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 2020-10-31 Filed 2020-11-24
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 2020-11-24
8-K 2020-08-27
8-K 2020-08-20
8-K 2020-06-29
8-K 2020-06-25
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-10.1 mov-ex101_182.htm
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_7.htm

Movado Group Earnings 2020-10-31

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

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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 October 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 November 19, 2020 were 16,585,236 and 6,608,548 respectively.

 

 


MOVADO GROUP, INC.

Index to Quarterly Report on Form 10-Q

October 31, 2020

 

 

 

 

 

Page

Part I

 

Financial Information (Unaudited)

 

 

 

 

 

Item 1.

 

 

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

 

3

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended October 31, 2020 and October 31, 2019

 

4

 

 

 

 

 

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

 

5

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended October 31, 2020 and October 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

 

40

 

Part II

 

 

Other Information

 

 

 

 

 

Item 1.

 

 

Legal Proceedings

 

41

 

 

 

Item 1A.

 

 

Risk Factors

 

41

 

 

 

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

Item 6.

 

 

Exhibits

 

43

 

Signature

 

44

 

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

October 31,

 

 

January 31,

 

 

October 31,

 

 

2020

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

163,218

 

 

$

185,872

 

 

$

116,025

 

Trade receivables, net

 

103,506

 

 

 

78,388

 

 

 

136,272

 

Inventories

 

176,841

 

 

 

171,406

 

 

 

201,164

 

Other current assets

 

28,028

 

 

 

28,888

 

 

 

30,737

 

Total current assets

 

471,593

 

 

 

464,554

 

 

 

484,198

 

Property, plant and equipment, net

 

24,002

 

 

 

29,238

 

 

 

29,275

 

Operating lease right-of-use assets

 

77,932

 

 

 

89,523

 

 

 

88,126

 

Deferred and non-current income taxes

 

54,748

 

 

 

25,403

 

 

 

28,191

 

Goodwill

 

 

 

 

136,366

 

 

 

135,280

 

Other intangibles, net

 

17,123

 

 

 

42,359

 

 

 

43,532

 

Other non-current assets

 

56,380

 

 

 

59,865

 

 

 

58,453

 

Total assets

$

701,778

 

 

$

847,308

 

 

$

867,055

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

35,562

 

 

$

35,488

 

 

$

33,757

 

Accrued liabilities

 

59,612

 

 

 

44,210

 

 

 

62,499

 

Accrued payroll and benefits

 

12,693

 

 

 

6,302

 

 

 

9,353

 

Current operating lease liabilities

 

14,210

 

 

 

15,083

 

 

 

14,579

 

Income taxes payable

 

11,275

 

 

 

8,217

 

 

 

17,243

 

Total current liabilities

 

133,352

 

 

 

109,300

 

 

 

137,431

 

Loans payable to bank

 

37,266

 

 

 

51,910

 

 

 

50,685

 

Deferred and non-current income taxes payable

 

20,893

 

 

 

25,419

 

 

 

26,370

 

Non-current operating lease liabilities

 

71,658

 

 

 

81,877

 

 

 

80,682

 

Other non-current liabilities

 

45,179

 

 

 

48,393

 

 

 

47,943

 

Total liabilities

 

308,348

 

 

 

316,899

 

 

 

343,111

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

2,772

 

 

 

3,165

 

 

 

3,263

 

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;

   28,077,806, 27,859,328 and 27,856,954 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 6,603,645 shares issued and outstanding,

   respectively

 

65

 

 

 

65

 

 

 

65

 

Capital in excess of par value

 

212,730

 

 

 

208,473

 

 

 

206,725

 

Retained earnings

 

313,696

 

 

 

455,479

 

 

 

456,579

 

Accumulated other comprehensive income

 

85,879

 

 

 

85,050

 

 

 

79,825

 

Treasury Stock, 11,492,591, 11,443,308 and 11,442,625 shares,

   respectively, at cost

 

(223,306

)

 

 

(222,809

)

 

 

(222,792

)

Total Movado Group, Inc. shareholders' equity

 

389,345

 

 

 

526,537

 

 

 

520,681

 

Noncontrolling interest

 

1,313

 

 

 

707

 

 

 

 

Total equity

 

390,658

 

 

 

527,244

 

 

 

520,681

 

Total liabilities, redeemable noncontrolling interest and equity

$

701,778

 

 

$

847,308

 

 

$

867,055

 

 

See Notes to Consolidated Financial Statements

3


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

$

169,863

 

 

$

205,618

 

 

$

328,067

 

 

$

509,983

 

Cost of sales

 

77,410

 

 

 

95,549

 

 

 

158,365

 

 

 

235,702

 

Gross profit

 

92,453

 

 

 

110,069

 

 

 

169,702

 

 

 

274,281

 

Selling, general and administrative

 

69,386

 

 

 

87,431

 

 

 

181,795

 

 

 

237,893

 

Impairment of goodwill and intangible assets (Note 7)

 

 

 

 

 

 

 

155,919

 

 

 

 

Total operating expenses

 

69,386

 

 

 

87,431

 

 

 

337,714

 

 

 

237,893

 

Operating income/(loss)

 

23,067

 

 

 

22,638

 

 

 

(168,012

)

 

 

36,388

 

Non-operating income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of a non-operating asset

 

 

 

 

 

 

 

1,317

 

 

 

 

Change in contingent consideration (Note 11)

 

 

 

 

 

 

 

 

 

 

13,627

 

Interest expense

 

(608

)

 

 

(240

)

 

 

(1,469

)

 

 

(689

)

Interest income

 

8

 

 

 

18

 

 

 

31

 

 

 

63

 

Income/(loss) before income taxes

 

22,467

 

 

 

22,416

 

 

 

(168,133

)

 

 

49,389

 

Provision/(benefit) for income taxes (Note 13)

 

7,524

 

 

 

4,955

 

 

 

(26,365

)

 

 

10,543

 

Net income/(loss)

 

14,943

 

 

 

17,461

 

 

 

(141,768

)

 

 

38,846

 

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

 

118

 

 

 

(304

)

 

 

15

 

 

 

(349

)

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

$

14,825

 

 

$

17,765

 

 

$

(141,783

)

 

$

39,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted basic average shares outstanding

 

23,285

 

 

 

23,117

 

 

 

23,223

 

 

 

23,124

 

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

$

0.64

 

 

$

0.77

 

 

$

(6.11

)

 

$

1.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted diluted average shares outstanding

 

23,375

 

 

 

23,250

 

 

 

23,223

 

 

 

23,322

 

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

$

0.63

 

 

$

0.76

 

 

$

(6.11

)

 

$

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements

4


 

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income/(loss)

 

$

14,943

 

 

$

17,461

 

 

$

(141,768

)

 

$

38,846

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain/(loss) on investments, net of tax provision/(benefit) of $1, $(3), $(10) and $0, respectively

 

 

1

 

 

 

(8

)

 

 

(31

)

 

 

-

 

Amortization of prior service cost, net of tax provision of $4, $4, $12 and $11, respectively

 

 

14

 

 

 

13

 

 

 

42

 

 

 

39

 

Foreign currency translation adjustments

 

 

(245

)

 

 

5,614

 

 

 

818

 

 

 

(721

)

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

 

 

(230

)

 

 

5,619

 

 

 

829

 

 

 

(682

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

 

118

 

 

 

(304

)

 

 

15

 

 

 

(349

)

Foreign currency translation adjustments

 

 

(58

)

 

 

27

 

 

 

198

 

 

 

(109

)

Total comprehensive income/(loss) attributable to noncontrolling interests

 

$

60

 

 

$

(277

)