Company Quick10K Filing
Movado Group
Price24.03 EPS2
Shares23 P/E10
MCap560 P/FCF-13
Net Debt-117 EBIT68
TEV444 TEV/EBIT7
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-08-27
10-Q 2020-04-30 Filed 2020-06-09
10-K 2020-01-31 Filed 2020-03-26
10-Q 2019-10-31 Filed 2019-11-26
10-Q 2019-07-31 Filed 2019-08-28
10-Q 2019-04-30 Filed 2019-05-30
10-K 2019-01-31 Filed 2019-03-28
10-Q 2018-10-31 Filed 2018-12-04
10-Q 2018-07-31 Filed 2018-08-29
10-Q 2018-04-30 Filed 2018-05-30
10-K 2018-01-31 Filed 2018-03-29
10-Q 2017-10-31 Filed 2017-11-21
10-Q 2017-07-31 Filed 2017-08-29
10-Q 2017-04-30 Filed 2017-05-25
10-K 2017-01-31 Filed 2017-03-20
10-Q 2016-10-31 Filed 2016-11-22
10-Q 2016-07-31 Filed 2016-08-25
10-Q 2016-04-30 Filed 2016-05-26
10-K 2016-01-31 Filed 2016-03-31
10-Q 2015-10-31 Filed 2015-11-24
10-Q 2015-07-31 Filed 2015-08-27
10-Q 2015-04-30 Filed 2015-05-27
10-K 2015-01-31 Filed 2015-03-31
10-Q 2014-10-31 Filed 2014-11-25
10-Q 2014-07-31 Filed 2014-08-26
10-Q 2014-04-30 Filed 2014-05-22
10-K 2014-01-31 Filed 2014-03-28
10-Q 2013-10-31 Filed 2013-11-26
10-Q 2013-07-31 Filed 2013-08-27
10-Q 2013-04-30 Filed 2013-05-29
10-K 2013-01-31 Filed 2013-03-26
10-Q 2012-10-31 Filed 2012-11-28
10-Q 2012-07-31 Filed 2012-08-28
10-Q 2012-04-30 Filed 2012-05-31
10-K 2012-01-31 Filed 2012-03-30
10-Q 2011-10-31 Filed 2011-12-01
10-Q 2011-07-31 Filed 2011-09-01
10-Q 2011-04-30 Filed 2011-06-02
10-K 2011-01-31 Filed 2011-04-07
10-Q 2010-10-31 Filed 2010-12-02
10-Q 2010-07-31 Filed 2010-09-02
10-Q 2010-04-30 Filed 2010-05-27
10-K 2010-01-31 Filed 2010-04-01
8-K 2020-08-27 Earnings, Exhibits
8-K 2020-08-20 Enter Agreement
8-K 2020-06-29 Exit Costs
8-K 2020-06-25 Shareholder Vote
8-K 2020-06-09
8-K 2020-06-09
8-K 2020-04-02
8-K 2020-03-26
8-K 2020-03-20
8-K 2020-01-06
8-K 2019-11-26
8-K 2019-08-28
8-K 2019-06-20
8-K 2019-05-30
8-K 2019-03-28
8-K 2018-12-04
8-K 2018-10-12
8-K 2018-10-09
8-K 2018-10-01
8-K 2018-08-29
8-K 2018-08-23
8-K 2018-08-15
8-K 2018-06-21
8-K 2018-05-30
8-K 2018-03-29

MOV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Impact of The Covid - 19 Pandemic
Note 3 - Recent Accounting Pronouncements
Note 4 - Earnings per Share and Cash Dividends
Note 5 - Acquisitions
Note 6 - Restructuring Provision
Note 7 - Goodwill and Intangible Assets
Note 8 - Inventories
Note 9 - Debt and Lines of Credit
Note 10 - Derivative Financial Instruments
Note 11 - Fair Value Measurements
Note 12 - Commitments and Contingencies
Note 13 - Income Taxes
Note 14 - Equity
Note 15 - Treasury Stock
Note 16 - Accumulated Other Comprehensive Income
Note 17 - Revenue
Note 18 - Stock - Based Compensation
Note 19 - Segment and Geographic Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 mov-ex311_8.htm
EX-31.2 mov-ex312_9.htm
EX-32.1 mov-ex321_6.htm
EX-32.2 mov-ex322_10.htm

Movado Group Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

mov-10q_20200731.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended July 31, 2020

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from               to              

Commission File Number: 1-16497

 

MOVADO GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

New York

 

13-2595932

(State or Other Jurisdiction

of Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

 

 

650 From Road, Ste. 375

Paramus, New Jersey

 

07652-3556

(Address of Principal Executive Offices)

 

(Zip Code)

(201) 267-8000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

MOV

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for that past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,’’ “accelerated filer,’’ “smaller reporting company,’’ and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares outstanding of the registrant’s Common Stock and Class A Common Stock as of August 21, 2020 were 16,572,681 and 6,608,548, respectively.

 

 


MOVADO GROUP, INC.

Index to Quarterly Report on Form 10-Q

July 31, 2020

 

 

 

 

 

Page

Part I

 

Financial Information (Unaudited)

 

 

 

 

 

Item 1.

 

 

Consolidated Balance Sheets at July 31, 2020, January 31, 2020 and July 31, 2019

 

3

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended July 31, 2020 and July 31, 2019

 

4

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended July 31, 2020 and July 31, 2019

 

5

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended July 31, 2020 and July 31, 2019

 

6

 

 

 

 

 

Notes to Consolidated Financial Statements

 

7

 

 

 

Item 2.

 

 

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

 

26

 

 

 

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

 

 

 

Item 4.

 

 

Controls and Procedures

 

39

 

Part II

 

 

Other Information

 

 

 

 

 

Item 1.

 

 

Legal Proceedings

 

40

 

 

 

Item 1A.

 

 

Risk Factors

 

40

 

 

 

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

 

 

 

Item 6.

 

 

Exhibits

 

42

 

Signature

 

43

 

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

July 31,

 

 

January 31,

 

 

July 31,

 

 

2020

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

170,195

 

 

$

185,872

 

 

$

134,890

 

Trade receivables, net

 

60,128

 

 

 

78,388

 

 

 

93,699

 

Inventories

 

173,374

 

 

 

171,406

 

 

 

200,953

 

Other current assets

 

29,856

 

 

 

28,888

 

 

 

32,113

 

Total current assets

 

433,553

 

 

 

464,554

 

 

 

461,655

 

Property, plant and equipment, net

 

25,888

 

 

 

29,238

 

 

 

28,248

 

Operating lease right-of-use assets

 

82,169

 

 

 

89,523

 

 

 

91,119

 

Deferred and non-current income taxes

 

59,747

 

 

 

25,403

 

 

 

24,621

 

Goodwill

 

 

 

 

136,366

 

 

 

131,936

 

Other intangibles, net

 

18,071

 

 

 

42,359

 

 

 

43,995

 

Other non-current assets

 

60,261

 

 

 

59,865

 

 

 

59,057

 

Total assets

$

679,689

 

 

$

847,308

 

 

$

840,631

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

29,929

 

 

$

35,488

 

 

$

50,281

 

Accrued liabilities

 

45,509

 

 

 

44,210

 

 

 

43,874

 

Accrued payroll and benefits

 

12,431

 

 

 

6,302

 

 

 

7,333

 

Current operating lease liabilities

 

14,766

 

 

 

15,083

 

 

 

14,609

 

Income taxes payable

 

6,774

 

 

 

8,217

 

 

 

10,800

 

Total current liabilities

 

109,409

 

 

 

109,300

 

 

 

126,897

 

Loans payable to bank

 

48,341

 

 

 

51,910

 

 

 

50,300

 

Deferred and non-current income taxes payable

 

20,743

 

 

 

25,419

 

 

 

26,593

 

Non-current operating lease liabilities

 

75,376

 

 

 

81,877

 

 

 

82,972

 

Other non-current liabilities

 

48,124

 

 

 

48,393

 

 

 

50,025

 

Total liabilities

 

301,993

 

 

 

316,899

 

 

 

336,787

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

3,037

 

 

 

3,165

 

 

 

3,540

 

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;

   28,063,179, 27,859,328 and 27,853,680 shares issued and outstanding,

   respectively

 

281

 

 

 

279

 

 

 

279

 

Class A Common Stock, $0.01 par value, 30,000,000 shares authorized;

   6,608,548, 6,603,645 and 6,587,956 shares issued and outstanding,

   respectively

 

65

 

 

