~ Fiscal 2023 Net Sales of $751.9 million
~
~ Fiscal 2023 EPS of $4.12 and Fiscal 2023
Adjusted EPS of $4.22 ~
~ Fourth Quarter Net Sales of $194.3 million
~
~ Fourth Quarter EPS of $1.00 and Fourth
Quarter Adjusted EPS of $1.03 ~
~ Board Declares Special Dividend in
Addition to Regular Quarterly Dividend ~
Movado Group, Inc. (NYSE: MOV) today announced fourth quarter
and fiscal year 2023 results for the periods ended January 31,
2023.
Fiscal Year 2023 Highlights
(See attached table for GAAP and Non-GAAP
measures)
- Delivered topline growth of 2.7% or 7.0% on a constant dollar
basis year over year;
- Generated gross margin of 57.7% as compared to 57.2% last
year;
- Generated operating income of $120.4 million as compared to
$117.5 million in the prior year. Adjusted operating income was
$123.2 million as compared to adjusted operating income of $119.7
million in fiscal 2022;
- Achieved diluted earnings per share of $4.12 as compared to
$3.87 in the prior year. Adjusted diluted earnings per share was
$4.22 as compared to $3.94 in fiscal 2022; and
- Ended the year with cash of $251.6 million and no debt.
Efraim Grinberg, Chairman and Chief Executive Officer, stated,
“We managed our business well throughout the year, driving Movado
Group to a record year for net sales and operating income with
expansion in gross profit margin, as compared to fiscal 2022. We
achieved this while generating fourth quarter results that, as
expected, moderated from the fourth quarter of the prior year.
These results follow a record performance in fiscal 2022 and
reflect the power of our global portfolio of brands and the
disciplined execution of our strategy by our organization. I am
extremely proud of our teams for their contributions in the current
operating environment.”
Mr. Grinberg continued, “As we look ahead, we believe we will
continue to face a difficult retail market in our largest regions,
the U.S. and Europe. We have a strong portfolio of brands that we
will continue to support with strong product innovation and
marketing programs. While we continue to maintain a disciplined
approach to managing expenses and inventory levels, we will make
the marketing investments behind our biggest brands to ensure that
we emerge from the current environment in the strongest position
and lay a solid foundation for future growth. Our strong balance
sheet, with over $251 million in cash and no debt, allows us to
navigate through this period of uncertainty while continuing to
invest behind our brands, our teams and our customers. We are
pleased that our Board of Directors approved a special dividend of
$1.00 per share, in addition to our regular quarterly dividend of
$0.35 per share, demonstrating confidence in the future performance
of our business and returning value to our shareholders.”
Fiscal Fourth Quarter Highlights
(See attached table for GAAP and Non-GAAP
measures)
- Delivered net sales of $194.3 million versus $206.0 million in
the prior year period;
- Generated gross margin of 56.2% as compared to 58.7% in the
fourth quarter of fiscal 2022;
- Generated operating income of $26.1 million as compared to
$38.2 million in the prior year period. Adjusted operating income
was $26.8 million as compared to adjusted operating income of $37.9
million in the fourth quarter of fiscal 2022; and
- Achieved diluted earnings per share of $1.00 as compared to
$1.33 in the prior year period. Adjusted diluted earnings per share
was $1.03 as compared to $1.32 in the fourth quarter of fiscal
2022.
Non-GAAP Items (See attached table for GAAP and Non-GAAP
measures)
Fourth quarter fiscal 2023 results of operations included the
following charges:
- a $0.6 million pre-tax charge, or $0.5 million after tax,
representing $0.02 per diluted share, associated with the
amortization of acquired intangible assets related to the
acquisition of Olivia Burton; and
- a $0.1 million pre-tax and after-tax charge, representing $0.00
per diluted share, associated with the amortization of acquired
intangible assets and deferred compensation related to the
acquisition of MVMT.
Fourth quarter fiscal 2022 results of operations included the
following charges and benefits:
- a $0.7 million pre-tax charge, or $0.6 million after tax,
representing $0.03 per diluted share, associated with the
amortization of acquired intangible assets related to the
acquisition of Olivia Burton;
- a $0.1 million pre-tax and after-tax charge, representing $0.00
per diluted share, associated with the amortization of acquired
intangible assets and deferred compensation related to the
acquisition of MVMT; and
- a $1.1 million pre-tax benefit, or $0.8 million after tax,
representing $0.04 per diluted share, due to a change in estimate
related to corporate initiative charges recorded primarily in
response to the COVID-19 pandemic.
In this press release, references to “adjusted” results exclude
the impact of the above charges and benefits, as well as the items
described in the Non-GAAP Items section of the Company’s earnings
releases for the first, second and third quarter of fiscal year
2023, in deriving the adjusted results for the twelve months ended
January 31, 2023 and January 31, 2022. Please refer to the attached
GAAP and Non-GAAP measures table for a detailed reconciliation of
the Company’s reported results to its adjusted, non-GAAP
results.
Fourth Quarter Fiscal 2023 Results (See
attached table for GAAP and Non-GAAP measures)
- Net sales decreased 5.7% to $194.3 million, or decreased 2.8%
on a constant dollar basis, compared to $206.0 million in the
fourth quarter of fiscal 2022. The decrease in net sales reflected
a decline in wholesale sales, partially offset by an increase in
Movado Company stores. U.S. net sales decreased 6.3% as compared to
the fourth quarter of last year. International net sales decreased
5.0% as compared to the fourth quarter of last year and increased
0.6% on a constant dollar basis as compared to the prior year
period.
- Gross profit was $109.3 million, or 56.2% of net sales,
compared to $120.8 million, or 58.7% of net sales in the fourth
quarter of fiscal 2022. The decrease in gross margin percentage was
primarily the result of the unfavorable changes in channel and
product mix and unfavorable impact of foreign currency exchange
rates.
- Operating expenses increased to $83.1 million in the fourth
quarter of fiscal 2023 from $82.6 million in the fourth quarter of
fiscal 2022. Adjusted operating expenses were $82.4 million
compared to $82.9 million in the prior year period. This decrease
was primarily due to lower performance-based compensation,
partially offset by higher payroll-related expenses and higher
marketing expenses. As a percent of sales, adjusted operating
expenses increased to 42.4% of sales from 40.3% in the prior year
period due to lower sales.
- Operating income was $26.1 million compared to $38.2 million in
the fourth quarter of fiscal 2022. Adjusted operating income was
$26.8 million for the fourth quarter of fiscal 2023 and $37.9
million for the prior year period.
- The Company recorded a tax provision of $4.0 million, as
compared to a tax provision of $6.6 million in the fourth quarter
of fiscal 2022. Based upon adjusted pre-tax income, the adjusted
tax provision was $4.2 million, or an adjusted tax rate of 14.8%,
as compared to an adjusted tax provision of $6.5 million, or an
adjusted tax rate of 17.1%, in the fourth quarter of fiscal
2022.
- Net income for the fourth quarter of fiscal 2023 was $22.7
million, or $1.00 per diluted share, compared to net income of
$31.4 million, or $1.33 per diluted share, in the fourth quarter of
fiscal 2022. Adjusted net income for the fiscal 2023 period was
$23.3 million, or $1.03 per diluted share, compared to adjusted net
income of $31.2 million, or $1.32 per diluted share, for the fourth
quarter of fiscal 2022.
Full Year Fiscal 2023 Results (See
attached table for GAAP and Non-GAAP measures)
- Net sales increased 2.7% to $751.9 million, or increased 7.0%
on a constant dollar basis, compared to net sales of $732.4 million
in fiscal 2022. The increase in net sales reflected growth in the
International wholesale business and Movado Company Stores. U.S.
net sales decreased 3.5% compared to last year. International net
sales increased 8.2% as compared to last year and increased 16.4%
on a constant currency basis.
- Gross profit was $433.9 million, or 57.7% of net sales,
compared to gross profit of $419.1 million, or 57.2% of net sales,
in fiscal 2022. The year over year increase in gross margin
percentage was primarily the result of favorable changes in channel
and product mix, partially offset by unfavorable impact of foreign
currency exchange rates and increased shipping costs.
- Operating expenses were $313.5 million in fiscal 2023 compared
to $301.6 million in fiscal 2022. For fiscal 2023, adjusted
operating expenses were $310.7 million versus $299.4 million in
fiscal 2022. This increase was primarily due to higher
payroll-related costs, higher marketing expenses and certain other
operating expenses to support the increase in net sales, partially
offset by lower performance-based compensation.
- Operating income was $120.4 million in fiscal 2023 as compared
to operating income of $117.5 million in fiscal 2022. Adjusted
operating income for fiscal 2023 was $123.2 million compared to
adjusted operating income for fiscal 2022 of $119.7 million.
