,372 262,059 200,965 218,909 198,257    
Trade receivables, net   139,163 109,784 101,722 104,472 135,523 95,821 94,037    
Inventories   168,929 176,396 159,618 148,031 171,966 181,448 195,235    
Other current assets   22,625 26,421 22,258 17,962 18,856 25,206 25,804    
Income taxes receivable   7,922 13,088 8,336 11,354 11,135 12,988 12,057    
Total current assets   520,187 523,940 517,306 543,878 538,445 534,372 525,390    
Property, plant and equipment, net   20,480 20,315 19,037 19,436 19,458 19,740 19,075    
Operating lease right-of-use assets   88,892 85,350 89,155 82,661 84,212 71,358 76,194    
Deferred and non-current income taxes   43,767 42,685 43,280 43,016 44,814 45,004 45,049    
Other intangibles, net   6,192 6,645 6,935 7,493 7,688 8,432 8,996    
Other non-current assets   86,358 80,253 75,702 72,598 68,780 70,791 66,792    
Total assets   765,876 759,188 751,415 769,082 763,397 749,697 741,496    
Liabilities, Current [Abstract]                    
Accounts payable   29,429 36,769 32,999 32,775 22,998 28,435 24,443    
Accrued liabilities   51,245 45,074 41,976 38,695 57,165 47,135 48,858    
Accrued payroll and benefits   12,541 9,778 7,340 7,591 10,317 10,976 7,597    
Current operating lease liabilities   18,851 18,352 18,192 15,696 15,885 17,069 17,558    
Income taxes payable   9,760 8,962 6,459 18,318 20,024 18,078 17,557    
Total current liabilities   121,826 118,935 106,966 113,075 126,389 121,693 116,013    
Deferred and non-current income taxes payable   1,188 1,028 8,143 8,234 7,966 8,321 14,540    
Non-current operating lease liabilities   79,410 76,314 79,749 76,396 76,929 63,565 66,743    
Other non-current liabilities   57,028 56,336 52,877 52,420 49,195 52,220 49,287    
Total liabilities   259,452 252,613 247,735 250,125 260,479 245,799 246,583    
Commitments and contingencies                
Redeemable noncontrolling interest   0 0 0 0 0 0 0    
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued   0 0 0 0 0 0 0    
Capital in excess of par value   243,311 242,039 240,923 239,062 236,438 234,443 232,419    
Retained earnings   458,660 461,382 465,435 470,317 465,919 456,279 455,979    
Accumulated other comprehensive income   90,323 87,838 82,073 92,335 81,727 91,810 85,177    
Treasury Stock   (289,067) (287,499) (287,414) (285,270) (283,998) (282,101) (281,957)    
Total Movado Group, Inc. shareholders' equity   503,583 504,116 501,372 516,798 500,439 500,784 491,971    
Noncontrolling interest   2,841 2,459 2,308 2,159 2,479 3,114 2,942    
Total equity   506,424 506,575 503,680 518,957 502,918 503,898 494,913 510,544  
Total liabilities and equity   765,876 759,188 751,415 769,082 763,397 749,697 741,496    
As Previously Reported | Common Stock Class Undefined                    
Equity:                    
Common Stock   292 292 291 290 289 289 288    
As Previously Reported | Class A Common Stock                    
Equity:                    
Common Stock   64 64 64 64 64 64 65    
Adjustment                    
Current assets:                    
Cash and cash equivalents   0 0 0 0 0 0 0    
Trade receivables, net   (25,310) (23,075) (20,706) (18,428) (14,561) (10,947) (8,577)    
Inventories   7,208 6,764 5,552 5,859 4,675 3,587 2,973    
Other current assets   0 0 0 0 0 0 0    
Income taxes receivable   (622) (397) (266) (15) (32) (48) (59)    
Total current assets   (18,724) (16,708) (15,420) (12,584) (9,918) (7,408) (5,663)    
Property, plant and equipment, net   0 0 0 0 0 0 0    
Operating lease right-of-use assets   0 0 0 0 0 0 0    
Deferred and non-current income taxes   0 0 0 0 0 0 0    
Other intangibles, net   0 0 0 0 0 0 0    
Other non-current assets   0 0 0 0 0 0 0    
Total assets   (18,724) (16,708) (15,420) (12,584) (9,918) (7,408) (5,663)    
Liabilities, Current [Abstract]                    
Accounts payable   0 0 0 0 0 0 0    
Accrued liabilities   (750) (500) (250) 0 0 0 0    
Accrued payroll and benefits   (2,625) (1,625) (1,150) 0 0 0 0    
Current operating lease liabilities   0 0 0 0 0 0 0    
Income taxes payable   (2,775) (2,420) (2,196) (1,676) (1,318) (981) (747)    
Total current liabilities   (6,150) (4,545) (3,596) (1,676) (1,318) (981) (747)    
Deferred and non-current income taxes payable   0 0 0 0 0 0 0    
Non-current operating lease liabilities   0 0 0 0 0 0 0    
Other non-current liabilities   0 0 0 0 0 0 0    
Total liabilities   (6,150) (4,545) (3,596) (1,676) (1,318) (981) (747)    
Commitments and contingencies                
Redeemable noncontrolling interest   0 0 0 0 0 0 0    
Equity:                    
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued   0 0 0 0 0 0 0    
Capital in excess of par value   0 0 0 0 0 0 0    
Retained earnings   (12,259) (12,036) (11,784) (10,908) (8,600) (6,427) (4,916)    
Accumulated other comprehensive income   (61) (36) 8 0 0 0 0    
Treasury Stock   0 0 0 0 0 0 0    
Total Movado Group, Inc. shareholders' equity   (12,320) (12,072) (11,776) (10,908) (8,600) (6,427) (4,916)    
Noncontrolling interest   (254) (91) (48)   0 0 0    
Total equity   (12,574) (12,163) (11,824) (10,908) (8,600) (6,427) (4,916) $ (5,542)  
Total liabilities and equity   (18,724) (16,708) (15,420) (12,584) (9,918) (7,408) (5,663)    
Adjustment | Common Stock Class Undefined                    
Equity:                    
Common Stock   0 0 0 0 0 0 0    
Adjustment | Class A Common Stock                    
Equity:                    
Common Stock   $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0    
v3.25.1
Quarterly Financial Information (Unaudited) - Consolidated Balance Sheet (Parenthetical) (Details) - $ / shares
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Preferred Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Preferred Stock, shares authorized 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Preferred Stock, shares issued 0 0 0 0 0 0 0 0 0
Treasury Stock, Shares 13,490,483 13,490,483 13,408,334 13,404,954 13,328,095 13,282,860 13,213,877 13,208,339 13,194,339
Common Stock Class Undefined                  
Common Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common Stock, shares authorized 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Common Stock, shares issued 29,178,287 29,174,709 29,169,952 29,131,595 29,004,001 28,879,497 28,876,211 28,824,156 28,806,511
Common Stock, shares outstanding 29,178,287 29,174,709 29,169,952 29,131,595 29,004,001 28,879,497 28,876,211 28,824,156 28,806,511
Class A Common Stock                  
Common Stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common Stock, shares authorized 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000
Common Stock, shares issued 6,458,376 6,458,376 6,458,376 6,483,116 6,483,116 6,483,116 6,483,116 6,524,805 6,524,805
Common Stock, shares outstanding 6,458,376 6,458,376 6,458,376 6,483,116 6,483,116 6,483,116 6,483,116 6,524,805 6,524,805
v3.25.1
Quarterly Financial Information (Unaudited) - Schedule of Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Net sales $ 181,475 $ 180,524 $ 157,000 $ 134,379 $ 175,753 $ 184,072 $ 158,020 $ 146,544 $ 291,379 $ 304,564 $ 471,903 $ 488,636 $ 653,378 [1],[2],[3] $ 664,389 [1],[2] $ 744,209 [1],[2]
Cost of sales   83,894 71,748 61,459 81,659 84,270 70,490 63,811 133,207 134,301 217,101 218,571 300,238 [2],[3] 300,230 [2] 315,081 [2]
Gross profit 98,338 96,630 85,252 72,920 94,094 99,802 87,530 82,733 158,172 170,263 254,802 270,065 353,140 [2],[3] 364,159 [2] 429,128 [2]
Selling, general and administrative   90,597 82,610 70,802 83,311 81,636 79,638 71,104 153,412 150,742 244,009 232,378 333,125 [2],[3] 315,689 [2] 313,541 [2]
Operating income 9,222 6,033 2,642 2,118 10,783 18,166 7,892 11,629 4,760 19,521 10,793 37,687 20,015 [2],[3] 48,470 [2] 115,587 [2]
Non-operating income/(expense):                              
Other income, net   1,522 1,877 2,172 1,800 1,632 1,537 1,025 4,049 2,562 5,571 4,194 7,125 [2],[3] 5,994 [2] 2,069 [2]
Interest expense   (144) (110) (118) (136) (135) (113) (113) (228) (226) (372) (361) (489) [2],[3] (497) [2] (518) [2]
Income before income taxes   7,411 4,409 4,172 12,447 19,663 9,316 12,541 8,581 21,857 15,992 41,520 26,651 [2],[3] 53,967 [2] 117,138 [2]
Provision/(benefit) for income taxes   2,365 843 2,033 2,348 4,166 2,640 2,638 2,876 5,278 5,241 9,444 7,442 11,792 24,260
Net income 8,458 5,046 3,566 2,139 10,099 15,497 6,676 9,903 5,705 16,579 10,751 32,076 19,209 42,175 92,878
Less: Net income/(loss) attributable to noncontrolling interest   219 97 124 262 281 138 149 221 287 440 568 845 830 2,495
Net income attributable to Movado Group, Inc. $ 8,053 $ 4,827 $ 3,469 $ 2,015 $ 9,837 $ 15,216 $ 6,538 $ 9,754 $ 5,484 $ 16,292 $ 10,311 $ 31,508 $ 18,364 $ 41,345 $ 90,383
Basic income/(loss) per share:                              
Weighted basic average shares outstanding   22,283 22,303 22,253 22,218 22,209 22,231 22,226 22,278 22,229 22,280 22,222 22,268 22,221 22,504
Net income per share attributable to Movado Group, Inc. $ 0.36 $ 0.22 $ 0.16 $ 0.09 $ 0.44 $ 0.69 $ 0.29 $ 0.44 $ 0.25 $ 0.73 $ 0.46 $ 1.42 $ 0.82 $ 1.86 $ 4.02
Diluted income/(loss) per share:                              
Weighted diluted average shares outstanding   22,559 22,658 22,673 22,708 22,677 22,616 22,672 22,665 22,642 22,627 22,641 22,603 22,641 22,955
Net income per share attributable to Movado Group, Inc. $ 0.36 $ 0.21 $ 0.15 $ 0.09 $ 0.43 $ 0.67 $ 0.29 $ 0.43 $ 0.24 $ 0.72 $ 0.46 $ 1.39 $ 0.81 $ 1.83 $ 3.94
As Previously Reported                              
Net sales   $ 182,727 $ 159,313 $ 136,669 $ 179,620 $ 187,686 $ 160,390 $ 144,905 $ 295,982 $ 305,295 $ 478,709 $ 492,981   $ 672,601 $ 751,898
Cost of sales   84,331 72,948 61,156 82,843 85,358 71,104 62,902 134,104 134,006 218,435 219,364   302,207 318,003
Gross profit   98,396 86,365 75,513 96,777 102,328 89,286 82,003 161,878 171,289 260,274 273,617   370,394 433,895
Selling, general and administrative   91,846 83,335 72,202 83,311 81,636 79,638 71,104 155,537 150,742 247,383 232,378   315,689 313,541
Operating income   6,550 3,030 3,311 13,466 20,692 9,648 10,899 6,341 20,547 12,891 41,239   54,705 120,354
Non-operating income/(expense):                              
Other income, net   1,522 1,877 2,172 1,800 1,632 1,537 1,025 4,049 2,562 5,571 4,194   5,994 2,069
Interest expense   (144) (110) (118) (136) (135) (113) (113) (228) (226) (372) (361)   (497) (518)
Income before income taxes   7,928 4,797 5,365 15,130 22,189 11,072 11,811 10,162 22,883 18,090 45,072   60,202 121,905
Provision/(benefit) for income taxes   2,495 936 2,302 2,723 4,519 2,885 2,534 3,238 5,419 5,733 9,938   12,661 24,882
Net income   5,433 3,861 3,063 12,407 17,670 8,187 9,277 6,924 17,464 12,357 35,134   47,541 97,023
Less: Net income/(loss) attributable to noncontrolling interest   383 140 172 262 281 138 149 312 287 695 568   830 2,495
Net income attributable to Movado Group, Inc.   $ 5,050 $ 3,721 $ 2,891 $ 12,145 $ 17,389 $ 8,049 $ 9,128 $ 6,612 $ 17,177 $ 11,662 $ 34,566   $ 46,711 $ 94,528
Basic income/(loss) per share:                              
Weighted basic average shares outstanding   22,283 22,303 22,253 22,218 22,209 22,231 22,226 22,278 22,229 22,280 22,222   22,221 22,504
Net income per share attributable to Movado Group, Inc.   $ 0.23 $ 0.17 $ 0.13 $ 0.55 $ 0.78 $ 0.36 $ 0.41 $ 0.3 $ 0.77 $ 0.52 $ 1.56   $ 2.10 $ 4.20
Diluted income/(loss) per share:                              
Weighted diluted average shares outstanding   22,559 22,658 22,673 22,708 22,677 22,616 22,672 22,665 22,642 22,627 22,641   22,641 22,955
Net income per share attributable to Movado Group, Inc.   $ 0.22 $ 0.16 $ 0.13 $ 0.53 $ 0.77 $ 0.36 $ 0.4 $ 0.29 $ 0.76 $ 0.52 $ 1.53   $ 2.06 $ 4.12
Adjustment                              
Net sales   $ (2,203) $ (2,313) $ (2,290) $ (3,867) $ (3,614) $ (2,370) $ 1,639 $ (4,603) $ (731) $ (6,806) $ (4,345)   $ (8,212) $ (7,689)
Cost of sales   (437) (1,200) 303 (1,184) (1,088) (614) 909 (897) 295 (1,334) (793)   (1,977) (2,922)
Gross profit   (1,766) (1,113) (2,593) (2,683) (2,526) (1,756) 730 (3,706) (1,026) (5,472) (3,552)   (6,235) (4,767)
Selling, general and administrative   (1,249) (725) (1,400) 0 0 0 0 (2,125) 0 (3,374) 0   0 0
Operating income   (517) (388) (1,193) (2,683) (2,526) (1,756) 730 (1,581) (1,026) (2,098) (3,552)   (6,235) (4,767)
Non-operating income/(expense):                              
Other income, net   0 0 0 0 0 0 0 0 0 0 0   0 0
Interest expense   0 0 0 0 0 0 0 0 0 0 0   0 0
Income before income taxes   (517) (388) (1,193) (2,683) (2,526) (1,756) 730 (1,581) (1,026) (2,098) (3,552)   (6,235) (4,767)
Provision/(benefit) for income taxes   (130) (93) (269) (375) (353) (245) 104 (362) (141) (492) (494)   (869) (622)
Net income   (387) (295) (924) (2,308) (2,173) (1,511) 626 (1,219) (885) (1,606) (3,058)   (5,366) (4,145)
Less: Net income/(loss) attributable to noncontrolling interest   (164) (43) (48) 0 0 0 0 (91) 0 (255) 0   0 0
Net income attributable to Movado Group, Inc.   $ (223) $ (252) $ (876) $ (2,308) $ (2,173) $ (1,511) $ 626 $ (1,128) $ (885) $ (1,351) $ (3,058)   $ (5,366) $ (4,145)
Basic income/(loss) per share:                              
Weighted basic average shares outstanding   0 0 0 0 0 0 0 0 0 0 0   0 0
Net income per share attributable to Movado Group, Inc.   $ (0.01) $ (0.01) $ (0.04) $ (0.11) $ (0.09) $ (0.07) $ 0.03 $ (0.05) $ (0.04) $ (0.06) $ (0.14)   $ (0.24) $ (0.18)
Diluted income/(loss) per share:                              
Weighted diluted average shares outstanding   0 0 0 0 0 0 0 0 0 0 0   0 0
Net income per share attributable to Movado Group, Inc.   $ (0.01) $ (0.01) $ (0.04) $ (0.1) $ (0.1) $ (0.07) $ 0.03 $ (0.05) $ (0.04) $ (0.06) $ (0.14)   $ (0.23) $ (0.18)
[1] The United States and International net sales in the Watch and Accessory Brands segment are net of intercompany sales of $287.6 million, $260.1 million and $350.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[3] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Quarterly Financial Information (Unaudited) - Schedule of Consolidated Statements of Operations (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
 [1],[2]
Jan. 31, 2024
Jan. 31, 2023
Selling, general and administrative $ 90,597 $ 82,610 $ 70,802 $ 83,311 $ 81,636 $ 79,638 $ 71,104 $ 153,412 $ 150,742 $ 244,009 $ 232,378 $ 333,125 $ 315,689 [1] $ 313,541 [1]
Adjustment                            
Selling, general and administrative $ (1,249) $ (725) $ (1,400) $ 0 $ 0 $ 0 $ 0 $ (2,125) $ 0 $ (3,374) $ 0   $ 0 $ 0
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Quarterly Financial Information (Unaudited) - Schedule of Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:                              
Net income/(loss) $ 8,458 $ 5,046 $ 3,566 $ 2,139 $ 10,099 $ 15,497 $ 6,676 $ 9,903 $ 5,705 $ 16,579 $ 10,751 $ 32,076 $ 19,209 $ 42,175 $ 92,878
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:                              
Depreciation and amortization       2,288       2,557 4,582 5,039 6,960 7,278 9,312 [1],[2] 9,644 [1] 10,809 [1]
Transactional losses (gains)/losses       (1,434)       (114) (75) 849 594 204 (388) 722 (18)
Provision for inventories and accounts receivable       1,210       904 2,292 1,916 4,489 3,803 4,588 5,418 4,091
Deferred income taxes       (457)       (1,029) (553) (1,564) (1,582) (2,032) 827 319 (712)
Stock-based compensation       1,838       1,597 2,855 3,579 4,094 5,529 4,108 7,442 5,726
Other       82       559 171 647 265 754 413 1,020 453
Changes in assets and liabilities:                              
Trade receivables       3,384       (1,224) (2,261) (96) (30,220) (37,682) (11,550) (899) 4,244
Inventories       (15,687)       (7,240) (32,298) 7,230 (26,031) 9,965 (11,725) 35,675 (31,821)
Other current assets       (5,090)       (1,985) (8,375) (700) (4,675) 4,107 (4,589) 5,962 (6,427)
Accounts payable       1,082       (7,949) 3,493 (2,995) (3,709) (7,492) 1,842 1,541 (13,740)
Accrued liabilities       2,817       3,739 6,108 2,206 11,224 12,336 3,102 (6,011) (1,127)
Accrued payroll and benefits       (1,257)       (9,844) 618 (6,529) 2,369 (7,039) 475 (9,922) (7,705)
Income taxes receivable       4,714       (1,159) 4,508 (5,985) 8,982 (4,515) 9,532 (3,744) 6,850
Income taxes payable       (13,785)       (10,986) (22,962) (12,245) (20,954) (10,487) (21,971) (13,832) (4,779)
Other non-current assets       95       635 276 1,003 (3,141) 1,293 (4,278) 1,877 (4,561)
Other non-current liabilities       (13)       139 6 292 (43) (730) (411) (609) 180
Net cash (used in)/provided by operating activities       (18,074)       (21,497) (35,910) 9,226 (40,627) 7,368 $ (1,504) 76,778 54,341
As Previously Reported                              
Cash flows from operating activities:                              
Net income/(loss)   5,433 3,861 3,063 12,407 17,670 8,187 9,277 6,924 17,464 12,357 35,134   47,541 97,023
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:                              
Depreciation and amortization       2,288       2,557 4,582 5,039 6,960 7,278   9,644 10,809
Transactional losses (gains)/losses       (1,434)       (114) (75) 849 594 204   722 (18)
Provision for inventories and accounts receivable       1,210       904 2,292 1,916 4,489 3,803   5,418 4,091
Deferred income taxes       (457)       (1,029) (553) (1,564) (1,582) (2,032)   319 (712)
Stock-based compensation       1,838       1,597 2,855 3,579 4,094 5,529   7,442 5,726
Other       82       559 171 647 265 754   1,020 453
Changes in assets and liabilities:                              
Trade receivables       1,094       415 (6,864) (827) (37,026) (42,027)   (9,111) (3,445)
Inventories       (15,990)       (8,149) (31,401) 6,935 (24,697) 10,758   37,652 (28,899)
Other current assets       (5,090)       (1,985) (8,375) (700) (4,675) 4,107   5,962 (6,427)
Accounts payable       1,082       (7,949) 3,493 (2,995) (3,709) (7,492)   1,541 (13,740)
Accrued liabilities       3,067       3,739 6,608 2,206 11,974 12,336   (6,011) (1,127)
Accrued payroll and benefits       (107)       (9,844) 2,243 (6,529) 4,994 (7,039)   (9,922) (7,705)
Income taxes receivable       4,462       (1,166) 4,126 (5,981) 8,374 (4,494)   (3,706) 6,797
Income taxes payable       (13,264)       (11,083) (22,218) (12,108) (19,855) (10,014)   (13,001) (4,104)
Other non-current assets       95       635 276 1,003 (3,141) 1,293   1,877 (4,561)
Other non-current liabilities       (13)       139 6 292 (43) (730)   (609) 180
Net cash (used in)/provided by operating activities       (18,074)       (21,497) (35,910) 9,226 (40,627) 7,368   76,778 54,341
Adjustment                              
Cash flows from operating activities:                              
Net income/(loss)   $ (387) $ (295) (924) $ (2,308) $ (2,173) $ (1,511) 626 (1,219) (885) (1,606) (3,058)   (5,366) (4,145)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:                              
Depreciation and amortization       0       0 0 0 0 0   0 0
Transactional losses (gains)/losses       0       0 0 0 0 0   0 0
Provision for inventories and accounts receivable       0       0 0 0 0 0   0 0
Deferred income taxes       0       0 0 0 0 0   0 0
Stock-based compensation       0       0 0 0 0 0   0 0
Other       0       0 0 0 0 0   0 0
Changes in assets and liabilities:                              
Trade receivables       2,290       (1,639) 4,603 731 6,806 4,345   8,212 7,689
Inventories       303       909 (897) 295 (1,334) (793)   (1,977) (2,922)
Other current assets       0       0 0 0 0 0   0 0
Accounts payable       0       0 0 0 0 0   0 0
Accrued liabilities       (250)       0 (500) 0 (750) 0   0 0
Accrued payroll and benefits       (1,150)       0 (1,625) 0 (2,625) 0   0 0
Income taxes receivable       252       7 382 (4) 608 (21)   (38) 53
Income taxes payable       (521)       97 (744) (137) (1,099) (473)   (831) (675)
Other non-current assets       0       0 0 0 0 0   0 0
Other non-current liabilities       0       0 0 0 0 0   0 0
Net cash (used in)/provided by operating activities       $ 0       $ 0 $ 0 $ 0 $ 0 $ 0   $ 0 $ 0
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
v3.25.1
Quarterly Financial Information (Unaudited) - Schedule of Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Net income/(loss) $ 8,458 $ 5,046 $ 3,566 $ 2,139 $ 10,099 $ 15,497 $ 6,676 $ 9,903 $ 5,705 $ 16,579 $ 10,751 $ 32,076 $ 19,209 $ 42,175 $ 92,878
Other comprehensive income/(loss):                              
Foreign currency translation adjustments   2,241 5,782 (10,331)         (4,549)   (2,308)   (12,321) 10,835 (1,720)
Total other comprehensive (loss)/income, net of taxes   2,460 5,721 (10,254)         (4,533)   (2,073)   (12,354) 11,040 (4,000)
Comprehensive income/(loss) attributable to noncontrolling interests:                              
Net income/(loss)   219 97 124 262 281 138 149 221 287 440 568 845 830 2,495
Foreign currency translation adjustments   0 11 (23)         (12)   (12)   (150) (178) (115)
Total comprehensive income/(loss) attributable to noncontrolling interests   219 108 101         209   428   695 652 2,380
Total comprehensive income/(loss) attributable to Movado Group, Inc.   7,287 9,179 (8,216) 20,376 5,269 13,137 13,781 963 26,918 8,250 32,187 $ 6,160 52,563 86,498
As Previously Reported                              
Net income/(loss)   5,433 3,861 3,063 12,407 17,670 8,187 9,277 6,924 17,464 12,357 35,134   47,541 97,023
Other comprehensive income/(loss):                              
Foreign currency translation adjustments   2,266 5,826 (10,339)         (4,513)   (2,247)        
Total other comprehensive (loss)/income, net of taxes   2,485 5,765 (10,262)         (4,497)   (2,012)        
Comprehensive income/(loss) attributable to noncontrolling interests:                              
Net income/(loss)   383 140 172 262 281 138 149 312 287 695 568   830 2,495
Foreign currency translation adjustments   (1) 11 (23)         (12)   (13)        
Total comprehensive income/(loss) attributable to noncontrolling interests   382 151 149         300   682        
Total comprehensive income/(loss) attributable to Movado Group, Inc.   7,536 9,475 (7,348) 22,684 7,442 14,648 13,155 2,127 27,803 9,663 35,245   57,929 90,643
Adjustment                              
Net income/(loss)   (387) (295) (924) (2,308) (2,173) (1,511) 626 (1,219) (885) (1,606) (3,058)   (5,366) (4,145)
Other comprehensive income/(loss):                              
Foreign currency translation adjustments   (25) (44) 8         (36)   (61)        
Total other comprehensive (loss)/income, net of taxes   (25) (44) 8         (36)   (61)        
Comprehensive income/(loss) attributable to noncontrolling interests:                              
Net income/(loss)   (164) (43) (48) 0 0 0 0 (91) 0 (255) 0   0 0
Foreign currency translation adjustments   1 0 0         0   1        
Total comprehensive income/(loss) attributable to noncontrolling interests   (163) (43) (48)         (91)   (254)        
Total comprehensive income/(loss) attributable to Movado Group, Inc.   $ (249) $ (296) $ (868) $ (2,308) $ (2,173) $ (1,511) $ 626 $ (1,164) $ (885) $ (1,413) $ (3,058)   $ (5,366) $ (4,145)
v3.25.1
Quarterly Financial Information (Unaudited) -Schedule of Consolidated Statements of Changes in Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Beginning Balance $ 494,412 $ 491,856 $ 508,049 $ 497,471 $ 489,997 $ 505,002 $ 508,049 $ 505,002 $ 508,049 $ 505,002 $ 508,049 $ 505,002 $ 473,378
Net income/(loss) attributable to Movado Group, Inc.                     19,209 42,175 92,425
Foreign currency translation adjustment [1]                     (12,471) 10,657 (1,805)
Ending Balance 493,850 494,412 491,856 494,318 497,471 489,997 494,412 497,471 493,850 494,318 483,579 508,049 505,002
Total equity ending balance 493,850 494,412 491,856 494,318 497,471 489,997 494,412 497,471 493,850 494,318 483,579 508,049 505,002
Retained Earnings                          
Beginning Balance 449,346 453,651 459,409 449,852 451,063 471,210 459,409 471,210 459,409 471,210 459,409 471,210 412,190
Net income/(loss) attributable to Movado Group, Inc. 4,827 3,469 2,015 15,216 6,538 9,754 5,484 16,292 10,311 31,508 18,364 41,345 90,383
Ending Balance 446,401 449,346 453,651 457,319 449,852 451,063 449,346 449,852 446,401 457,319 446,704 459,409 471,210
Total equity ending balance 446,401 449,346 453,651 457,319 449,852 451,063 449,346 449,852 446,401 457,319 446,704 459,409 471,210
Accumulated Other Comprehensive Income                          
Beginning Balance 87,802 82,081 92,335     81,295 92,335 81,295 92,335 81,295 92,335 81,295 85,295
Foreign currency translation adjustment 2,241 5,782 (10,331)       (4,549)   (2,308)   (12,321) [1] 10,835 [1] (1,790) [1]
Ending Balance 90,262 87,802 82,081       87,802   90,262   79,981 92,335 81,295
Total equity ending balance 90,262 87,802 82,081       87,802   90,262   79,981 92,335 81,295
Noncontrolling Interests                          
Beginning Balance 2,368 2,260 2,159     2,938 2,159 2,938 2,159 2,938 2,159 2,938 1,967
Net income/(loss) attributable to Movado Group, Inc. 219 97 124       221   440   845 830 2,042
Foreign currency translation adjustment 0 11 (23)       (12)   (12)   (150) [1] (178) [1] (15) [1]
Ending Balance 2,587 2,368 2,260       2,368   2,587   2,250 2,159 2,938
Total equity ending balance 2,587 2,368 2,260       2,368   2,587   2,250 2,159 2,938
As Previously Reported                          
Beginning Balance 506,575 503,680 518,957 503,898 494,913 510,544 518,957 510,544 518,957 510,544 518,957 510,544  
Ending Balance 506,424 506,575 503,680 502,918 503,898 494,913 506,575 503,898 506,424 502,918   518,957 510,544
Total equity ending balance 506,424 506,575 503,680 502,918 503,898 494,913 506,575 503,898 506,424 502,918   518,957 510,544
As Previously Reported | Retained Earnings                          
Beginning Balance 461,382 465,435 470,317 456,279 455,979 476,752 470,317 476,752 470,317 476,752 470,317 476,752 413,587
Net income/(loss) attributable to Movado Group, Inc. 5,050 3,721 2,891 17,389 8,049 9,128 6,612 17,177 11,662 34,566   46,711 94,528
Ending Balance 458,660 461,382 465,435 465,919 456,279 455,979 461,382 456,279 458,660 465,919   470,317 476,752
Total equity ending balance 458,660 461,382 465,435 465,919 456,279 455,979 461,382 456,279 458,660 465,919   470,317 476,752
As Previously Reported | Accumulated Other Comprehensive Income                          
Beginning Balance 87,838 82,073 92,335       92,335   92,335   92,335    
Foreign currency translation adjustment 2,266 5,826 (10,339)       (4,513)   (2,247)        
Ending Balance 90,323 87,838 82,073       87,838   90,323     92,335  
Total equity ending balance 90,323 87,838 82,073       87,838   90,323     92,335  
As Previously Reported | Noncontrolling Interests                          
Beginning Balance 2,459 2,308 2,159       2,159   2,159   2,159    
Net income/(loss) attributable to Movado Group, Inc. 383 140 172       312   695        
Foreign currency translation adjustment (1) 11 (23)       (12)   (13)        
Ending Balance 2,841 2,459 2,308       2,459   2,841     2,159  
Total equity ending balance 2,841 2,459 2,308       2,459   2,841     2,159  
Adjustment                          
Beginning Balance (12,163) (11,824) (10,908) (6,427) (4,916) (5,542) (10,908) (5,542) (10,908) (5,542) (10,908) (5,542)  
Ending Balance (12,574) (12,163) (11,824) (8,600) (6,427) (4,916) (12,163) (6,427) (12,574) (8,600)   (10,908) (5,542)
Total equity ending balance (12,574) (12,163) (11,824) (8,600) (6,427) (4,916) (12,163) (6,427) (12,574) (8,600)   (10,908) (5,542)
