MOVADO GROUP INC 10-Q

Financial Statements (unaudited)

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, 2026 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 211,612 $ 230,541 $ 180,493 Trade receivables, net 94,341 102,037 94,397 Inventories 196,463 158,331 211,504 Other current assets 19,600 22,208 22,949 Income taxes receivable 5,159 4,118 6,848 Total current assets 527,175 517,235 516,191 Property, plant and equipment, net 15,743 17,105 19,196 Operating lease right-of-use assets 58,569 67,873 77,130 Deferred and non-current income taxes 45,426 45,917 43,129 Other intangibles, net 3,146 4,162 4,930 Other non-current assets 93,285 90,329 88,143 Total assets $ 743,344 $ 742,621 $ 748,719 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 35,591 $ 21,138 $ 35,347 Accrued liabilities 53,097 49,748 63,766 Accrued payroll and benefits 12,837 17,896 11,426 Current operating lease liabilities 18,427 20,603 19,871 Income taxes payable 3,746 3,663 1,014 Total current liabilities 123,698 113,048 131,424 Deferred and non-current income taxes payable 1,132 1,030 933 Non-current operating lease liabilities 49,682 58,063 67,908 Other non-current liabilities 61,615 60,220 56,219 Total liabilities 236,127 232,361 256,484 Commitments and contingencies (Note 9) Equity: Preferred Stock, $ 0.01 par value, 5,000,000 shares authorized; no shares issued — — — Common Stock, $ 0.01 par value, 100,000,000 shares authorized; 29,824,767 , 29,347,358 and 29,299,027 shares issued, respectively 298 293 293 Class A Common Stock, $ 0.01 par value, 30,000,000 shares authorized; 6,355,602 , 6,455,602 and 6,455,602 shares issued, respectively 63 64 64 Capital in excess of par value 254,186 249,108 245,632 Retained earnings 444,791 442,204 435,553 Accumulated other comprehensive income 103,654 110,614 99,499 Treasury Stock, 13,868,124 , 13,725,962 and 13,617,567 shares, respectively, at cost ( 297,376 ) ( 293,441 ) ( 291,128 ) Total Movado Group, Inc. shareholders' equity 505,616 508,842 489,913 Noncontrolling interest 1,601 1,418 2,322 Total equity 507,217 510,260 492,235 Total liabilities and equity $ 743,344 $ 742,621 $ 748,719 See Notes to Consolidated Financial Statements 3 MOVADO GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended