~ Second Quarter Revenue of $144.1 million
~
~ Operating Income of $12.9 million Compared
to $8.3 million in Prior Year; Adjusted Operating Income of
$14.6 million Compared to $12.9 million in Prior Year ~
~ Raises Outlook to Reflect First Half
Results and the Expected Acquisition of MVMT ~
Movado Group, Inc. (NYSE:MOV) today announced second quarter and
six-month results for the period ended July 31, 2018.
- Net sales increased 11.9% to $144.1
million, or 10.5% on a constant dollar basis
- Operating income of $12.9 million
versus $8.3 million in the prior year period; Adjusted operating
income of $14.6 million versus $12.9 million in the prior year
- Diluted EPS of $0.39; Adjusted diluted
EPS of $0.45 compared to $0.43 in prior year period
Efraim Grinberg, Chairman and Chief Executive Officer, stated,
“We are pleased to report another strong quarter with double-digit
increases in both sales and operating income combined with
significant progress against the priorities we set at the start of
the year. Sales growth had notable strength internationally in
Europe and Latin America, as our uniquely designed timepieces and
sought-after brands continue to resonate with consumers around the
world. Olivia Burton, which we acquired last July, continues to
perform very well, and we are extremely excited about the upcoming
addition of another brand that connects with millennials, the
direct-to-consumer brand, MVMT. We have an exciting product
pipeline for the second half of the year and believe we are well
positioned to capitalize on the upcoming holiday season. Our
balance sheet remains strong with $175.6 million of cash and no
debt before the MVMT acquisition, which is expected to close on or
about October 1, 2018. Given the strong results we’ve seen
year-to-date and the pending acquisition of MVMT, we are raising
our annual outlook.”
During the second quarter fiscal 2019, the Company recorded a
$0.7 million pre-tax charge, with a related tax benefit of $0.1
million, or $0.02 per diluted share, in association with the
previously-announced amortization of acquired intangible assets
related to the Olivia Burton brand. The Company also recorded a
$1.0 million pre-tax charge, with a related tax benefit of $0.2
million, or $0.04 per diluted share, associated with professional
fees in conjunction with the previously announced MVMT acquisition.
In the first quarter of fiscal 2019, the Company recorded a $0.8
million pre-tax expense, with a related tax benefit of $0.1
million, or $0.02 per diluted share, in association with the
amortization of acquired intangible assets related to the Olivia
Burton brand. During the second quarter of fiscal 2018, the Company
recorded a $4.5 million pre-tax charge, with a related tax benefit
of $0.1 million, or $0.19 per diluted share, in conjunction with
the acquisition of the Olivia Burton brand and a $0.1 million
pre-tax charge, related to cost savings initiatives. In the first
quarter of fiscal 2018, the Company recorded a $6.3 million pre-tax
charge, with a related tax benefit of $1.9 million, or $0.19 per
diluted share, related to its cost savings initiatives.
Second Quarter Fiscal 2019 (See
attached table for GAAP and Non-GAAP measures)
- Net sales increased 11.9% to $144.1
million compared to $128.8 million in the second quarter of fiscal
2018. Net sales in the second quarter of fiscal 2019 were
unfavorably impacted by $1.1 million due to the adoption of ASC
606, which increased the markdown and return allowances that would
have historically been recorded this period. Net sales on a
constant dollar basis increased 10.5% compared to net sales in the
second quarter of fiscal 2018.
- Gross profit was $77.8 million, or
54.0% of sales, compared to $66.1 million, or 51.3% of sales, in
the second quarter last year. Adjusted gross profit for the second
quarter fiscal 2018 was $66.4 million, or 51.6% of sales, which
excludes $0.3 million of amortization of acquisition accounting
adjustments related to the Olivia Burton brand. The increase in
gross margin percentage was primarily the result of changes in
channel and product mix, favorable changes in foreign currency
exchange rates and increased leverage on fixed costs due to
increased sales.
- Operating expenses were $65.0 million
compared to $57.8 million in the prior year period. Adjusted
operating expenses for the second quarter of fiscal 2019 were $63.2
million, which excludes $0.7 million of expenses associated with
the amortization of acquired intangible assets related to the
Olivia Burton brand and $1.0 million of expenses related to
professional fees in conjunction with the expected MVMT
acquisition. Adjusted operating expenses for the second quarter of
fiscal 2018 were $53.5 million, which excludes $4.2 million of
expenses and amortization related to the acquisition of the Olivia
Burton brand and $0.1 million of expenses related to the cost
savings initiatives. This increase in adjusted operating expenses
was primarily due to increased marketing investment, fluctuations
in foreign currency exchange rates and higher distribution and
selling costs resulting from increased net sales.
- Operating income was $12.9 million
compared to operating income of $8.3 million in the second quarter
of fiscal 2018. For the second quarter of fiscal 2019, adjusted
operating income was $14.6 million, which excludes $0.7 million of
pre-tax expenses associated with the amortization of acquired
intangible assets related to the Olivia Burton brand and $1.0
million of expenses related to professional fees in conjunction
with the expected MVMT acquisition. For the second quarter of
fiscal 2018, adjusted operating income was $12.9 million, which
excludes $4.5 million of pre-tax expenses and amortization related
to the acquisition of the Olivia Burton brand and $0.1 million of
expenses related to the cost savings initiatives.
- The Company recorded a tax provision of
$3.6 million, which equates to an effective tax rate of 28.3%
compared to a tax provision of $2.6 million, or an effective tax
rate of 32.0%, in the second quarter of fiscal 2018. For the second
quarter of fiscal 2019, the Company recorded an adjusted tax
provision of $3.9 million or an adjusted tax rate of 27.1% compared
to an adjusted tax provision of $2.7 million or an adjusted tax
rate of 21.5% in the second quarter of fiscal 2018.
- Net income was $9.1 million, or $0.39
per diluted share, compared to $5.5 million, or $0.24 per diluted
share, in the second quarter of fiscal 2018. Adjusted net income in
the second quarter of fiscal 2019 was $10.6 million, or $0.45 per
diluted share, which excludes $0.6 million of amortization expense,
net of $0.1 million of tax, related to the acquisition of the
Olivia Burton brand, and $0.8 million associated with professional
fees in conjunction with the expected MVMT acquisition, net of $0.2
million of tax. Adjusted net income in the second quarter of fiscal
2018 was $9.9 million, or $0.43 per diluted share, which excludes
$4.4 million of expenses and amortization, net of $0.1 million of
tax, related to the acquisition of the Olivia Burton brand, and
$0.1 million associated with the cost savings initiatives.
First Half Fiscal 2019 (See attached
table for GAAP and Non-GAAP measures)
- Net sales were $271.2 million compared
to $228.0 million in the first six months of fiscal 2018, an
increase of 18.9%. Net sales in the fiscal 2019 period were
favorably impacted by $1.1 million due to the adoption of ASC 606,
which decreased the markdown and return allowances that would have
historically been recorded this period. Net sales on a constant
dollar basis increased 15.6% compared to net sales in the first six
months of fiscal 2018.
- Gross profit was $145.4 million, or
53.6% of sales, compared to $115.3 million, or 50.5% of sales in
the same period last year. Adjusted gross profit for the first six
months of fiscal 2018, which excludes $0.3 million of amortization
of acquisition accounting adjustments related to the Olivia Burton
brand and $1.4 million in charges related to the cost savings
initiatives, was $116.9 million, or 51.3% of sales. The increase in
adjusted gross margin from the first half of last year was
primarily the result of changes in channel and product mix,
favorable changes in foreign currency exchange rates and increased
leverage on fixed costs due to increased sales.
- Operating expenses were $124.4 million
as compared to $110.6 million in the first six months of last
fiscal year. For the first six months of fiscal 2019, adjusted
operating expenses were $121.9 million, which excludes $1.5 million
of amortization expense related to the acquisition of the Olivia
Burton brand and $1.0 million of expenses related to professional
fees in conjunction with the expected MVMT acquisition. For the
first six months of fiscal 2018, adjusted operating expenses were
$101.3 million, which excludes $4.2 million of expenses and
amortization related to the acquisition of the Olivia Burton brand
and $5.0 million of expenses related to the cost savings
initiatives. The increase in adjusted operating expenses was
primarily the result of increased marketing investment,
fluctuations in foreign currency exchange rates and higher
distribution and selling costs resulting from increased net
sales.
- Operating income was $21.0 million
compared to operating income of $4.7 million in the first six
months of fiscal 2018. Adjusted operating income for the first half
of fiscal 2019, which excludes $1.5 million of amortization expense
related to the acquisition of the Olivia Burton brand and $1.0
million of expenses related to professional fees in conjunction
with the expected MVMT acquisition, was $23.5 million compared to
adjusted operating income of $15.6 million for the first half of
fiscal 2018, which excludes $4.5 million of expenses and
amortization related to the acquisition of the Olivia Burton brand
and $6.4 million of expenses related to the cost savings
initiatives.
- The Company recorded a tax provision in
the first six months of fiscal 2019 of $3.5 million as compared to
a tax provision of $2.9 million in the first six months of last
year. Based upon adjusted pre-tax income, the adjusted tax
provision was $3.9 million in the first half of fiscal 2019
compared to an adjusted tax provision of $4.9 million in the first
half of fiscal 2018.
- Net income was $17.3 million, or $0.73
per diluted share, compared to $1.3 million, or $0.06 per diluted
share, in the first six months of fiscal 2018. For the first half
of fiscal 2019, adjusted net income was $19.3 million, or $0.82 per
diluted share, which excludes $1.2 million in amortization expense,
net of tax, related to the acquisition of the Olivia Burton brand
and $0.8 million, net of tax, related to professional fees in
conjunction with the expected MVMT acquisition. This compares to
adjusted net income for the first six months of fiscal 2018 of
$10.2 million, or $0.44 per diluted share, which excludes $4.4
million in expenses and amortization, net of tax, related to the
acquisition of the Olivia Burton brand and $4.5 million, net of
tax, related to the cost savings initiatives.
MVMT Acquisition
On August 15, 2018, the Company announced that it entered into a
definitive agreement to acquire MVMT Watches Inc, the owner of
MVMT. MVMT is a fast-growing watch and accessory brand
headquartered in Los Angeles and has built an engaged social media
community with over 4.5 million followers on Facebook and
Instagram. The Company believes the MVMT acquisition adds a premier
digital brand that complements its existing portfolio as well as a
strong creative and digital team. The integration into Movado
Group’s infrastructure and systems, which the Company believes
should be completed in fiscal 2020, will allow MVMT to expand
globally and into select wholesale channels allowing for continued
omni channel development. The combination will allow for important
synergies in supply chain, logistics and fulfillment to help enable
MVMT’s long-term operating growth. This acquisition is a key
element of Movado Group’s digital strategy, which has been
progressing over the past year.
Updated Fiscal 2019
Outlook
The Company is updating its outlook for fiscal 2019 to reflect
the performance of the first half of the year and, assuming the
acquisition closes on October 1, 2018, the addition of four months
of the MVMT brand in the Company’s operations, excluding
transaction-related costs and the amortization of acquisition
accounting adjustments relating to the acquisition of Olivia Burton
and the expected acquisition of MVMT. For fiscal 2019, the Company
now anticipates that net sales will be in the range of $660.0
million to $675.0 million and operating income will be
approximately $75.0 million to $77.0 million. The Company
anticipates net income in fiscal 2019 to be approximately $58.0
million to $59.7 million, or $2.45 to $2.55 per diluted share,
reflecting a 22.0% anticipated effective tax rate. The Company's
outlook assumes no further significant fluctuations from prevailing
foreign currency exchange rates.
Quarterly Dividend and Share Repurchase
Program
The Company announced that on August 29, 2018, the Board of
Directors approved the payment on September 25, 2018 of a cash
dividend in the amount of $0.20 for each share of the Company’s
outstanding common stock and class A common stock held by
shareholders of record as of the close of business on September 11,
2018.
During the second quarter of fiscal 2019, the Company
repurchased 21,900 shares under its share repurchase program. As of
July 31, 2018, the Company had $46.0 million remaining under the
$50.0 million share repurchase authorization.
Conference Call
The Company’s management will host a conference call and audio
webcast to discuss its results today, August 29, 2018 at 9:00 a.m.
Eastern Time. The conference call may be accessed by dialing
(888)-204-4368. Additionally, a live webcast of the call can be
accessed at www.movadogroup.com. The webcast will be
archived on the Company’s website approximately one hour after the
conclusion of the call. Additionally, a telephonic re-play of the
call will be available at 12:00 p.m. ET on August 29, 2018 until
11:59 p.m. ET on September 5, 2018 and can be accessed by dialing
(844) 512-2921 and entering replay pin number 5255093.
Movado Group, Inc. designs, sources, and distributes MOVADO®,
OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO
BOSS®, LACOSTE®, SCUDERIA FERRARI®, REBECCA MINKOFF® and URI
MINKOFF® watches worldwide, and operates Movado company stores in
the United States.
In this release, the Company presents certain financial measures
that are not calculated according to generally accepted accounting
principles in the United States (“GAAP”). Specifically, the Company
is presenting adjusted gross profit, adjusted gross margin,
adjusted operating expenses and adjusted operating income, which
are gross profit, gross margin, operating expenses and operating
income, respectively, under GAAP, adjusted to eliminate the
expenses and amortization of acquisition accounting adjustments
related to the Olivia Burton brand acquisition, professional fees
related to the expected acquisition of MVMT and charges for the
Company’s cost savings initiatives. The Company is also presenting
adjusted tax provision, which is the tax provision under GAAP,
adjusted to eliminate the impact of charges for the Olivia Burton
brand acquisition, the expected MVMT acquisition and the Company’s
cost savings initiatives. The Company believes these adjusted
measures are useful because they give investors information about
the Company’s financial performance without the effect of certain
items that the Company believes are not characteristic of its usual
operations. The Company is also presenting adjusted net income,
adjusted earnings per share and adjusted effective tax rate, which
are net income, earnings per share and effective tax rate,
respectively, under GAAP, adjusted to eliminate the after-tax
impact of amortization of acquisition accounting adjustments
related to the Olivia Burton brand acquisition, the MVMT
acquisition and the Company’s cost savings initiatives. The Company
believes that adjusted net income, adjusted earnings per share and
adjusted effective tax rate are useful measures of performance
because they give investors information about the Company’s
financial performance without the effect of certain items that the
Company believes are not characteristic of its usual operations.
Additionally, the Company is presenting constant currency
information to provide a framework to assess how its business
performed excluding the effects of foreign currency exchange rate
fluctuations in the current period. Comparisons of financial
results on a constant dollar basis are calculated by translating
each foreign currency at the same US dollar exchange rate as in
effect for the prior-year period for both periods being compared.
The Company believes this information is useful to investors to
facilitate comparisons of operating results. These non-GAAP
financial measures are designed to complement the GAAP financial
information presented in this release. The non-GAAP financial
measures presented should not be considered in isolation from or as
a substitute for the comparable GAAP financial measures, and the
methods of their calculation may differ substantially from
similarly titled measures used by other companies.
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company has tried, whenever possible, to identify
these forward-looking statements using words such as “expects,”
“anticipates,” “believes,” “targets,” “goals,” “projects,”
“intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “should”
and variations of such words and similar expressions. Similarly,
statements in this press release that describe the Company's
business strategy, outlook, objectives, plans, intentions or goals
are also forward-looking statements. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results, performance or achievements and levels of future
dividends to differ materially from those expressed in, or implied
by, these statements. These risks and uncertainties may include,
but are not limited to the satisfaction of the conditions to
closing set forth in the MVMT acquisition agreement, general
economic and business conditions which may impact disposable income
of consumers in the United States and the other significant markets
(including Europe) where the Company’s products are sold,
uncertainty regarding such economic and business conditions, trends
in consumer debt levels and bad debt write-offs, general
uncertainty related to possible terrorist attacks, natural
disasters, the stability of the European Union (including the
impact of the United Kingdom’s process to exit from the European
Union) and defaults on or downgrades of sovereign debt and the
impact of any of those events on consumer spending, changes in
consumer preferences and popularity of particular designs, new
product development and introduction, decrease in mall traffic and
increase in e-commerce, the ability of the Company to successfully
implement its business strategies, competitive products and
pricing, the impact of “smart” watches and other wearable tech
products on the traditional watch market, seasonality, availability
of alternative sources of supply in the case of the loss of any
significant supplier or any supplier’s inability to fulfill the
Company’s orders, the loss of or curtailed sales to significant
customers, the Company’s dependence on key employees and officers,
the ability to successfully integrate the operations of acquired
businesses (including Olivia Burton and MVMT) without disruption to
other business activities, the possible impairment of acquired
intangible assets including goodwill if the carrying value of any
reporting unit were to exceed its fair value, the continuation of
the company’s major warehouse and distribution centers, the
continuation of licensing arrangements with third parties, losses
possible from pending or future litigation, the ability to secure
and protect trademarks, patents and other intellectual property
rights, the ability to lease new stores on suitable terms in
desired markets and to complete construction on a timely basis, the
ability of the Company to successfully manage its expenses on a
continuing basis, information systems failure or breaches of
network security, the continued availability to the Company of
financing and credit on favorable terms, business disruptions,
general risks associated with doing business outside the United
States including, without limitation, import duties, tariffs,
quotas, political and economic stability, changes to existing laws
or regulations, and success of hedging strategies with respect to
currency exchange rate fluctuations, and the other factors
discussed in the Company’s Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission. These
statements reflect the Company's current beliefs and are based upon
information currently available to it. Be advised that developments
subsequent to this press release are likely to cause these
statements to become outdated with the passage of time. The Company
assumes no duty to update its forward looking statements and this
release shall not be construed to indicate the assumption by the
Company of any duty to update its outlook in the future.
(Tables to follow)
MOVADO GROUP, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data)
(Unaudited) Three Months
Ended Six Months Ended July 31, July 31,
2018
2017
2018
2017
Net sales $ 144,093 $ 128,781 $ 271,242 $ 228,046
Cost of sales 66,259 62,655 125,884
112,783 Gross profit 77,834 66,126
145,358 115,263 Operating expenses 64,974
57,809 124,359 110,594
Operating income 12,860 8,317 20,999 4,669 Interest expense
(162 ) (390 ) (384 ) (746 ) Interest income 57
129 114 251 Income before income
taxes 12,755 8,056 20,729 4,174 Provision for income taxes
3,615 2,574 3,474 2,851
Net income attributed to Movado Group, Inc.
9,140 5,482 17,255 1,323
Per Share Information: Net income attributed to
Movado Group, Inc. $ 0.39 $ 0.24 $ 0.73 $ 0.06 Weighted
diluted average shares outstanding 23,712 23,218 23,585 23,253
MOVADO GROUP, INC. GAAP AND NON-GAAP
MEASURES (In thousands, except for percentage data)
(Unaudited) As
Reported % Change Three Months Ended %
Change Constant July 31, As
Reported Dollar
2018
2017
Total Net sales $144,093 $128,781 11.9% 10.5%
As Reported % Change Six Months Ended %
Change Constant July 31, As
Reported Dollar
2018
2017
Total Net sales $271,242 $228,046 18.9% 15.6%
MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES (In
thousands, except per share data) (Unaudited)
Net Sales
Gross Profit
Operating Income
Pre-tax Income
Provision for Income
Taxes
Net Income Attributed
to Movado Group, Inc.
EPS Three Months Ended July 31, 2018 As Reported
(GAAP) $ 144,093 $ 77,834 $ 12,860 $ 12,755 $ 3,615 $ 9,140 $
0.39 Olivia Burton Costs (1) 719 719 137 582 0.02 MVMT Costs (2)
1,020 1,020 174 846
0.04
Adjusted Results (Non-GAAP) $ 144,093 $ 77,834 $
14,599 $ 14,494 $ 3,926 $ 10,568 $ 0.45
Three Months
Ended July 31, 2017 As Reported (GAAP) $ 128,781 $
66,126 $ 8,317 $ 8,056 $ 2,574 $ 5,482 $ 0.24 Olivia Burton Costs
(1) 279 4,515 4,515 124 4,391 0.19 Cost Savings Initiatives (3)
85 85 19 66 0.00
Adjusted Results (Non-GAAP) $ 128,781 $ 66,405 $ 12,917 $
12,656 $ 2,717 $ 9,939 $ 0.43
Six Months Ended July 31,
2018 As Reported (GAAP) $ 271,242 $ 145,358 $ 20,999 $
20,729 $ 3,474 $ 17,255 $ 0.73 Olivia Burton Costs (1) 1,486 1,486
282 1,204 0.05 MVMT Costs (2) 1,020
1,020 174 846 0.04
Adjusted Results
(Non-GAAP) $ 271,242 $ 145,358 $ 23,505 $ 23,235 $ 3,930 $
19,305 $ 0.82
Six Months Ended July 31, 2017 As
Reported (GAAP) $ 228,046 $ 115,263 $ 4,669 $ 4,174 $ 2,851 $
1,323 $ 0.06 Olivia Burton Costs (1) 279 4,515 4,515 124 4,391 0.19
Cost Savings Initiatives (3) 1,402 6,419
6,419 1,936 4,483 0.19
Adjusted
Results (Non-GAAP) $ 228,046 $ 116,944 $ 15,603 $ 15,108 $
4,911 $ 10,197 $ 0.44 (1) FY 2019 expense relates to
the amortization of certain acquired finite lived assets for the
Olivia Burton brand. FY 2018 expense includes the aforementioned
amortization expenses as well as transaction charges, and the
amortization of certain accounting adjustments associated with the
acquisition of the Olivia Burton brand. (2) Related to costs
associated with the acquisition of MVMT brand. (3) Related to a
charge for severance and payroll related, other expenses and
occupancy expenses.