- The tax provision was $24.9 million in fiscal 2023 compared to
a tax provision of $24.8 million in fiscal 2022. Based upon
adjusted pre-tax income, the adjusted tax provision was $25.4
million, or an adjusted effective tax rate of 20.4% in fiscal 2023,
as compared to an adjusted tax provision of $25.2 million, or an
adjusted effective tax rate of 21.1% in fiscal 2022.
- Net income was $94.5 million, or $4.12 per diluted share, for
fiscal 2023, compared to net income of $91.6 million, or $3.87 per
diluted share, for fiscal 2022. Adjusted net income in fiscal 2023
was $96.8 million or $4.22 per diluted share. This compares to
adjusted net income for fiscal 2022 of $93.4 million or $3.94 per
diluted share.
Fiscal 2024 Outlook
The Company expects fiscal 2024 net sales to be in a range of
approximately $725.0 million to $750.0 million, gross profit of
approximately 56.0% of net sales, and operating income in a range
of $80.0 million to $85.0 million. Assuming no changes to the
current tax regulations, the Company anticipates an effective tax
rate of approximately 22% for the fiscal year and earnings of $2.70
to $2.90 per diluted share. The outlook excludes approximately $2.1
million of amortization of acquired intangible assets for fiscal
2024 related to the Olivia Burton and MVMT brands. For the first
half of fiscal 2024, the Company expects sales to decline in a
range of 9% to 12% relative to the prior-year period as it
anniversaries the record first half results of fiscal 2023. This
outlook does not contemplate further deterioration due to the
impact of economic uncertainty, and assumes no further significant
fluctuations from prevailing foreign currency exchange rates.
Special Dividend, Quarterly Dividend
and Share Repurchase Program
The Company also announced today that on March 23, 2023, the
Board of Directors approved the payment on April 19, 2023 of a
special cash dividend in the amount of $1.00 per share as well as
the regular quarterly cash dividend in the amount of $0.35 per
share. Both dividends are payable on 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 April 5,
2023.
During the fourth quarter of fiscal 2023, the Company
repurchased approximately 103,500 shares under its November 23,
2021 share repurchase program. As of January 31, 2023, the Company
had $21.0 million remaining available under the share repurchase
program.
Conference Call
The Company’s management will host a conference call and audio
webcast to discuss its results today, March 23, 2023 at 9:00 a.m.
Eastern Time. The conference call may be accessed by dialing (877)
407-0784. 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 from 12:00 p.m. ET on March 23, 2023 until 11:59 p.m. ET
on April 6, 2023 and can be accessed by dialing 844-512-2921 and
entering replay pin number 13736686.
Movado Group, Inc. designs, sources, and distributes MOVADO®,
MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®,
TOMMY HILFIGER®, HUGO BOSS®, and LACOSTE®, watches, and, to a
lesser extent jewelry and other accessories, and operates Movado
Company Stores in the United States and Canada.
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, adjusted operating income, adjusted
pre-tax income, adjusted tax provision and adjusted net income,
which are gross profit, gross margin, operating expenses, operating
income, pre-tax income, tax provision and net income, respectively,
under GAAP, adjusted to eliminate the amortization of acquisition
accounting adjustments related to the Olivia Burton and MVMT
acquisitions and corporate 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 and MVMT acquisitions and corporate 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 and MVMT
acquisitions and corporate 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 U.S. 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 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, including inflation, increased
commodity prices and tightness in the labor market, trends in
consumer debt levels and bad debt write-offs, general uncertainty
related to possible terrorist attacks, natural disasters and
pandemics, including the effect of the COVID-19 pandemic and other
diseases on travel and traffic in the Company’s retail stores and
the stores of its wholesale customers, supply disruptions, delivery
delays and increased shipping costs, adverse impact on the
Company’s wholesale customers and customer traffic in the Company’s
stores as a result of increased uncertainty and economic disruption
caused by the COVID-19 pandemic, the impact of international
hostilities, including the Russian invasion of Ukraine, on global
markets, economies and consumer spending, on energy and shipping
costs and on the Company’s supply chain and suppliers, 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, including price
increases to offset increased costs, 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 without disruption to other
business activities, the possible impairment of acquired intangible
assets, risks associated with the Company’s minority investments in
early-stage growth companies and venture capital funds that invest
in such companies; 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 and administrative proceedings, 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, complex and quickly-evolving regulations
regarding privacy and data protection, the continued availability
to the Company of financing and credit on favorable terms, business
disruptions, and general risks associated with doing business
outside the United States including, without limitation, import
duties, tariffs (including retaliatory 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
Twelve Months Ended
January 31,
January 31,
2023
2022
2023
2022
Net sales
$
194,273
$
205,975
$
751,898
$
732,393
Cost of sales
85,017
85,139
318,003
313,328
Gross profit
109,256
120,836
433,895
419,065
Total operating expenses
83,124
82,637
313,541
301,574
Operating income
26,132
38,199
120,354
117,491
Non-operating income/(expense): Other income
1,365
87
2,069
530
Interest expense
(162
)
(106
)
(518
)
(688
)
Income before income taxes
27,335
38,180
121,905
117,333
Provision for income taxes
4,014
6,568
24,882
24,774
Net income
23,321
31,612
97,023
92,559
Less: Net income attributable to noncontrolling interests
595
237
2,495
960
Net income attributable to Movado Group, Inc.
$
22,726
$
31,375
$
94,528
$
91,599
Diluted Income Per Share Information Net income
attributable to Movado Group, Inc.
$
1.00
$
1.33
$
4.12
$
3.87
Weighted diluted average shares outstanding
22,708
23,629
22,955
23,679
MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES
(In thousands, except for percentage data)
(Unaudited)
As Reported
Three Months Ended
January 31,
% Change
2023
2022
Total net sales, as reported
$
194,273
$
205,975
-5.7%
Total net sales, constant dollar basis
$
200,116
$
205,975
-2.8%
As Reported
Twelve Months Ended
January 31,
% Change
2023
2022
Total net sales, as reported
$
751,898
$
732,393
2.7%
Total net sales, constant dollar basis
$
783,680
$
732,393
7.0%
MOVADO GROUP, INC.
GAAP AND NON-GAAP
MEASURES
(In thousands, except per
share data)
(Unaudited)
Net Sales
Gross Profit
Total
Operating
Expenses
Operating
Income/(Loss)
Pre-tax
Income/(Loss)
Provision/(Benefit)
for Income Taxes
Net Income/(Loss)
Attributable to
Movado Group, Inc.
Diluted EPS
Three Months Ended January 31, 2023 As Reported
(GAAP)
$
194,273
$
109,256
$
83,124
$
26,132
$
27,335
$
4,014
$
22,726
$
1.00
Olivia Burton Costs (1)
-
-
(627
)
627
627
119
508
0.02
MVMT Costs (2)
-
-
(71
)
71
71
17
54
0.00
Adjusted Results (Non-GAAP)
$
194,273
$
109,256
$
82,426
$
26,830
$
28,033
$
4,150
$
23,288
$
1.03
Three Months Ended January 31, 2022 As
Reported (GAAP)
$
205,975
$
120,836
$
82,637
$
38,199
$
38,180
$
6,568
$
31,375
$
1.33
Olivia Burton Costs (1)
-
-
(699
)
699
699
133
566
0.03
MVMT Costs (2)
-
-
(89
)
89
89
22
67
0.00
Corporate Initiatives (3)
-
-
1,064
(1,064
)
(1,064
)
(231
)
(833
)
(0.04
)
Adjusted Results (Non-GAAP)
$
205,975
$
120,836
$
82,913
$
37,923
$
37,904
$
6,492
$
31,175
$
1.32
Net Sales
Gross Profit
Total
Operating
Expenses
Operating
Income/(Loss)
Pre-tax
Income/(Loss)
Provision/(Benefit)
for Income Taxes
Net Income/(Loss)
Attributable to
Movado Group, Inc.
Diluted EPS
Twelve Months Ended January 31, 2023 As Reported
(GAAP)
$
751,898
$
433,895
$
313,541
$
120,354
$
121,905
$
24,882
$
94,528
$
4.12
Olivia Burton Costs (1)
-
-
(2,551
)
2,551
2,551
485
2,066
0.09
MVMT Costs (2)
-
-
(299
)
299
299
72
227
0.01
Adjusted Results (Non-GAAP)
$
751,898
$
433,895
$
310,691
$
123,204
$
124,755
$
25,439
$
96,821
$
4.22
Twelve Months Ended January 31, 2022 As
Reported (GAAP)
$
732,393
$
419,065
$
301,574
$
117,491
$
117,333
$
24,774
$
91,599
$
3.87
Olivia Burton Costs (1)
-
-
(2,860
)
2,860
2,860
544
2,316
0.10
MVMT Costs (2)
-
-
(424
)
424
424
106
318
0.01
Corporate Initiatives (3)
-
-
1,064
(1,064
)
(1,064
)
(231
)
(833
)
(0.04
)
Adjusted Results (Non-GAAP)
$
732,393
$
419,065
$
299,354
$
119,711
$
119,553
$
25,193
$
93,400
$
3.94
(1)
Related to the amortization of
acquired intangible assets for Olivia Burton.
(2)
Related to the amortization of
acquired intangible assets and the MVMT brand's deferred
compensation, where applicable.
(3)
Related to a change in estimate
related to corporate initiative charges recorded primarily in
response to the COVID-19 pandemic.
MOVADO GROUP, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
January 31,
January 31,
2023
2022
ASSETS Cash and
cash equivalents
$
251,584
$
277,128
Trade receivables, net
94,282
91,558
Inventories
186,203
160,283
Other current assets
24,212
16,974
Income taxes receivable
10,908
7,941
Total current assets
567,189
553,884
Property, plant and equipment, net
18,699
19,470
Operating lease right-of-use assets
80,897
68,599
Deferred and non-current income taxes
44,490
42,596
Other intangibles, net
9,642
13,507
Other non-current assets
66,788
63,104
Total assets
$
787,705
$
761,160
LIABILITIES AND EQUITY
Accounts payable
$
32,085
$
46,011
Accrued liabilities
46,720
48,522
Accrued payroll and benefits
17,343
25,117
Current operating lease liabilities
17,681
13,693
Income taxes payable
28,591
18,123
Total current liabilities
142,420
151,466
Deferred and non-current income taxes payable
15,163
19,614
Non-current operating lease liabilities
70,910
62,730
Other non-current liabilities
48,668
50,264
Redeemable noncontrolling interest
-
2,311
Shareholders' equity
507,606
472,808
Noncontrolling interest
2,938
1,967
Total equity
510,544
474,775
Total liabilities, redeemable noncontrolling interest and
equity
$
787,705
$
761,160
MOVADO GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended
January 31,
2023
2022
Cash flows from operating activities: Net income
$
97,023
$
92,559
Non-cash corporate initiatives
-
(926
)
Depreciation and amortization
10,809
12,463
Other non-cash adjustments
9,540
9,292
Changes in working capital
(58,650
)
13,487
Changes in non-current assets and liabilities
(4,381
)
3,939
Net cash provided by operating activities
54,341
130,814
Cash flows from investing activities: Capital
expenditures
(7,085
)
(5,656
)
Long-term investments
(3,263
)
(1,967
)
Trademarks and other intangibles
(202
)
(291
)
Net cash used in investing activities
(10,550
)
(7,914
)
Cash flows from financing activities: Repayment of
bank borrowings
-
(21,140
)
Dividends paid
(31,363
)
(21,973
)
Stock repurchase
(31,413
)
(22,599
)
Purchase of incremental ownership of joint venture
(1,886
)
-
Distribution of noncontrolling interest earnings
(1,056
)
(1,230
)
Stock awards and options exercised and other changes
489
324
Contributions from noncontrolling interest
-
298
Debt issuance cost
(85
)
(294
)
Net cash used in financing activities
(65,314
)
(66,614
)
Effect of exchange rate changes on cash, cash equivalents,
and restricted cash
(4,014
)
(2,993
)
Net change in cash, cash equivalents, and restricted cash
(25,537
)
53,293
Cash, cash equivalents, and restricted cash at beginning of period
277,716
224,423
Cash, cash equivalents, and restricted cash at end of
period
$
252,179
$
277,716
Reconciliation of cash, cash equivalents, and restricted
cash: Cash and cash equivalents
$
251,584
$
277,128
Restricted cash included in other non-current assets
595
588
Cash, cash equivalents, and restricted cash
$
252,179
$
277,716
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230323005277/en/
ICR, Inc. Rachel Schacter/Allison Malkin 203-682-8200
Movado (NYSE:MOV)
Historical Stock Chart
From Aug 2023 to Sep 2023
Movado (NYSE:MOV)
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From Sep 2022 to Sep 2023