Adjustment | Retained Earnings                          
Beginning Balance (12,036) (11,784) (10,908) (6,427) (4,916) (5,542) (10,908) (5,542) (10,908) (5,542) (10,908) (5,542) (1,397)
Net income/(loss) attributable to Movado Group, Inc. (223) (252) (876) (2,173) (1,511) 626 (1,128) (885) (1,351) (3,058)   (5,366) (4,145)
Ending Balance (12,259) (12,036) (11,784) (8,600) (6,427) (4,916) (12,036) (6,427) (12,259) (8,600)   (10,908) (5,542)
Total equity ending balance (12,259) (12,036) (11,784) $ (8,600) $ (6,427) $ (4,916) (12,036) $ (6,427) (12,259) $ (8,600)   (10,908) $ (5,542)
Adjustment | Accumulated Other Comprehensive Income                          
Beginning Balance (36) 8 0       0   0   0    
Foreign currency translation adjustment (25) (44) 8       (36)   (61)        
Ending Balance (61) (36) 8       (36)   (61)     0  
Total equity ending balance (61) (36) 8       (36)   (61)     0  
Adjustment | Noncontrolling Interests                          
Beginning Balance (91) (48) 0       0   0   $ 0    
Net income/(loss) attributable to Movado Group, Inc. (164) (43) (48)       (91)   (255)        
Foreign currency translation adjustment 1 0 0       0   1        
Ending Balance (254) (91) (48)       (91)   (254)     0  
Total equity ending balance $ (254) $ (91) $ (48)       $ (91)   $ (254)     $ 0  
[1] The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.
v3.25.1
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Valuation and qualifying accounts and reserves      
Balance at beginning of year $ 26,212 $ 30,599 $ 35,672
Net provision/(benefit) charged to operations 59,504 51,732 44,483
Currency revaluation (810) 308 (471)
Net write-offs (55,126) (56,427) (49,085)
Balance at end of year 29,780 26,212 30,599
Allowance for Expected Credit Losses      
Valuation and qualifying accounts and reserves      
Balance at beginning of year 3,266 4,977 5,831
Net provision/(benefit) charged to operations 261 1,375 1,000
Currency revaluation (78) 173 (8)
Net write-offs (358) (3,259) [1] (1,846)
Balance at end of year 3,091 3,266 4,977
Returns      
Valuation and qualifying accounts and reserves      
Balance at beginning of year 12,773 13,087 13,715
Net provision/(benefit) charged to operations 33,457 30,515 30,418
Currency revaluation (456) 216 (59)
Net write-offs (28,705) (31,045) (30,987)
Balance at end of year 17,069 12,773 13,087
Other Sales Allowances      
Valuation and qualifying accounts and reserves      
Balance at beginning of year 6,875 [2] 8,494 [2] 9,105
Net provision/(benefit) charged to operations 25,150 19,470 [2] 15,258
Currency revaluation (185) 104 [2] (76)
Net write-offs (25,899) (21,193) [2] (15,793)
Balance at end of year 5,941 6,875 [2] 8,494 [2]
Deferred Tax Asset Valuation Allowance      
Valuation and qualifying accounts and reserves      
Balance at beginning of year 3,298 4,041 7,021
Net provision/(benefit) charged to operations 636 372 (2,193)
Currency revaluation (91) (185) (328)
Net write-offs (164) (930) (459)
Balance at end of year $ 3,679 $ 3,298 $ 4,041
[1] Activity in fiscal year 2024 includes approximately $2.5 million of write-offs associated with a fully reserved non-current asset that occurred in fiscal year 2022.
[2] The provision charged to operations and the net write-offs related to other sales allowances for fiscal year 2024 have been restated to reflect the under reporting of credit notes of $3.0 million related to the restatement described in Note 1A-Restatement of Previously Issued Consolidated Financial Statements.
v3.25.1
Valuation and Qualifying Accounts (Parenthetical) (Details)
$ in Millions
 12 Months Ended
Jan. 31, 2024
USD ($)
Allowance for Expected Credit Losses  
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
Write-off's associated with fully reserved non-current asset $ 2.5
Other Sales Allowances  
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
Net write-offs related to other sales allowances $ 3.0