MOVADO GROUP, INC.
CONSOLIDATED BALANCE SHEETS (In thousands)
(Unaudited) July 31, January
31, July 31,
2018
2018
2017
ASSETS
Cash and cash equivalents $ 175,583 $ 214,811 $
162,417 Trade receivables, net 83,818 83,098 81,513 Inventories
171,417 151,676 176,967 Other current assets 37,852
32,015 31,825 Total current assets 468,670
481,600 452,722 Property, plant and equipment, net
24,533 24,671 31,412 Deferred and non-current income taxes 8,074
6,443 24,924 Goodwill 55,744 60,269 56,116 Other intangibles, net
19,976 23,124 23,184 Other non-current assets 50,251
49,273 45,715 Total assets $ 627,248 $ 645,380 $ 634,073
LIABILITIES AND
EQUITY
Loans payable to bank, current $ - $ 25,000 $ 5,000
Accounts payable 34,578 24,364 35,174 Accrued liabilities 50,054
47,943 44,192 Income taxes payable 5,996 2,989
1,730 Total current liabilities 90,628 100,296
86,096 Loans payable to bank - - 25,000 Deferred and
non-current income taxes payable 29,718 33,063 7,759 Other
non-current liabilities 43,548 41,686 37,060 Shareholders' equity
463,354 470,335 478,158 Total liabilities and
equity $ 627,248 $ 645,380 $ 634,073
MOVADO
GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) (Unaudited) Six
Months Ended July 31,
2018
2017
Cash flows from operating activities: Net income $ 17,255 $
1,323 Depreciation and amortization 6,495 6,009 Other non-cash
adjustments 1,860 2,884 Cost savings initiatives - 6,419 Changes in
working capital (22,063 ) (26,355 ) Changes in non-current assets
and liabilities 584 (302 )
Net cash
provided by / (used in) operating activities
4,131 (10,022 ) Cash
flows from investing activities: Capital expenditures (5,060 )
(2,005 ) Acquisition, net of cash acquired - (78,991 ) Restricted
cash deposits - 1,018 Trademarks and other intangibles (217
) (463 )
Net cash (used in) investing activities
(5,277 ) (80,441 )
Cash flows from financing activities: Repayments of bank
borrowings (25,000 ) - Dividends paid (9,229 ) (5,967 ) Stock
repurchase (2,057 ) (1,655 ) Other financing 4,825
(733 )
Net cash (used in) financing activities
(31,461 ) (8,355 ) Effect
of exchange rate changes on cash, cash equivalents, and restricted
cash (6,621 ) 4,956 Net change in cash, cash equivalents, and
restricted cash (39,228 ) (93,862 ) Cash, cash equivalents, and
restricted cash at beginning of period 215,411
256,879
Cash, cash equivalents, restricted cash at
end of period $ 176,183 $
163,017 Reconciliation of cash, cash
equivalents, and restricted cash: Cash and cash equivalents
175,583 162,417 Restricted cash included in other non-current
assets 600 600
Cash, cash
equivalents, and restricted cash $ 176,183
$ 163,017
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180829005180/en/
ICR, Inc.Rachel Schacter / Allison Malkin, 203-682-8200
Movado (NYSE:MOV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Movado (NYSE:MOV)
Historical Stock Chart
From Apr 2023 to Apr 2024