 

65

 

 

 

65

 

Capital in excess of par value

 

211,628

 

 

 

208,473

 

 

 

205,117

 

Retained earnings

 

298,871

 

 

 

455,479

 

 

 

443,414

 

Accumulated other comprehensive income

 

86,109

 

 

 

85,050

 

 

 

74,206

 

Treasury Stock, 11,490,610, 11,443,308 and 11,442,021 shares,

   respectively, at cost

 

(223,283

)

 

 

(222,809

)

 

 

(222,777

)

Total Movado Group, Inc. shareholders' equity

 

373,671

 

 

 

526,537

 

 

 

500,304

 

Noncontrolling interest

 

988

 

 

 

707

 

 

 

 

Total equity

 

374,659

 

 

 

527,244

 

 

 

500,304

 

Total liabilities, redeemable noncontrolling interest and equity

$

679,689

 

 

$

847,308

 

 

$

840,631

 

 

See Notes to Consolidated Financial Statements

3


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

$

88,538

 

 

$

157,816

 

 

$

158,204

 

 

$

304,365

 

Cost of sales

 

43,182

 

 

 

72,477

 

 

 

80,955

 

 

 

140,153

 

Gross profit

 

45,356

 

 

 

85,339

 

 

 

77,249

 

 

 

164,212

 

Selling, general and administrative

 

54,272

 

 

 

76,563

 

 

 

112,409

 

 

 

150,462

 

Impairment of goodwill and intangible assets (Note 7)

 

 

 

 

 

 

 

155,919

 

 

 

 

Total operating expenses

 

54,272

 

 

 

76,563

 

 

 

268,328

 

 

 

150,462

 

Operating (loss)/income

 

(8,916

)

 

 

8,776

 

 

 

(191,079

)

 

 

13,750

 

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of a non-operating asset

 

1,317

 

 

 

 

 

 

1,317

 

 

 

 

Change in contingent consideration (Note 11)

 

 

 

 

13,627

 

 

 

 

 

 

13,627

 

Interest expense

 

(590

)

 

 

(225

)

 

 

(861

)

 

 

(449

)

Interest income

 

8

 

 

 

24

 

 

 

23

 

 

 

45

 

(Loss)/income before income taxes

 

(8,181

)

 

 

22,202

 

 

 

(190,600

)

 

 

26,973

 

(Benefit)/provision for income taxes (Note 13)

 

(1,559

)

 

 

4,741

 

 

 

(33,889

)

 

 

5,588

 

Net (loss)/income

 

(6,622

)

 

 

17,461

 

 

 

(156,711

)

 

 

21,385

 

Less: Net loss attributable to noncontrolling interests

 

(7

)

 

 

(44

)

 

 

(103

)

 

 

(45

)

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

$

(6,615

)

 

$

17,505

 

 

$

(156,608

)

 

$

21,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss)/income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

23,240

 

 

 

23,138

 

 

 

23,191

 

 

 

23,127

 

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

$

(0.28

)

 

$

0.76

 

 

$

(6.75

)

 

$

0.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss)/income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

23,240

 

 

 

23,292

 

 

 

23,191

 

 

 

23,370

 

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

$

(0.28

)

 

$

0.75

 

 

$

(6.75

)

 

$

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements

4


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (loss)/income

 

$

(6,622

)

 

$

17,461

 

 

$

(156,711

)

 

$

21,385

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain/(loss) on investments, net of tax provision/(benefit) of $2, $2, $(11) and $3, respectively

 

 

6

 

 

 

7

 

 

 

(32

)

 

 

8

 

Amortization of prior service cost, net of tax provision of $4, $3, $8 and $7, respectively

 

 

15

 

 

 

13

 

 

 

28

 

 

 

26

 

Foreign currency translation adjustments

 

 

9,014

 

 

 

(2,151

)

 

 

1,063

 

 

 

(6,335

)

Total other comprehensive income/(loss), net of taxes

 

 

9,035

 

 

 

(2,131

)

 

 

1,059

 

 

 

(6,301

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(7

)

 

 

(44

)

 

 

(103

)

 

 

(45

)

Foreign currency translation adjustments

 

 

320

 

 

 

(52

)

 

 

256

 

 

 

(136

)

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

313

 

 

$

(96

)

 

$

153

 

 

$

(181

)

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