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) April 30, January 31, April 30, 2026 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 225,263 $ 230,541 $ 203,086 Trade receivables, net 80,030 102,037 87,257 Inventories 181,959 158,331 189,298 Other current assets 21,290 22,208 23,971 Income taxes receivable 5,687 4,118 7,395 Total current assets 514,229 517,235 511,007 Property, plant and equipment, net 16,405 17,105 19,949 Operating lease right-of-use assets 63,305 67,873 82,018 Deferred and non-current income taxes 46,265 45,917 44,288 Other intangibles, net 3,664 4,162 5,408 Other non-current assets 90,142 90,329 84,508 Total assets $ 734,010 $ 742,621 $ 747,178 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 30,428 $ 21,138 $ 33,091 Accrued liabilities 47,537 49,748 55,828 Accrued payroll and benefits 9,352 17,896 9,177 Current operating lease liabilities 20,055 20,603 19,323 Income taxes payable 5,325 3,663 8,136 Total current liabilities 112,697 113,048 125,555 Deferred and non-current income taxes payable 1,069 1,030 921 Non-current operating lease liabilities 53,461 58,063 72,956 Other non-current liabilities 59,866 60,220 52,346 Total liabilities 227,093 232,361 251,778 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; 29,612,940 , 29,347,358 and 29,296,119 shares issued, respectively 296 293 293 Class A Common Stock, $ 0.01 par value, 30,000,000 shares authorized; 6,455,602 , 6,455,602 and 6,458,376 shares issued, respectively 64 64 64 Capital in excess of par value 251,322 249,108 244,571 Retained earnings 441,391 442,204 440,341 Accumulated other comprehensive income 108,736 110,614 97,493 Treasury Stock, 13,841,309 , 13,725,962 and 13,517,567 shares, respectively, at cost ( 296,346 ) ( 293,441 ) ( 289,534 ) Total Movado Group, Inc. shareholders' equity 505,463 508,842 493,228 Noncontrolling interest 1,454 1,418 2,172 Total equity 506,917 510,260 495,400 Total liabilities and equity $ 734,010 $ 742,621 $ 747,178 See Notes to Consolidated Financial Statements 3 MOVADO GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended